Sos Ltd drops slightly as institutional adoption of Bitcoin continues
- NYSE: SOS fell 0.44% in Wednesday’s trading session.
- The Central African Republic becomes the second country to legalize Bitcoin.
- Fidelity introduces Bitcoin investing for Americans in their 401Ks.
NYSE: SOS fell underwater in the final minutes of Wednesday’s session as a late-breaking pullback in broader markets pushed the stock into the red. Shares of SOS fell 0.44% and closed the trading session at $0.39. Markets remained volatile on Wednesday even though it was an improvement from Tuesday’s session. After getting off to a positive start in the morning, the top three averages pulled back and erased most of their gains at the closing bell. The Dow Jones rebounded adding 62 basis points, the S&P 500 rose 0.21%, while the struggling NASDAQ plunged into the red with a loss of 0.01% to close the session.
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Bitcoin-related companies received more promising news on Wednesday, with the Central African Republic (CAR) officially adopting the blue-chip crypto as legal tender. CAR became the second country to do so after El Salvador last year. Although early results from El Salvador were not as bullish as expected for the first time in the crypto industry, it seems that other governments are still considering adopting Bitcoin into their economies. The CAR is one of the poorest countries in the world, but it is a major producer of resources such as diamonds, gold and uranium.
SOS inventory forecast
In the Bitcoin news in the United States, Fidelity Investments shows that they are bullish on cryptocurrencies in the long term. So much so that the investment firm is allowing Americans to add Bitcoin to their 401K retirement portfolios in a first for the country. Investors will be able to add up to 20% to their accounts in Bitcoin. Unsurprisingly, leading Bitcoin investor MicroStrategy (NASDAQ:MSTR) was the first company to sign up for the account.