Bitcoin Approaches $42,000, but Not All Cryptocurrency Stocks Are Up Today
Saya 11
Bitcoin
3 years ago
1 QCP
What happened
The price of bitcoin is volatile these days, so I apologize if real-time prices differ significantly. As I began this writing, bitcoin nearly hit $42,000 per token -- an all-time high -- though it's since cooled off a little. Still, the price of bitcoin has more than doubled in just one month. And its market capitalization is now over $750 billion. Yes, billion.
When something this big goes up this fast, it's bound to attract attention as investors look for hidden ways to profit from the trend. Small-cap cryptocurrency stocks have been popular vehicles and many are on the rise again today. Consider these moves as of 12:30 p.m. EST:
Shares of Marathon Patent Group (NASDAQ:MARA) were up 18%.
Shares of Riot Blockchain (NASDAQ:RIOT) were up 13%.
Shares of Bit Digital (NASDAQ:BTBT) were up 5%.
But not all crypto/blockchain stocks were rising today. For example, Xunlei Limited (NASDAQ:XNET) stock and Ebang International Holdings (NASDAQ:EBON) stock were down 15% and 6% respectively. This is a big change from yesterday when Xunlei was the big winner and Bit Digital was losing.
Finally, making its debut in my crypto coverage is Future FinTech Group (NASDAQ:FTFT). The stock is up 31% today but it had nearly doubled earlier in the session. I believe Future FinTech has something to teach investors today. Note the company was formerly known as SkyPeople Fruit Juice, Inc. And no, I'm not kidding.
So what
Future FinTech Group is self-described as "a leading blockchain based e-commerce company and a financial technology service provider." But it wasn't always. Until 2019, its filings with the Securities and Exchange Commission (SEC) say it was "engaged in the production and sales of fruit juice concentrates, fruit juice beverages and other fruit-related products in the People's Republic of China." The juice business got too hard, though (high costs and environmental concerns were the cited reasons), so the company decided to offer financial technology (fintech) services instead.
The price of bitcoin is volatile these days, so I apologize if real-time prices differ significantly. As I began this writing, bitcoin nearly hit $42,000 per token -- an all-time high -- though it's since cooled off a little. Still, the price of bitcoin has more than doubled in just one month. And its market capitalization is now over $750 billion. Yes, billion.
When something this big goes up this fast, it's bound to attract attention as investors look for hidden ways to profit from the trend. Small-cap cryptocurrency stocks have been popular vehicles and many are on the rise again today. Consider these moves as of 12:30 p.m. EST:
Shares of Marathon Patent Group (NASDAQ:MARA) were up 18%.
Shares of Riot Blockchain (NASDAQ:RIOT) were up 13%.
Shares of Bit Digital (NASDAQ:BTBT) were up 5%.
But not all crypto/blockchain stocks were rising today. For example, Xunlei Limited (NASDAQ:XNET) stock and Ebang International Holdings (NASDAQ:EBON) stock were down 15% and 6% respectively. This is a big change from yesterday when Xunlei was the big winner and Bit Digital was losing.
Finally, making its debut in my crypto coverage is Future FinTech Group (NASDAQ:FTFT). The stock is up 31% today but it had nearly doubled earlier in the session. I believe Future FinTech has something to teach investors today. Note the company was formerly known as SkyPeople Fruit Juice, Inc. And no, I'm not kidding.
So what
Future FinTech Group is self-described as "a leading blockchain based e-commerce company and a financial technology service provider." But it wasn't always. Until 2019, its filings with the Securities and Exchange Commission (SEC) say it was "engaged in the production and sales of fruit juice concentrates, fruit juice beverages and other fruit-related products in the People's Republic of China." The juice business got too hard, though (high costs and environmental concerns were the cited reasons), so the company decided to offer financial technology (fintech) services instead.
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