Penny Stocks To Watch With Cryptocurrency in Focus

4 Penny Stocks to Buy [Or Avoid] in April 2021 

Penny shares and cryptocurrency are in focus proper now. To give some context, let’s speak about what these two property are. On one hand, penny stocks are any firm trading under $5. While you possibly can buy penny stocks on Robinhood and different platforms, many brokerages don’t provide entry to the OTC or over-the-counter change. This is the place nearly all of penny shares are. 

It’s price noting that shares below $5 may be extremely risky resulting from each excessive hypothesis and the low worth level. However, the chance for locating potential giant gainers may be a lot bigger than with blue chips. 

Moving ahead, cryptocurrency is an asset class that has come to mild in the previous few years. While the recognition of crypto started with Bitcoin, many different cryptocurrencies are seeing simply as a lot consideration. This contains the rise of altcoins like DOGE Coin and others. Investors also needs to take into account that DOGE Coin hit an all-time excessive of above $0.39 on April fifteenth. In the previous three months, DOGE has elevated in worth by effectively over 4,050%. This is staggering and makes DOGE a unicorn in the investor market. 

While penny shares have seen equally giant worth will increase, this often happens over an extended interval. If we take all of this into consideration, we see that penny shares may correlate with cryptocurrency. Because these low cost property are comparatively related in phrases of worth, they usually can rise in tandem with each other. Considering this, listed below are 4 penny shares to purchase or keep away from in April 2021. 

4 Penny Stocks to Watch as Crypto Rises in Popularity 

  1. Ebang International Holdings Inc. (NASDAQ: EBON
  2. SOS Ltd. ADR (NYSE: SOS)
  3. Astrotech Corp. (NASDAQ: ASTC
  4. Uxin Ltd. (NASDAQ: UXIN)

1. Ebang International Holdings Inc. 

If you haven’t heard of Ebang International Holdings, you’re in all probability not alone. However, the corporate has been making some massive features in the previous few months that might make it price contemplating. Before we get into why let’s focus on what EBON does. 

Through its varied subsidiaries, Ebang researches, designs, and develops circuit chips used in Bitcoin mining. Its merchandise are provided in the U.S., China, and Hong Kong. In addition to chips, it supplies mining machine internet hosting providers that enable its customers to conduct mining operations from wherever all over the world. 

Additionally, Ebang works in the event of telecommunications merchandise together with fiber optic multiplexers, transmission community merchandise, and different IoT-related units. Its Bitcoin mining merchandise are offered below the Ebit model, the place it serves each Bitcoin and telecommunications industries. 

In the previous few months, Ebang International has made a number of massive steps ahead. This contains again in November when it was granted an unique license for its AsicBoost patent. This patent permits for elevated Bitcoin mining efficiency by as a lot as 20%. Because Bitcoin is so energy-intensive, corporations are always looking for methods to extend effectivity. So to extend efficiency by 20% is a big milestone. 

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Also, in February of this yr, the corporate accomplished the design of a brand new chip that may concurrently mine Litecoin and DOGE Coin. With the value of DOGE Coin growing drastically on April sixteenth, buyers are intent on discovering penny shares that relate. Considering all of this, is EBON inventory price watching?

2. SOS Ltd. ADR 

Similar to Ebang, SOS Ltd. is a know-how firm with giant ties to cryptocurrency. It provides advertising and marketing knowledge, know-how, and options for each emergency rescue providers and particular person members. Within its platform are choices for markets corresponding to medical rescue, cooperative cloud merchandise, massive knowledge, clever software program and {hardware}, and knowledge cloud merchandise. 

You is perhaps questioning what SOS’s position in cryptocurrency is. In the previous few months, it has transitioned closely right into a crypto mining firm. While it does work on emergency providers, SOS is now thought-about to be a blockchain and massive knowledge options supplier. Its membership base encompasses greater than 20 million people in China. 

During its most up-to-date quarter, it introduced that it mined 42 Bitcoins and 916 Ethereum. Given that Bitcoin is hovering round $60,000 as of April fifteenth, this alone quantities to greater than $2.5 million in income. Additionally, through the first quarter, it acquired the third batch of 5,464 cryptocurrency mining rigs. Once they’re totally operational, these rigs will vastly improve SOS’s general Bitcoin and Ethereum mining capability. 

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“These mining outcomes replicate the primary quarter of operations, and the variety of Bitcoins and Ethereum are increased than what we initially anticipated. We count on our output to develop in future quarters as we full the set up of our third batch of mining rigs and have full quarters off operation.”

CEO of SOS Ltd., Mr. Yandai Wang

Considering its giant position in the cryptocurrency trade, does SOS inventory have a spot in your watchlist?

SOS Ltd. (SOS Stock Chart) Penny_Stocks_to_Watch_

3. Astrotech Corp. 

Astrotech Corp. is one other tech firm, engaged on constructing scalable corporations that make the most of modern technological options. The firm is engaged on producing merchandise via its subsidiary, BreathTech. The major machine it’s engaged on proper now may present early detection of lung illnesses. 

In early April, Astrotech introduced that BreathTech signed into an settlement with Cleveland Clinic to develop a fast Covid-19 check that solely makes use of a affected person’s breath. The product, often called the BreathTest-1000, “goals to construct and develop on our ongoing experience in the world of breath testing, making use of their know-how to Covid-19,” in accordance with Raed Dweik, MD, the Chairman of Cleveland Clinic’s Respiratory Institute. 

The CEO of BreathTech, Thomas Pickens, said that “we’re very happy to kick off this examine below the administration of probably the most skilled respiratory illness detection establishments in the world. Due to the various mutations to the Covid-19 virus and different points, we imagine that society might want to proceed to be at a heightened degree of warning for the foreseeable future.” 

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Additionally, Astrotech not too long ago closed on a $37.3 million purchased deal providing. This ought to assist to fund future endeavors and normal company wants. While Astrotech itself doesn’t interact in cryptocurrency-related enterprise, the emphasis on crypto has helped to push the tech trade up. With its prospects in thoughts, is ASTC a penny inventory to observe?

Penny_Stocks_to_Watch_Astrotech Corp. (ASTC Stock Chart)

4. Uxin Ltd. 

Uxin is one other tech firm that could possibly be seeing consideration as a result of rise of crypto. It operates as a web based used automotive supplier, providing a lot of choices. This contains value-added services corresponding to nationwide logistics, supply, title transfers, and extra. 

On April sixteenth, shares of UXIN jumped up by round 8% in intraday buying and selling. While there’s no singular purpose for this, it could possibly be attributed to information introduced earlier in the day. News dropped early on Friday that Rich Way Global filed a 13G Filing, which is an institutional place report. This implies that the establishment (Rich Way Global), bought 5.9% of excellent Uxin inventory. This is massive deal as a result of it exhibits institutional confidence in Uxin’s enterprise. 

In addition to this announcement, the corporate not too long ago disclosed a possible $300 million funding again in early April. According to the press launch, two giant Asia-based funds agreed to barter and presumably enter into definitive agreements with Uxin via senior convertible most well-liked shares. 

While not a lot else is understood about this transaction, hopefully, Uxin will report extra info in the approaching weeks or months. With $300 million in financing, Uxin may interact in many new enterprise alternatives. Whether this makes UXIN a penny inventory to observe is as much as you. 

Penny_Stocks_to_Watch_Uxin Ltd. (UXIN Stock Chart)

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About the Author: Daniel