Today has been a mixed day for the markets. Energy stocks have gotten a bid as Texas refineries are at low operational capacity following ice storms. This is helping drive them shares of energy companies, but much of the rest of the broad US stock market gapped and faded after the open. However, shares of Hive Blockchain Technologies Ltd (OTCMKTS: HVBTF) are up over 15% going into lunchtime to be one of the most actively traded stocks on the US OTC exchange. As you can see from this chart the stock has been a huge price gainer since November.
What is driving the gains is the fact that HIVE Blockchain Technologies engages in the mining of various crypocurrencies. As Bitcoin and other cryptos have gone up in the past few months HIVE has too and now it is going up even more with crypto traders closely watch Bitcoin. When they see it go up they start to pile into smaller virtual currencies and then begin to buy stocks such as HIVE, which is seen as a stock leader in the sector. The action is driving a huge amount of interest on Twitter.
Congratulations on $50k HODLers! $HUT.TO $BTC $GBTC $QBTC.TO $HIVE.V $GLXY.TO $MSTR $HVBTF $HUTMF $MARA $RIOT #bitcoin pic.twitter.com/0iXbc2LfYj
— Edward Gofsky (@EdwardGofsky) February 16, 2021
$RIOT Bitcoin Miner. Currently in a {Wave 3} advance that is subdividing into it's own 5 wave fractal structure. I love #bitcoin because it respects Elliott Wave tremendously in bull markets. $BTC $GBTC $QBTC.TO $HIVE.V $HUT.TO $GLXY.TO $MSTR $HVBTF $HUTMF $MARA pic.twitter.com/KS1R7LwfMR
— Edward Gofsky (@EdwardGofsky) February 14, 2021
I have been writing about this supply restriction is bullish for Ethereum prices which is bullish for Hive Blockchain $HIVE.V the only public co. mining Ethereum and saving coins on balance sheet $HVBTF https://t.co/VNAG90PB14
— Frank Holmes (@bulldogholmes) February 10, 2021
I do not own this trade and am not trading it. Neither is Mike Swanson, who is the head editor of this website. You can get his pre-market stock trading alerts by joining his free email list. To subscribe click here.
-Tim
