4 Penny Stocks For Your Watchlist As Cryptocurrency Flies High
On July 21st, penny stocks and many cryptocurrencies pushed up significantly. The day began with DogeCoin’s price up by around 10% and Bitcoin finally re-crossing the $30,000 threshold.
While trading crypto has been rather disappointing following the major rally several months ago, it looks like there may be a renewed bullish interest. Whether this is a result of investors taking advantage of low crypto prices or simply the return of the bulls, is it a great sign.
On Monday, July 19th, to many investors’ dismay, the S&P 500 had shot down by around 700 points, ending the day with the largest drop since October of last year. And, in that time many cryptocurrencies such as Bitcoin and DogeCoin had followed suit. While penny stocks, blue chips, and cryptocurrency all trade independently of one another, there can be some degree of correlation that we see.
This is especially true with penny stocks and crypto, as they both tend to be relatively cheap assets. It’s worth noting that they can be some of the most volatile investments out there, but if volatility is what you’re after, then it could be worth it for you. Considering this, let’s take a look at four penny stocks to watch as DogeCoin and Bitcoin push up.
4 Penny Stocks to Watch With Cryptocurrency Pushing Up Today
- SOS Ltd. (NYSE: SOS)
- Ebang International Holdings Inc. (NASDAQ: EBON)
- Summit Wireless Technologies Inc. (NASDAQ: WISA)
- Canaan Inc. (NASDAQ: CAN)
SOS Ltd. (NYSE: SOS)
SOS Ltd. is a commonly discussed penny stock when it comes to cryptocurrency. While the company began as a provider of emergency service-based tools, it quickly moved into the crypto and blockchain market. This is due to the vast and largely untapped potential that exists there. SOS is actively working to expand its reach into both blockchain technology and pure-play cryptocurrency mining. It also offers cloud computing, AI, satellite, 5G networks, and much more.
Only a few weeks ago, the company announced a joint venture with Niagara Development LLC. The goal of this venture is to embark on several new crypto-currency mining operations. In addition, the pair will build an international standardized “Digital Supercomputing Custody Operation Center.” SOS will manage all operations relating to this facility, and Niagara will provide as much as 150 MW of electricity from both renewable and non-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.”
Yandai Wang, Chairman of SOS
Considering its role in…