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3 Bitcoin Penny Stocks To Watch Right Now

Bitcoin penny stocks to watch this week as Bitcoin price skyrockets above $30,000

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Hot Penny Stocks To Watch This Week

This week marks the beginning of the earnings season, with major banks and financial institutions reporting. Whether you’re trading penny stocks or higher-priced shares of companies, what happens this week will likely determine how investors approach the first half of the second quarter.

In addition, the Consumer Price Index (CPI) and Producer Price Index (PPI) for March will offer the latest insights on inflation. The Federal Reserve’s recent policy meeting minutes will be published on Wednesday, followed by the Census Bureau’s update on March retail sales on Friday.

March CPI Inflation Data & PPI Report

This week’s inflation updates will commence with the Labor Department’s March CPI data on Wednesday. Analysts predict a 0.3% increase for the month, compared to February’s 0.4% rise. Year-over-year, the figure is expected to surpass 5%, slowing down from February’s 6%.

Core inflation, which omits volatile food and energy expenses, is estimated to reach an annual rate of 5.6%, a slight increase from February’s 5.5%. The CPI-measured headline inflation has significantly subsided after peaking at a 40-year high of 9.1% in June last year due to the Federal Reserve’s interest rate hikes. However, it remains considerably above the central bank’s target range.

The Bureau of Labor Statistics (BLS) will release the March PPI data on Thursday, reflecting inflation from the perspective of manufacturers and wholesalers. Producer prices are anticipated to remain unchanged after a 0.1% drop in February. Annually, the projection shows a 3.1% increase, decelerating from February’s 4.6%, representing the slowest annual growth over two years.

Factors such as increasing interest rates sustained high inflation, and mounting fears of a recession could result in slower growth compared to 2022.

Penny Stocks To Watch

Given the built-in stock market volatility due to significant economic reports this week, some look to penny stocks for opportunities. Today we look at a handful grabbing some attention from the retail community. The question is whether or not they deserve a spot on watch lists this week.

Hut 8 Mining Corp. (HUT)

The price of Bitcoin has been surging lately, taking Bitcoin and Blockchain penny stocks with it. Even though many of these companies are releasing headlines that likely factor in, sentiment has been derived from the overarching trend in the digital currency itself. Bitcoin busted through the $30,000 mark for the first time in nearly a year.

Best Penny Stocks To Buy Now? 4 Under $1 To Watch This Week

Hut 8 is a digital asset mining company that recently reported the latest operations update from March. The company mined 131 Bitcoin at a rate of roughly 4.2 BTC daily. Meanwhile, the total Bitcoin balance held in reserves as of the end of March was over 9,130.

“While we met key operational milestones in Medicine Hat in March, we continue to be laser-focused on two things,” said Jaime Leverton, CEO of Hut 8. “The entire management team is committed to both remediating the challenges at our Drumheller site and closing the transaction with USBTC, which remains on track.”

It’s important to note that many Bitcoin stocks moving in the stock market today are tightly tied to the underlying price of BTC and other digital assets. That means sentiment can quickly shift depending on what the prices of the assets are doing, as I’m sure many of you have seen the last time BTC crashed.

CleanSpark Inc. (CLSK)

CleanSpark is another one of the Bitcoin stocks to watch right now. Like Hut, it also mines the leading digital asset. In its latest mining update for March, the company reported that it mined 598 BTC with a fleet of roughly 67,700 miners. This is in motion as the company continues its expansionary plans in Washington.

“We are on schedule in Washington,” said Scott Garrison, VP of business development for the company. “One building is completely done and ready for miners, with the other buildings in various stages of construction, each advancing according to schedule. Our teams and partners, which include the utility, city, and various construction firms, are working hand-in-hand for the build.”

This week CleanSpark announced that it would double its Bitcoin mining capacity by purchasing 45,000 new Antminer S19 XP machines. It’s also in addition to a 20,000-machine purchase announced in February.

Even with this as the case, CLSK is following a similar trend to HUT stock. Therefore, if it is on your watch list, it could be important to have BTC prices next to it for reference.

Greenidge Generation (GREE)

Sticking with this Bitcoin trend, Greenidge Generation is a cryptocurrency data center and power generation company. GREE stock hasn’t been as explosive as some. But it could grab attention for more than just the BTC price pop. The recent trend in finding Best Penny Stocks To Buy Now? 4 Under $1 To Watch This Week to watch has grown in popularity.

With that, shares of Greenidge trading below $0.60 puts it right into the mix. Despite missing earnings, the company was optimistic about its prospects and the potential of a “recovery of bitcoin.” CEO Dave Anderson mentioned in Greenidge’s last earnings update:

“We have effectively moved through a very challenging time in the industry by restructuring our balance sheet during the first quarter of 2023 and decreasing the risk profile of the Company. In addition to the steps taken to date, our team is evaluating opportunities designed to ensure we are in the best position to participate in the potential recovery of bitcoin, of which we have signs of in March 2023.”

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It might go without saying, but like HUT and CLSK, GREE stock has experienced a move higher alongside Bitcoin. With BTC prices surging, that could be something to take into account, considering the heightened level of speculation in the stock market today.

List Of Bitcoin Penny Stocks

By J. Samuel

As a trader and expert finance writer, I enjoy finding new and emerging trends that may have been overlooked by the average masses. If there's one thing that a trader or investor wants to know, it's how to use valuable data to their advantage. My expertise is in uncovering this data and compiling it into actionable information. As a professional finance writer, I've contributed to many of the top finance platforms and pride myself on researching factual, publicly available information and using that in all of my articles.

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