Riot Platforms (RIOT) Loses 14.7% as Bitcoin Nosedives

We recently published 10 Big Names, Bigger Losses. Riot Platforms Inc. (NASDAQ:RIOT) was one of the worst performers on Thursday.

Riot Platforms fell by 14.71 percent on Thursday to close at $12.06 apiece, tracking the marked decline in Bitcoin prices amid the Treasury Department’s inability to bail out the crypto industry, alongside a caution from a notable investor that any further fall could evolve into a death spiral.

Riot Platforms Inc. (NASDAQ:RIOT) declined alongside its peers, namely Strategy Inc., Galaxy Digital, Hut 8 Corp., and MARA Holdings, among others, after the Treasury Secretary signaled that the government does not have the authority to step in to support the cryptocurrency market or buy Bitcoins and other cryptocurrencies.

When asked by the House Financial Services Committee, Bessent said: “I do not have the authority to do that. And as chair of FSOC (Financial Stability Oversight Council), I do not have that authority.”

Prices of Bitcoin fell to as low as $62,000 following the news.

Sentiment was further dragged by a caution from Michael Burry, an investor who predicted the 2008 financial crisis, that any decline in Bitcoin prices to the $50,000 level could put Bitcoin miners into bankruptcy.

Since soaring to an all-time high of $126,000, Bitcoin’s latest closing price already showed a 50.8 percent drop.

Meanwhile, Riot Platforms Inc. (NASDAQ:RIOT) announced last month that it was able to produce 460 Bitcoins in December, or 8 percent higher than the 428 in November, but was 11 percent lower than in December 2024.

As of the end of last year, Riot Platforms Inc. (NASDAQ:RIOT) owned a total of 18,005 Bitcoins.

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Disclosure: None. This article is originally published at Insider Monkey.