3 Blockchain Penny Stocks to Watch Right Now
On Monday, August 9th, many crypto, and blockchain penny stocks pushed up during morning trading. Alongside this, some of the most popular cryptocurrencies such as Bitcoin and DogeCoin, were up by at least 5% or so. And after several weeks of a bear crypto market, many investors are excited that today could be a turning point.
During morning trading, Bitcoin pushed past $45,000, which is beyond its 200-day moving average. In addition, DogeCoin sat at over $0.25, bringing in around 25% in gains in the past week alone. As a result of this, many investors are once again looking at blockchain and cryptocurrency stocks to benefit.
[Read More] 4 Penny Stocks On Robinhood To Watch This Week
One example of this is the pure-play Bitcoin miner, Bitfarms Ltd. (NASDAQ: BITF) which pushed up by over 15% today and almost 80% in the past month. A few months ago after DogeCoin hit a high of $0.73 most cryptocurrencies quickly retreated. And for the past few months, this has been mostly the case across both popular coins and penny stocks involved in the crypto industry.
However, all it takes is a symbolic move like BTC passing $45k, to spark an overall bull run. It’s important to remember that crypto is highly speculative, which means that investors should be careful and consider their threshold for risk. With all of this in mind, let’s take a look at three blockchain penny stocks to watch right now.
3 Blockchain Penny Stocks to Watch Right Now
Future Fintech Group (NASDAQ: FTFT)
Future Fintech Group is a provider of blockchain-based e-commerce services. In works in the fintech industry, and offers a wide range of products including an online shopping mall that utilizes blockchain tech, a variety of blockchain-based applications, and more. Today, shares of FTFT stock pushed up by around 15%, presumably on the positivity surrounding crypto.
However, Future Fintech did make an exciting announcement a few weeks ago. In late June, FTFT stated that it established a subsidiary in Dubai to offer crypto asset services and management. The UAE has become a large center for the blockchain world, and for this reason, Future Fintech believes it could have potential there.
“Building a financial services platform based on blockchain technology is a key development plan for our company. We believe the establishment of FTFT Capital Investments LLC in Dubai will be a landmark event in the field of innovative financial services.
Utilizing the expertise, technology, and user base of Shenzhen SOSOB Technology Co., Ltd. the leading firm in the digital currency trading sector, our goal is to become one of the world’s most active and influential digital currency and crypto asset trading and management services provider.”
Shanchun Huang, CEO of Future Fintech
This is all big news and positions FTFT stock well to take advantage of the growing crypto market. Whether it deserves a place on your watchlist, however, is up to you.
SOS Ltd. (NYSE: SOS)
Another decent gainer of the day so far is SOS stock. Pushing up by around 9% by midday, SOS Ltd. For some context, SOS is another pure-play crypto penny stock working on mining Bitcoin. While the company has seen some issues as a result of government crackdowns on blockchain in China, it is working to move its operations to the U.S.
The latest example of this comes as it entered into a joint venture agreement with Niagara Development known as FD LLC. This venture will engage in crypto mining and will construct a Digital Super Computing Custody Operation Center. In the agreement, Niagara will provide up to 150MW of electricity for the operation, including a large amount of power generated from renewable sources.
“SOS Continues to increase its development of comprehensive blockchain solutions for digital trade, digital finance, and other industries. We decided to acquire a sustainable power supply as far as possible, as we expand our blockchain operations into North America and look forward to the successful operation of the joint venture. We continue to explore the possibility of acquisition of Niagara Development, Sherman Development LLC, and Park Falls Management LLC.”
Yandai Wang, the Chairman of SOS
As a provider of big data and blockchain services in China, SOS continues to be a major name when it comes to crypto penny stocks. It is important to consider the effects of the recent Chinese legislation on domestic Bitcoin mining and blockchain operations. However, SOS stock could be worth adding to your watchlist.
Ebang International Holdings Inc. (NASDAQ: EBON)
Today, shares of EBON stock pushed up by a solid 16% by morning trading, bringing its gains to over 32% in the past five days. For some context, Ebang International is a provider of app-specific circuit chips as well as Bitcoin mining machines. In addition to this, it provides machine hosting services and maintenance as well. Today’s gain for EBON stock is most likely a result of the positivity surrounding Bitcoin right now.
A few months ago, the company responded to the crackdowns on Bitcoin mining, stating that it has little effect on its business. It offered a four-point plan showing exactly how it would not be affected. First, the companies Bitcoin mining business is completely based in overseas market. This means that the ban on mining in China will have little to no effect on EBON.
Next, the company stated that as its circuit chip customers move out of China, it may be in an advantageous position as its operations are primarily based elsewhere. Third, it stated that it is switching its focus for its mining machine custody business to North America and Europe. In these areas, it will use renewable energy to begin overseas crypto mining.
And lastly, it stated that it has banned Chinese citizens from participating in its crypto exchange platform. This means that it should be able to come out relatively unscathed. All of this adds up to EBON being in an interesting market position as crypto heats up. Whether it’s worth adding to your penny stocks watchlist, however, is up to you.
Are Crypto Penny Stocks Worth it or Not?
Finding the best crypto penny stocks to buy can be a challenge with so much movement in the industry. A day like today when the majority of cryptocurrencies are up is undoubtedly exciting for investors.
However, we should remember that crypto is highly speculative and price movements should be taken with a grain of salt. Considering all of this, do you think crypto penny stocks are worth it or not?