Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
China-based Qutoutiao Inc. (NASDAQ:QTT) is a news recommendation application that produces aggregate articles and short entertainment videos from an array of freelancers and professionals. The platform is known for having customizable features for its users to find the best and most pertinent entertainment.
What Happened
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On Friday, Qutoutiao announced an initial public offering priced at $7 per share. In its first day on the Nasdaq, the company sold 12 million shares to raise about $84 million.
Roughly an hour after the initial public offering, Qutoutiao shares doubled.
The stock was trading up 152.71 percent to $17.69 at the time of publication Friday afternoon.
Why It’s Important
Qutoutiao is not the only Chinese company to experience extreme volatility this week. Electric car company Nio Inc. (NYSE:NIO)
demonstrated erratic stock performance Friday with shares rising over 90 percent. The stock was trading down 9.65 percent at the time of publication.
Stocks of other Chinese companies, like Momo Inc. (NASDAQ:MOMO), SINA Corporation (NASDAQ:SINA) and 58.com Inc. (NYSE:WUBA) have been strong throughout the week.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.