Today was the first day of Bitcoin being a national currency of El Salvador. To celebrate, Bitcoin dropped in price to $46,428 as of this writing – however we don’t expect Bitcoin to be left high and dry. In other news, uranium continues to roll with the Sprott Physical Uranium Trust train showing no signs of stopping.
We wrote bull calendar spreads on Riot Blockchain ($RIOT), Innovio Pharmaceuticals ($INO), Transocean LTD ($RIG) and Energy Fuels ($UUUU)
Uranium continues to creep higher as spot price rose to $33.50 thanks in part to the SPUT (Sprott Physical Uranium Trust) buying more of the physical commodity on the open market.
Today we sold calls / bought Energy Fuels ($UUUU), bought more Denison Mines ($DNN), sold calls / bought Metalla Royalty and Streaming ($MTA), sold calls / bought Innovio Pharmaceuticals ($INO), sold calls / bought Riot Blockchain ($RIOT) and sold calls / bought Canaan ($CAN).
Bitcoin caught a bid today and is at $43,503 at the time of this writing. Canaan ($CAN) and Riot Blockchain ($RIOT) busted through our calls. Guess they’re headed higher for now. We won’t fight the market. Up we go.
Most of our issues were up today as we took an additional position in uranium company Energy Fuels ($UUUU) and the biotech firm IMV Inc. ($IMV) . Keeping an eye on Bitcoin, Oil, Gold and Silver here, but with the summer doldrums in full swing we’re not expecting any big moves.
Well it was a blah day today in the market. Bitcoin has cooled off a bit here at $38.032 as of this writing. We purchased more uranium today. Nice pop in Energy Fuels ($UUUU) at the end of the day, we’ll see if it holds. Price action in Transocean ($RIG) was weird today, but we are still bullish oil longterm.
As of this writing, bitcoin is trading at $41,745 – is it headed higher or a head fake? We don’t know for sure. We do know that our Riot Blockchain ($RIOT) calls made a late stage comeback this week and busted through strike… a sign of things to come?
Crypto is surging today as Bitcoin has risen to $38,176. Our favorite way to play the crypto market is with Canaan, Inc. ($CAN) – a maker of super computers like the AvalonMiner 1246. Canaan, Inc. is one of our new kinetic rockets because from Bitcoin to Dogecoin they all need to be mined and what better way to do it than with a supercomputer.
After yesterdays craziness with the #silversqueeze things are settling back to normal in the silver and uranium markets. Ho-hum. And what have we here? Is crypto catching a bid? Bitcoin is at $34,964 as I type this – interesting… we did see Canaan ($CAN) one of our new kinetic rockets and our crypto play move higher.
Well, we did it. We finally entered the crypto space by purchasing a small amount of Canaan Inc. ($CAN) on the Nasdaq) today – a new kinetic rocket! Canaan Inc. is a Chinese company that builds crypto mining rigs – theirs is called the Avalon Immersion Cooling Miner.
The price of bitcoin has rocketed lately and this has caused a lot of buzz around blockchain / cryptocurrencies. On Saturday I was listening to The Market Huddle and Lynn Alden who I believe is one of the most knowledgeable experts on bitcoin right now. The demand for cryptocurrencies is increasing due to macroeconomic forces like the dollar’s perceived value decreasing and slowly losing its status as the word’s reserve currency.
Due to the nature of the hash behind bitcoin, mining the coins becomes more energy intensive with each coin mined. So, as bitcoin and other blockchain applications continue to grow in popularity, so will the demand for these sorts of mining tools.
Well, not much is going on in the Uranium and Silver markets these days. Uranium and Silver are rangebound and don’t seem to want to do much of anything these days. For us, thats OK since part of our kinetic rockets strategy is writing out of the money covered calls – which will expire without being assigned if this sleepy action continues.
In other news, bitcoin seems to be retracing some of its surge as of late. As of this writing its at $30,943. We would love to see it retrace all the way back to $23K – for us, that would be go time, however that may never happen. We’ll see.