There were many stocks which had fallen sharply last Friday and one of those was the Security First International Holdings Inc (OTCMKTS:SCFR) stock. Although the technology incubating and accelerating company saw its stock fall sharply on Friday, it may be a good time to take a look at the announcement it made the day before.
Market Reaction
On Friday, SCFR stock plunged 16.80% to $0.0530 with 15K shares, compared to its average volume of 62K shares. The stock moved within a range of $0.0530 – 0.0640 after opening trade at $0.0640.
Security First International Holdings, Inc. to Begin Providing Secure Crypto Private Key Vault Solution
The company noted that it was in the process of incorporating to its Virtual Blockchain Smartphone technology, for which a patent is still pending. The technology in question is quite unique considering the fact that it helps in identifying all the connected smartphones which may be on the blockchain.
In addition to that, the technology enables the smartphones in question to receiver cryptocurrencies that may be distributed without a wallet address. The technology is being regarded as a solution which may help companies in distributing cryptocurrencies as rewards or payments.
The announcement from Security First International Holdings was a major one but it did not lead to much enthusiasm among investors. In fact, the stock suffered from a sharp selloff on the following day. It is now going to be interesting to see if the Security First International Holdings stock can make a recovery any time soon.
Traders Review
SCFR stock is trading below the 20-Day and 50-Day Moving averages of $0.0635 and $0.0658 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0836.
