DPW Holdings Inc (NYSE AMERICAN: DPW) is having an overwhelmingly strong day in the market today. However, if you dig through their feed on Yahoo! Finance or go to their investor relations website, you’ll see that no news has been released. So, what’s happening? Today, we’ll talk about what is causing the gains in the value of the stock, what we’re seeing from DPW, and what we’ll be watching for ahead.
DPW Climbs With Cryptocurrencies
Due to recent announcements from DPW Holdings, the stock is heavily exposed to the cryptocurrency space. Not only does the company produce advanced power supplies for cryptocurrency miners, it also has a cryptocurrency mining division of its own. Unfortunately, this led to pain in the beginning of the year as the cryptocurrency market seemed to lose its bottom. However, things are getting better quickly.
You see, the cryptocurrency sector felt the pain of coming regulation. The concern was that regulation in the cryptocurrency sector would lead to bans around the world. However, that is clearly not going to be the case. In fact, at the moment, regulation surrounding the cryptocurrency space is being looked at as a positive rather than a negative. With this change in mindset, we’re seeing strong gains in cryptocurrencies across the board. Due to the company’s exposure to the space, DPW is enjoying gains as well.
What We’re Seeing From The Stock
At the end of the day, the gain in the value of DPW Holdings has to do with a correlation between the company and the crypto space. With Bitcoin, Ethereum, Ripple, Litecoin, NEO, and most others experiencing strong gains, the value associated with products created by the company, as well as its cryptocurrency mining division, continues to grow. So, it’s no surprise that we’re seeing strong gains in the value of the stock today. At the moment (11:00), DPW is trading at $1.99 per share after a gain of $0.21 per share (11.48%) thus far today.
Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on DPW. In particular, we’re interested in continuing to follow the company’s movements in the crypto space as well as following the entire crypto market. On top of that, the company is seeing strong growth among its commercial and defense customers. So, we’re watching for a continuation there as well. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!