The consolidation in the cryptocurrency market caused two stocks to rip higher. Marathon Digital (MARA) gained over 10% after it said it would acquire two operational Bitcoin (BTC-USD) mining sites. This adds 390 megawatts of capacity for $178.6 million. MARA stock also benefits when BTC prices rally back to $43,000.
Cipher Mining (CIFR) traded above $3.80 yesterday, up by over 15%. It agreed to buy 37,396 bitcoin miners from Bitmain. This would add 7.1 exa hash/second in self-mining capacity.
Contrarian investors fighting against the countercurrents should look at Plug Power (PLUG). Piper Sandler downgraded the stock on Tuesday, giving an underweight rating, down from neutral.
On Tuesday, Bluebird bio (BLUE) took advantage of its surging stock. It commenced the underwriting of a massive $150 million of its common stock. BLUE stock nearly doubled to as high as $4.81 before selling pressure accelerated. After the brief bounce, the stock sale is a lesson to investors. They need to exercise caution when investing in biotech stocks. Most of the time, unproven biotech companies will fail, causing significant monetary losses for shareholders.
Stocks trading with unusual daily gains include Cardio Diagnostics (CDIO) and Evogene (EVGN). They have a very small market cap of $50 million and $33 million, respectively. Those are the types of stocks to avoid.
