Shares of Future FinTech Group (NASDAQ: FTFT) were up 15.7% in March, according to data provided by S&P Global Market Intelligence. The stock’s upward movements largely mirrored that of popular cryptocurrency Bitcoin.
Future FinTech describes itself as “a leading blockchain e-commerce company and a service provider for financial technology.” Because of its stated association with blockchain technologies and its recent announcements that it’s mining Bitcoin, traders tend to bid this stock up when the price of Bitcoin is rising. Granted, the company did make announcements during March. But, looking at a chart, these announcements didn’t move the needle as much as the price movements of Bitcoin.