Block, Inc. SQ shares traded lower on Wednesday. The stock has trended downward over the past month. Here's a look at what's been behind the price action.
What To Know: Shares of Block pulled back another 5% on Wednesday amid the stock's month-long selloff.
At the end of December, the stock hit a high not seen since the summer. The upward momentum experienced by shares towards the end of last year was driven by factors such as strong holiday sales.
However, Block stock has struggled throughout January, trading lower by nearly 20%.
One of the forces pushing shares lower during the month has been weakness in the price of Bitcoin. Crypto-related stocks have suffered in the past few weeks, especially following the SEC's approval of Bitcoin ETFs earlier in the month which caused increased volatility in the crypto market.
Related Link: Why Sportradar Stock Tanked On Wednesday
SQ Price Action: Shares of Block were down 5.47% at $62.58 at the close of the market, according to Benzinga Pro.
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