bitcoin penny stocks to buy watch right now

The price of Bitcoin, Ethereum, and other cryptocurrencies is making a bull case for penny stocks with exposure to cryptocurrency. Whether it’s mining, some type of retail sales, fintech platform development, NFT, or “other,” the trend is apparent in the stock market today. Bitcoin prices jumped big overnight between the November 1 and November 2 sessions. The cryptocurrency continues rebounding from its end-of-September slump and now trades back above $63,000 a coin.

It hasn’t mattered if it’s higher-priced stocks or penny stocks; 2021 has been a big year for crypto stocks. Today, for instance, The OLB Group Inc. (NASDAQ:OLB) saw its stock price explode more than 130% during the morning session. This quickly helped build up bullish sentiment among retail traders.

One of the catalysts helping the situation besides a Bitcoin price bump was news from the company. OLB announced that it would offer support for Mastercard cryptocurrency processing. The company provides commerce and payment solutions for small- and mid-sized businesses. It also mines Bitcoin.

Hitting with a 1-2 punch, OLB stock broke to highs of more than $12 from a close of just $4.59 the previous day. Obviously, with such a big move in a short period, there’s potential for a rug pull. But that hasn’t negated the sympathy momentum added into the mix for crypto and bitcoin penny stocks today. This article takes a closer look at four more that saw a jump in trading activity on November 2. Will they be the best penny stocks to buy now, or should you avoid them at all costs? I’ll leave that answer up to you in the comments below.

Cryptocurrency Penny Stocks To Watch

  1. Sino-Global Shipping (NASDAQ:SINO)
  2. Bit Brother Ltd. (NASDAQ:BTB)
  3. Cinedigm Corporation (NASDAQ:CIDM)
  4. Powerbridge Technologies (NASDAQ:PBTS)

Sino-Global Shipping (NASDAQ:SINO)

best penny stocks to watch Sino Global SINO stock

This is a list of penny stocks with exposure to cryptocurrency and blockchain technology. So why would a shipping company be on it? I’m glad you asked. The company ships, charters, and handles logistics services according to its website. However, the recent attention that cryptocurrencies have received may have made management rethink its current model. Diversification has been at the top of the mind of Sino’s leadership.

In light of this, the company has taken on a new initiative to take advantage of this new, budding fintech ecosystem. Sino has focused on accelerating growth in its digital currency mining efforts. Late last quarter, the company restructured a mining server purchase agreement for 2,783 servers with Hebei Yanghuai Technology Co., Ltd. Yanghuai agreed to transport digital currency mining servers representing half of the agreed 50,440 t/s in computing power (a total of 25,220 t/s in computing power), to Sino-Global’s office in Ningbo, China.

Read more: 3 Penny Stocks That Retail Traders Are Buying Right Now

This month, Sino continued its efforts in this diversification strategy by announcing a new CEO, Yang Jie. According to the company, Jie has “foresight in diversifying into the cryptocurrency market has given us a meaningful competitive advantage and scalable platform to accelerate growth.”

Thanks to a spike in Bitcoin prices today, SINO stock has gained extra attention as it diversifies into the crypto arena.

Bit Brother Ltd. (NASDAQ:BTB)

bitcoin

Bit Brother is a bit of an ambiguous cryptocurrency penny stock to watch. Since its name and symbol change, the company has been relatively quiet as far as press releases are concerned.

However, earlier this year, the company announced an LOI for acquiring 51% of Angelo’s Pizza with plans for expanding the brand. Bit Brother made mention of growing its reach into international markets. The cryptocurrency angle that comes into play is via payment methods used.

According to CEO Xianlong Wu, “Along with our plans to expand a restaurant with decades of success to have a global reach, we will be able to continue to grow our Bitcoin payment business.”

Cinedigm Corporation (NASDAQ:CIDM)

best tech penny stocks Cinedigm CIDM stock

While Cinedigm Corporation isn’t technically a bitcoin/blockchain tech company, it does have exposure to other areas of the digital asset world. In particular, non-fungible tokens or “NFTs” have become a part of its growth model.

Last month, the company announced that it would launch its Killer NFT trading cards, Bloody Disgusting Blood Pack, for Halloween. This series was inspired by famous horror movies producing one-of-a-kind “paintings” to offer. This isn’t the company’s primary source of business growth. However, it does fit thematically with its model.

Read more: 5 Top Penny Stocks To Watch Under $1 After CSCW Stock Explodes

At heart, Cinedigm is an entertainment company. It offers digital entertainment and streaming channels for large media companies. Cinedigm recently signed a channel carriage deal on its Kapang CTV platform for broadcast in North American and the UK in line with the primary business model. With its broad mix of streaming entertainment and, now, NFT collections, CIDM stock has become one of the names to know in both entertainment and digital assets.

Powerbridge Technologies (NASDAQ:PBTS)

best penny stocks to watch Powerbridge Technologies PBTS stock

When looking at the entire cryptocurrency ecosystem, you can’t ignore companies like Powerbridge. It specializes in infrastructure. From purchasing Bitcoin and Ethereum mining rigs to offering Software-as-a-Service and blockchain applications, Powerbridge aims to stake its claim in the growing digital ecosystem.

Most recently, the company established its Hong Kong-based cryptocurrency mining fleet. Specifically mining Bitcoin and Ethereum, its Powercrypto subsidiary plans on deploying 2,600 mining rigs. One of the differentiators in comparison to other mining companies, according to Powerbridge, is its focus on using environmentally-friendly green and sustainable energy to power its operations.

This came just about a month after Powerbridge launched its FXOS operating system. This OS is said to have the ability to increase Ethereum mining efficiency and can be deployed at a large scale. In response to the debut, Stewart Lor, the President of Powerbridge Technologies, explained, “As we are deploying our crypto mining machines, having our own mining OS is equally important in our efforts to develop a network of mining operations with higher-than-market ETH mining efficiency.”

Are Penny Stocks Safe?

When you talk about penny stocks, you can’t ignore the higher levels of risk. In many cases, we’re looking at companies in the early stages of development or transition. With lower prices, volatility can quickly play a role. Then throw in a highly speculative industry like cryptocurrency, and the volatility level becomes heightened. So before deciding to jump right into trading, make sure you understand how to buy penny stocks and trade when rapid price fluctuations are a factor.


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