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NextGen Magazine

 
 

Company Requests Halt on its Stock After Surging 1500 Percent on Cryptocurrency Rumor

By:
Chris Gaetano
Published Date:
Jan 12, 2018
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Normally when a company's stock value skyrockets 1,500 percent in three days, it's time to break out the bubbly and party. Not so for UK-based AIQ Ltd., which requested a halt on its stock after its value surged on rumors it might invest in cryptocurrencies, according to Bloomberg. The company request the halt in the interests of facilitating an orderly market. While it has been looking into cryptocurrency investments, nothing definitely has happened yet, and it is just as likely it will look towards other investment areas, like e-commerce businesses. In reaction to the company's meteoric rise, the chair of AIQ asked that everyone just take a breather. 

The incident calls to mind another recent stock surge from formerly-unprofitable company once known as Long Island Iced Tea. Shares rose 500 percent in December after changing its name to Long Blockchain Corp, despite not having any agreements with blockchain firms, and offering no assurance it would be able to do so in the first place. Despite this, the move saved the ailing company from NASDAQ delisting. Such strange occurrences have made certain experts wondering whether we are in the middle of a cryptocurrency bubble