Applied Blockchain stock plunges for second day, hits low of 98 cents

Applied Blockchain (APLD) shares tumbled again on Tuesday, falling 23% in midday action following the expiration of its initial public offering stock lockup and news that fellow crypto company Coinbase (COIN) was laying off 18% of its staff due to concerns about an impending recession. Shares of the blockchain technology company opened at $1.26, sliding to a low of 98 cents in late morning. The stock recently changed hands at $1, down 23%, at approximately 11:30 a.m. ET. Earlier Tuesday, Coinbase stoked anxiety about the state of the crypto markets by announcing that it was slashing its staff by 18% to ensure the company “stays healthy during this economic downturn.” Applied Blockchain’s stock also plunged on Monday, closing down 53% at $1.30 amid a broader market sell-off and continued weakening of the crypto markets. After market close on Monday, the company announced that a share lock-up agreement had expired for