July 22, 2022, 10:56 a.m. EDT

4 Top Penny Stocks To Watch If You're Bullish On Bitcoin In 2022

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    Bit Digital Inc. (BTBT)
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Jul 22, 2022 (Penny Stocks via COMTEX) -- Last November, the price of Bitcoin surged to all-time highs of over $69,000, bringing plenty of speculatively bullish momentum into the markets. Whether you looked at penny stocks or some of the top fintech stocks in the market, a risk-on approach to trading was prevalent. Things have changed significantly since then, but the latest activity in the digital asset arena has investors recalibrating expectations.

Bitcoin hasn't gone to zero, as some perma-bears had warned. While BTC hasn't rebounded to all-time highs, there has been an overly bullish tone in the stock market this week. Where are cryptocurrency prices today? Bitcoin has reclaimed its $23,000 level while Ethereum has bounced back above $1,640 for the first time since June's gap down. Thanks to another consecutive day of higher highs, the risk-on feeling is slowly coming into the picture for digital assets and cryptocurrency stocks.

Best Penny Stocks For 2022

As we head into the second half of the year, there are plenty of things to account for. The markets have faced headwinds from ongoing pandemic issues, geopolitical threats, economic troubles, and supply chain issues; you name it. This has led to lower markets during the first six months of the year. Now, with another half of the year ahead, it's essential to keep in mind those previous trends and what could be coming in the future.

Next week there's plenty of data to digest, including second-quarter GDP, jobless claims, home sales, personal income, and the July Federal Reserve meeting. So are we out of the proverbial woods yet? Since there's no August Fed meeting, either, most likely by this time next week, we'll have a gauge on market sentiment for the rest of Q3.

Regardless of what happens a week from now, traders are likely weighing short-term trends and how they'll influence penny stocks. Since Bitcoin, Ethereum, and many cryptocurrencies are rallying in the market today, this article takes a deep dive at top penny stocks to watch with exposure to digital assets & cryptocurrency.

Penny Stocks To Watch

  1. Bit Digital Inc. (NASDAQ: BTBT )

  2. Bitfarms Ltd. (NASDAQ: BITF )

  3. Hut 8 Mining Corp. (NASDAQ: HUT )

  4. Nu Holdings Ltd. (NYSE: NU )

Bit Digital Inc. /zigman2/quotes/203221927/composite BTBT +1.65%

Several names on this list of penny stocks have direct ties to the price of Bitcoin. That's because they are digital currency mining stocks. Bit Digital, for instance, does precisely that. In its quarterly update from June, the company reported mining revenue of $8 million and earned 194.48 BTC during the quarter.

In response to the results, management explained, "The first quarter of 2022 marked the first full quarter in which 100% of our mining fleet was on North American soil. With migration complete, our focus remains to deploy our fleet while remaining a leader in sustainability."

With the company's current miner redeployment program in place, Bitcoin, BTBT stock has been one to watch this month. One word of caution is that cryptocurrency prices are incredibly volatile, as with all penny stocks on this list. With that, a drastic shift in price could directly impact the value of shares of digital asset mining companies, including BTBT stock.

[READ MORE] What Know About Buying Penny Stocks on July 22nd

Bitfarms Ltd. /zigman2/quotes/213738555/composite BITF -0.16%

Bitfarms is also closely correlated with digital asset prices and, as such, should be treated similarly when it comes to volatile trading.

/zigman2/quotes/203221927/composite
US : U.S.: Nasdaq
$ 1.19
+0.02 +1.65%
Volume: 703,651
Sept. 27, 2022 1:56p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$96.43 million
Rev. per Employee
$3.26M
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/zigman2/quotes/213738555/composite
US : U.S.: Nasdaq
$ 1.03
-0.0016 -0.16%
Volume: 3.10M
Sept. 27, 2022 1:56p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$217.12 million
Rev. per Employee
N/A
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