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Why Overstock.com Inc. Shares Popped Today

TheMotleyFool

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Why Overstock.com Inc. Shares Popped TodayPhoto, wide shot, wide-angle lens, soft focus, IT consulting firm, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Sebastião Salgado: https://oaidalleapiprodscus.blob.core.windows.net/private/org-IbuNdCATsFaPOITjFOv2kJh3/user-AXaxqjBUW45D8BadJEo9mUpW/img-uhXP0RHYYxDepjmHeSp1K8bF.png?st=2023-05-07T15%3A26%3A44Z&se=2023-05-07T17%3A26%3A44Z&sp=r&sv=2021-08-06&sr=b&rscd=inline&rsct=image/png&skoid=6aaadede-4fb3-4698-a8f6-684d7786b067&sktid=a48cca56-e6da-484e-a814-9c849652bcb3&skt=2023-05-07T16%3A18%3A55Z&ske=2023-05-08T16%3A18%3A55Z&sks=b&skv=2021-08-06&sig=4pcJOd8aEI1799liUV13F4ElqO7e4RZy8sa1PEeeNZA%3D

Why Overstock.com Inc. Shares Popped Today

Shares of Overstock.com Inc. (NASDAQ: OSTK) jumped 11.1% on Friday, continuing a multi-day ascent on momentum surrounding businesses related to the cryptocurrency market. Note that bitcoin, arguably the most well-known cryptocurrency, popped as much as 9% today, setting a new all-time high of almost $18,000.

Overstock has also skyrocketed in recent months -- including a more than 50% jump over the last five trading days -- thanks to excitement surrounding the involvement of its Medici Ventures subsidiary with advancing blockchain, the digital decentralized ledger underlying most cryptocurrencies.

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Source: Fool.com