As August approaches, uncertainty hangs over investors due to the volatile crypto market. This unease not only impacts the digital assets but also affects related stocks.
Among the notable US-listed crypto stocks to observe in August are Glxy, CIFR, and Riot, as developments in these companies could influence their stock values.
Galaxy Digital Inc (GLXY)
Galaxy Digital has caught attention after facilitating a significant Bitcoin transaction recently. The company executed the sale of 80,000 BTC for a long-standing client, causing quite a stir in the crypto space.
This massive transaction led to a brief decline in Bitcoin prices, stirring up speculation and volatility.
On July 25th, GLXY shares closed at $30.59, affected by negative sentiment. However, in pre-market trading today, it recovered slightly to $31.99. If the market sentiment flips positively, Glxy could reach around $33.17, which might serve as a resistance level.
If selling pressure persists, though, Glxy might dip below the $30 support line.
Given that Galaxy Digital is pivotal in crypto movements, its stock will be one to monitor closely in the coming weeks.
Cipher Mining (CIFR)
Cipher Mining is another stock worth tracking this August. The company is set to announce its second-quarter financial results alongside business updates before the US market opens on August 7th, followed by a live call and webcast.
In a recent trading session, CIFR closed at $6.47, down 2.71%. Yet, today in pre-market trading, it showed signs of recovery, reaching $6.60.
If this upward momentum continues after the market opens, CIFR could target the resistance level at $7.10.
Alternatively, weaker sentiment could push the stock down below $6.33, possibly leading to a more significant retreat ahead of the revenue announcement.
Riot Platforms, Inc. (Riot)
This August, Riot Platforms has gained investor attention, particularly after notable sales and strong momentum this year.
On July 21, CEO Jason Les sold about $1.51 million in common stock, with shares priced between $15.00 and $15.245. This sale occurred just as the stock approached its 52-week high of $15.87. The stock has jumped 40% since the beginning of the year, fueled by optimism in the broader crypto market and Riot’s expanding infrastructure.
In the last trading session, Riot dipped 1.16% to $14.54. However, in pre-market trading, the stock climbed to $14.60. If bullish momentum builds post-opening, Riot could reach $14.93.
On the flip side, without such momentum, the stock may slide below $13.93.
