Top Ways to Trade the Crypto Bounce

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Cryptocurrencies are rallying well off their lows.

Bitcoin, for example is back to about $39,000 after dipping to $29,731.  That’s thanks in part to Elon Musk said he and Tesla still hold Bitcoin.  Plus, he said Tesla may accept the digital currency as payment again, if BTC becomes less reliant on fossil fuels.

Fueling even more upside, Amazon.com is rumored to accept Bitcoin by the end of the year, and could develop its own currency by 2022.

“This isn’t just going through the motions to set up cryptocurrency payment solutions at some point in the future—this is a full-on, well-discussed, integral part of the future mechanism of how Amazon will work,” reported City A.M., as quoted by Gizmodo.

That being said, some of the best ways to trade the crypto boom is to either buy digital currencies, like Bitcoin, and companies that have invested heavily in Bitcoin.  That includes MicroStrategy (MSTR), PayPal Holdings (PYPL), and Square (SQ) to name a few.

Or, you can buy the beaten down mining stocks, including:

Marathon Digital Holdings (MARA)

Marathon just reported that it produced 265.6 new minted bitcoins during June 2021, increasing total bitcoin holdings to approximately 5,784 with a fair market value of approximately $201.6 million.

“In June, we produced 265.6 bitcoins, which is a 17% increase from the 226.6 bitcoins we produced in May, and we increased our hash rate to 2.09 EH/s after installing another 1,740 miners,” said Fred Thiel, Marathon’s CEO, as quoted in a company press release.

“We also completed building and preparing the remaining containers which will house our mining rigs in Hardin, MT. As a result, we are well positioned to receive and install the remaining miners at Hardin before turning our attention to the new facility in Texas, which will house the majority of our miners and which will be 100% carbon neutral.”

Riot Blockchain (RIOT)

Riot Blockchain just reported that it produced 243 BTC – a 406% year over year increase in June.  Year to date, the Company produced a total of 1,167 BTC, an increase of approximately 130% over its pre-halving BTC production during the same 2020 period of 508 BTC.

Bit Digital (BTBT)

Bit Digital owned 32,500 miners as of June 30, 2021, with a maximum total hash rate of 1.92 EH/s, according to a company press release, “The Company purchased 3,515 miners on the spot market during the second quarter, and expects to make additional miner purchases subsequent to quarter end, potentially in significant volumes, subject to market conditions and capital availability. The Company earned 562.9 bitcoins in the second quarter of 2021.”

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