Kodak and other firms get major boosts from crypto mania

by | 10 Jan, 2018

A welcome relief for Kodak shareholders stockholders

A welcome relief for Kodak shareholders

Shares of photography business Kodak ($KODK) rocketed up the Nasdaq index yesterday by over 120 per cent, after the firm became the latest to jump on the cryptocurrency bandwagon.

Kodak is launching a crypto called KODAKCoin for photographers, part of its KODAKOne image rights management platform, which uses blockchain technology.

The share price explosion will be a welcome relief for Kodak investors, who have seen shares slump by over 90 per cent since the company emerged from bankruptcy in 2013.

Investors are rewarding those firms which move into the cryptocurrency space by buying up shares. Long Island Iced Tea saw its stock more than double since it announced it was putting its focus on blockchain technology, while last week a parent company of Hooters, Chanticleer Holdings, saw a 50 per cent gain in a single day after it said it would be putting its loyalty program on the blockchain.

In the cryptocurrency space, Bitcoin has fallen out of favour in recent days. The ‘king’ crypto as it is often referred to is in the midst of an unusually long downtrend, having fallen from highs of nearly $20,000 in mid-December to $13,750 at the time of writing (see the chart below). Meanwhile the price of the other major crypto Ethereum hit an all-time high of $1,417.38 today, according to CoinDesk.

Yesterday JP Morgan Chief Jamie Dimon said he regretted calling Bitcoin a fraud, adding that blockchain, the ledger system that powers bitcoin and is also being used by an increasing number of companies for record keeping, “is real”.

Related: Bitcoin price to hit $100,000 in the next 12 months – Invstr CEO Kerim Derhalli in The Express

Samsung Predicts Major Gains

Want to learn more about the markets and how to become a better investor?

Download the Invstr App now.

ALL RIGHTS RESERVED © INVSTR LTD. 2017

Risk Disclosure:
Invstr is a technology platform, not a registered broker-dealer or investment adviser. Invstr does not offer its own recommendations of any security or provide its own research to any user regarding any security transaction or order.
Please note, investing involves risk and investments may lose value. Past performance does not guarantee future results.
Brokerage services are provided by the following:
US-traded securities, including fractional trading, are provided to Invstr users by DriveWealth LLC, a regulated member of FINRA/SIPC. DriveWealth may not establish investment accounts to residents of certain jurisdictions. For more information, including disclaimers, risk and transaction fees click here.
India account traded securities are provided by SIC Stocks & Services PVT Ltd. SIC does not make any personal recommendations to buy, sell or otherwise deal in investments. Investors make their own investment decisions. The services and securities provided by SIC may not be suitable for all customers and, if you have any doubts, you should seek advice from an independent financial adviser. For more information and disclaimers, click here.

Download on the App Store           Download on Google Play

ALL RIGHTS RESERVED © INVSTR LTD. 2017

Risk Disclosure:
Invstr is a technology platform, not a registered broker-dealer or investment adviser. Invstr does not offer its own recommendations of any security or provide its own research to any user regarding any security transaction or order.
Please note, investing involves risk and investments may lose value. Past performance does not guarantee future results.
Brokerage services are provided by the following:
US-traded securities, including fractional trading, are provided to Invstr users by DriveWealth LLC, a regulated member of FINRA/SIPC. DriveWealth may not establish investment accounts to residents of certain jurisdictions. For more information, including disclaimers, risk and transaction fees click here.
India account traded securities are provided by SIC Stocks & Services PVT Ltd. SIC does not make any personal recommendations to buy, sell or otherwise deal in investments. Investors make their own investment decisions. The services and securities provided by SIC may not be suitable for all customers and, if you have any doubts, you should seek advice from an independent financial adviser. For more information and disclaimers, click here.

 

Share This