5 Stocks Benefiting From the New Bitcoin Price Rally

Story by: Tony Owusu

Bitcoin brushed off a report that the blockchain ledger contained hundreds of links to illicit images including child pornography to rally 1.2% to $9,030 over the past 24 hours.

The report suggested that the simple possession of blockchain could be rendered illegal in certain countries based on the fact that it contains the illegal material.

“We believe that objectionable blockchain content is a pressuring issue despite potential benefits,” the German team of researchers from various universities wrote. “Beyond intended recording of financial transactions, Bitcoin’s blockchain also allows for injection of non-financial data.”

Despite the potential existential threat the report presents, bitcoin was climbing back toward its previous support levels.

The digital currency broke support at the $10,000 level to fall as low as $8,000, but after finding a new bottom is has bounced back up.

Here are some stocks that were benefitting from the rally on Wednesday.

Advanced Micro Devices Inc.  (AMD – Get Report) – the chipmaker makes the GPUs that are used to mine cryptocurrencies including bitcoin. Shares were up 1.2% to $11.25.

Action Alerts Plus holding Nvidia Corp. (NVDA – Get Report) – a GPU maker that was rising 0.47% to $270.75.

HIVE Blockchain Technologies LTD (HVBTF) – this mining operation is based in Iceland where electricity costs are low. Shares were up 1.5% to $1.12.

Bitcoin Investment Trust (GBTC) – shares were climbing 3% to $15.04.

MGT Capital Investments Inc. (MGTI) – this miner owned by McAfee leases farmer utility rights-of-ways to get power at wholesale cost. Shares were up 2.8% to $1.83.

Original story: https://www.thestreet.com/story/14530205/1/these-stocks-are-benefiting-from-bitcoin-rally.html

by