Block (SQ) shares hit 52-week lows on Wednesday, closing down more than 8%. The stock slid as part of a recent sell-off in growth names and risky assets amid concerns of Fed rate hikes.
The digital payment firm, formally known as Square, is down about 26% since announcing its corporate entity name change to Block, on Dec. 1 of last year.
The switch was seen as a nod to the company’s increasing focus on blockchain, the technology which underpins cryptocurrencies such as Bitcoin (
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