Market Moves 2-7-2018: Crypto Stocks Rebound

Today we saw two Crypto currency related stocks rebound with BTC. News of $RIOT acquiring a crypto currency exchange platform caused a nice rebound of the stocks price this morning. If you bought in last night after the big volume spike you could have rode the wave up from around $12.75 and had the opportunity to sell at the market open for a nice 20% gain at $15.32. $DPW has made an eerily similar move over the last two days in response to this news "On January 31, 2018, the Company announced that it has struck an agreement to acquire the operations of Flexisphere, New York-based IT managed services provider. Flexisphere will work with DPW’s wholly-owned subsidiary, Super Crypto Mining, to leverage its curated blockchain and cloud mining technology and expertise." Basically this will allow them to start a cloud mining service where users will be able to purchase or "rent" hashing power on the network for a small percentage return on the deposit amount. $DPW dipped down to multi month support/resistance levels around $1.10 yesterday and then buying pressure came in pushing the price of the stock into the low 2's around 10:30 this morning!

On a non blockchain related note we also saw $SNAP (Snapchat) sitting at a 35% gain from yesterday's market close at 10:15am EST. It is currently sitting nicely at a 40% gain from the close and a little over 5% from today's open. It crossed an important line today at $17 which is where it was launched at it's IPO. In light of their positive earning report and a reworked GUI for their app they have drawn in massive support from their user base as well as the investing community.