Is HIVE Blockchain Technologies (NASDAQ:HVBT) stock a Good Buy After The Recent Slump?

The drop in the price of Bitcoin has come as a major blow for companies which are involved in the cryptocurrency sector and now there are worries how long it is going to take for the HIVE Blockchain Technologies (NASDAQ:HVBT) stock to recover.

The company is involved in Bitcoin mining and hence, it is no surprise that the HIVE stock is struggling. Back in February, the stock had hit its all time high as the demand for Bitcoin reached unprecedented heights but it has since corrected by 64%. Bitcoin has pretty much lost all the gains it generated in 2021 and it is not really a surprise that it has led to distress for Bitcoin mining companies like HIVE Blockchain.

Since the prosperity of the company is so intimately linked to the price of Bitcoin, it is necessary for investors to keep in mind that over the course of its 12 years existence the world’s biggest cryptocurrency has often gone through such high and lows. Hence, it would be a bit presumptuous for experts to believe that the Bitcoin price is not going to recover at some point. When that happens, it is also expected to have a knock on effect on the HIVE stock.