- NASDAQ:GREE gained 2.95% on Friday to buck its recent trend.
- China officially makes cryptocurrency transactions illegal, again.
- Greenidge Generation might have some upside when it opens its new mining facility.
NASDAQ:GREE surprised investors on Friday and snapped its recent five-day losing streak. The move higher also put the company’s market cap back over the $1 billion plateau. Shares of GREE gained 2.95% on Friday and closed the final trading session of the week at $26.15. The stock actually hit an intraday high price of $27.79, before settling back down before the closing bell. Greenidge Generation managed to outpace the NASDAQ index, which fell for the first time in three sessions. The Dow Jones and the benchmark S&P 500 climbed higher into the close and managed to eke out modest gains to close the week.
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The major cryptocurrency news of the day came when the Chinese government once again officially deemed any cryptocurrency transaction to be illegal. This applies to any transaction that occurs within its borders, as well as foreign exchanges doing business inside China. The move comes alongside a several month period of sweeping regulatory changes by the Chinese government, which includes crackdowns on the eCommerce, gaming, and electric vehicle sectors. Many Chinese ADRs have been beaten down over this period, although Greenidge Generation did not seem to react much to the price of Bitcoin falling by nearly 5% on Friday.
SPRT stock forecast
Compared to other meme stocks, Greenidge Generation may have some upside in the future. It is set to open its second Bitcoin mining facility in South Carolina by the end of the year. At one point, the company stated that it can mine an entire Bitcoin for the cost of about $3,000, which is a decently high profit margin. With two facilities in action, time will tell if the company can continue to mine Bitcoin at the same overhead costs, and actually turn a profit.
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