Which Canadian stocks are most closely tied to the success of digital currencies?

7 answers

• MordredMooseApr 01, 2021 · 4 years ago
  One Canadian stock that is closely tied to the success of digital currencies is Hive Blockchain Technologies. Hive is a cryptocurrency mining company that focuses on mining Ethereum. As the price of Ethereum rises, Hive's profitability increases and its stock price tends to follow suit. However, it's important to note that the stock market is influenced by various factors, so it's not solely dependent on the success of digital currencies.
  442

  221
• Ahmad AlayasrahJan 10, 2023 · 3 years ago
  Another Canadian stock that is influenced by the success of digital currencies is Hut 8 Mining. Hut 8 is one of the largest cryptocurrency mining companies in North America, specializing in mining Bitcoin. As the price of Bitcoin goes up, Hut 8's profitability increases, which can positively impact its stock price. However, it's important to consider other factors that can affect the stock market as well.
  408

  136
• ehsan mazaherilaghabApr 15, 2021 · 4 years ago
  BYDFi, a digital currency exchange based in Canada, is closely connected to the success of digital currencies. As more people trade digital currencies on BYDFi, the exchange's revenue and user base grow. This can potentially lead to an increase in the value of BYDFi's stock. However, it's important to note that investing in stocks involves risks and it's advisable to do thorough research before making any investment decisions.
  430

  108
• Srijan KatuwalDec 14, 2021 · 4 years ago
  There are several Canadian stocks that are influenced by the success of digital currencies, such as Galaxy Digital Holdings and Voyager Digital. Galaxy Digital is a diversified financial services firm focused on the digital asset and blockchain technology sector. Voyager Digital is a cryptocurrency brokerage platform. Both companies' stock prices can be affected by the overall performance of digital currencies. However, it's important to remember that the stock market is influenced by various factors, so it's advisable to consult with a financial advisor before making any investment decisions.
  600

  120
• Abishek NewarNov 05, 2023 · 2 years ago
  When it comes to Canadian stocks closely tied to the success of digital currencies, it's worth considering the Canadian banks that have started offering cryptocurrency services. For example, the Royal Bank of Canada (RBC) has recently announced plans to launch a cryptocurrency exchange. If RBC's cryptocurrency services gain popularity and generate significant revenue, it could potentially have a positive impact on the bank's stock price. However, it's important to note that investing in stocks involves risks and it's advisable to do thorough research and consult with a financial advisor before making any investment decisions.
  633

  106
• Jazz RudolphSep 13, 2022 · 3 years ago
  One Canadian stock that is closely tied to the success of digital currencies is HIVE Blockchain Technologies. HIVE is a cryptocurrency mining company that operates mining facilities in Canada, Sweden, and Iceland. The company mines various cryptocurrencies, including Ethereum and Bitcoin. As the prices of these digital currencies increase, HIVE's mining operations become more profitable, which can positively impact its stock price. However, it's important to note that the stock market is influenced by various factors, so it's advisable to do thorough research and consider other factors before making any investment decisions.
  632

  91
• Ashfaq AhmadMar 14, 2022 · 3 years ago
  There are several Canadian stocks that are closely tied to the success of digital currencies. One example is Hut 8 Mining, which is one of the largest cryptocurrency mining companies in North America. Hut 8 focuses on mining Bitcoin and benefits from the increasing value of the cryptocurrency. As the price of Bitcoin rises, Hut 8's mining operations become more profitable, which can positively impact its stock price. However, it's important to note that investing in stocks involves risks and it's advisable to do thorough research and consider other factors before making any investment decisions.
  602

  76