The stock market has been sagging today. It’s gone so high in the past few months that buyers are now getting skittish and tired while bond yields have risen to spook some. That isn’t stopping red hot trading action in pockets in the financial markets. Today shares of Asia Broadband (OTCMKTS: AABB) are up over 2,700% to be one of the top gaining stocks on the entire planet. They are doing over 146 million shares of trading volume so far this morning to be one of the top traded stocks on the US OTC exchange. Look at the chart and you can see how the move appears to have come out of nowhere.
Asia Broadband (OTCMKTS: AABB) was a commodity resource company focused on the production, supply and sale of precious and base metals, primarily to Asian markets and has now reinvented itself as a crypto play. Yesterday the company issued a press release with the title Asia Broadband Gold-Backed Cryptocurrency Token Development Nears Completion. The release stated that “AABB’s primary goal for the token is to become a world-wide standard of exchange that is secured and trusted with gold backing, by expanding circulation targeting large population and high growth markets globally including India and China. The economic fundamentals of India’s high demand and interest in physical gold and China’s expanding use of its national digital currency and digital wallets could naturally lend themselves to the future use of the AABB Gold token. Strategically positioned as a revenue diversification and awareness project, the AABB Gold token will create liquidity and monetize physical gold holdings and future gold production.” It claims that the token will be launched next week.
There are many penny stock traders that are looking to buy stocks involved in Bitcoin mining and cryptocurrency trends thanks to the recent price advances in Bitcoin and its approach towards 50,000. There is no doubt that many of them watch for press releases like the one issued yesterday by Asia Broadband (OTCMKTS: AABB). As you can see there is much attention on Twitter over this stock.
I have no position in this stock and am not trading it. Neither is Mike Swanson who is the head editor of this website. You can get on his pre-market stock trading alerts email list for free by clicking here.