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Investor Alert

May 11, 2022, 10:39 a.m. EDT

Crypto Penny Stocks Take A Tumble As Bitcoin Breaches $29,000 Today

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    Bitfarms Ltd. (BITF)
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    Canaan Inc. ADR (CAN)
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    Bit Digital Inc. (BTBT)

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With the price of Bitcoin and Ethereum wavering in May, it will be interesting to see how BTBT stock performs. Strategic priorities for the year ahead include completion of full deployment of its current fleet in addition to miner purchases. The company also has explained that it aims to continue making progress toward a carbon-free sustainability profile.

In its 2021 Financial update, management also explained, "In 2021, Bit Digital geographically relocated its entire bitcoin mining operation to North America, the only public miner we know of to have achieved this logistical feat. As of March 15, 2022, we had deployed approximately 39% of our fleet here in the U.S. We and our hosting partners remain focused on completing 100% redeployment, which we target for the second half of 2022."

What to Know About Buying Penny Stocks on May 11th

Crypto Stocks Today

Outside of popular opinion, cryptocurrency is still a very new industry and has gone through many growing pains. However, with the increasing adoption of things like non-fungible tokens (NFTs), digital payment solutions, and even stablecoin adoption from global governments, crypto will not likely disappear anytime soon. Now, the biggest question is when max pain will get reached and how much more pressure do Bitcoin bulls need to endure?

  1. Bitfarms Ltd. /zigman2/quotes/213738555/composite BITF -2.73%

  2. Canaan Inc. /zigman2/quotes/215105791/composite CAN +0.66%

  3. Bit Digital /zigman2/quotes/203221927/composite BTBT -3.23%

COMTEX_407036804/2643/2022-05-11T10:38:32

Is there a problem with this press release? Contact the source provider Comtex at editorial@comtex.com. You can also contact MarketWatch Customer Service via our Customer Center.

/zigman2/quotes/213738555/composite
US : U.S.: Nasdaq
$ 1.07
-0.03 -2.73%
Volume: 3.04M
Sept. 23, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$218.71 million
Rev. per Employee
N/A
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/zigman2/quotes/215105791/composite
US : U.S.: Nasdaq
$ 3.06
+0.02 +0.66%
Volume: 1.32M
Sept. 23, 2022 4:00p
P/E Ratio
1.27
Dividend Yield
N/A
Market Cap
$524.80 million
Rev. per Employee
$2.92M
loading...
/zigman2/quotes/203221927/composite
US : U.S.: Nasdaq
$ 1.20
-0.04 -3.23%
Volume: 789,527
Sept. 23, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$98.90 million
Rev. per Employee
$3.26M
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