Life Clips Inc (OTCMKTS:LCLP) Stock Falls Again After The Recent Gains

Entry into the cryptocurrency sector seems to be the latest trends among many companies and the latest company to have jumped on to that bandwagon is Life Clips Inc (OTCMKTS:LCLP).

Back on July 14, the company had announced that it was going to enter the cryptocurrency industry through the acquisition of Belfrics Group. Belfrics is a multinational company that deploys its proprietary platform for operating a range of crypto exchanges. The news had come as a major boost for the Life Clips and it ended up making considerable gains soon after.

However, this past week, investors seemed to have decided to take some of their profits off the table. On Friday, the stock tanked by 23% and that took its losses for the week to as much as 52%. In light of the decline in the stock, it might be a good idea for investors to start keeping track of the Life Clips stock. The decline might actually prove to be an opportunity.

Belfrics is going to operate as a subsidiary company of Life Clips and its current Chief Executive Officer Praveen Kumar is going to continue in his role after the sale goes through. The Life Clips stock is likely to be on the radar of investors this week.

Market Reaction:

On Friday, LCLP stock slumped 23.45% at $0.0204 with more than 176.60 million shares, compared to its average volume of 64.82 million shares. The stock has moved within a range of $0.0180 – 0.0280 after opening the trade at $0.0262. Over the past 52-week, the stock has been trading within a range of $0.0002 – 0.0619.