This Pot Stock Just Surged 90% for the Stupidest Reason Ever

More than three dozen cannabis companies applied for the POT symbol on the Canadian Securities Exchange after it became available this week. Potash Corporation relinquished the symbol, and so many Canadian companies wanted it that the CSE ran a first-ever random lottery for the symbol. A small firm in Vancouver, Weekend Unlimited, won the ticker in the lottery.

The company formerly had the ticker YOLO, which stands for “you only live once.” Most sites like TradingView were still showing YOLO as the company’s ticker. In the 24 hours after it officially became POT, it surged 65%.

Pot Stock Almost Doubles after Winning Coveted Ticker Symbol

YOLO/POT (Weekend Unlimited) rose more than 90% in the 24-hour period.

At the time Bloomberg wrote on the subject earlier today, YOLO/POT was on the way up. By press time it had risen more than 90% over the 24-hour period. The stock market is a psychological game. Traders believe in brand recognition. The strategy is likely along these lines: as people come in and invest in the marijuana industry, one of the first symbols they will consider is POT.

In a prepared statement, Weekend Unlimited CEO Paul Chu says:

“Weekend Unlimited is thrilled to add the iconic POT trading symbol to its identity. As a fast-growing multi-state operator, Weekend Unlimited is developing lifestyle brands around recreational and wellness to help define the future of the cannabis industry. The POT sy+++mbol is a tremendous fit with our brand identity. […] The POT lottery served to raise the profile of Canada’s leadership in legal recreational cannabis and we believe it will also serve to raise Weekend Unlimited’s profile.”

“Weekend Unlimited was not on the list of 8 cannabis companies given a “buy” or “speculative buy” rating by Canaccord recently. Perhaps the only pot stock on the list with a memorable symbol is Curafleaf, whose ticker is CURA.

Other stock exchanges have POT symbols, but the CSE might be the only one where it is a cannabis company. The New Zealand exchange, for example, has POT – Port Of Tauranga NPV. According to Bloomberg, there may soon be another YOLO symbol on the New York Stock Exchange, created by AdvisorShares Pure Cannabis ETF.


Source
Author: P.H. Madore 
Image Credit: Featured Image from Shutterstock

Bitcoin Price Live: Massive One Hour Candle Takes BTC Above $4,000

Bitcoin continues its recent price rally, topping $4,000 on Thursday, December 20, 2018. The top-ranked cryptocurrency is up by more than eight percent over the last 24 hours in what is a sixth straight day of positive price movements.

Six in a Row for Bitcoin

The relief rally for Bitcoin is currently in its sixth day with Thursday’s surge second only to Monday’s price gain. A large one-hour green candle sees the top-ranked cryptocurrency breakthrough the $4,000 price barrier for the first time in more than two weeks.

On Wednesday, Ethereum World News reported on BTC topping $3,800 and the possibility of a “Santa Claus rally.” BTC is currently up more than 15 percent from its 2018 low of $3,200. This figure is even the cryptocurrency’s lowest price level since September 2017.

The next question will undoubtedly be how long can BTC sustain the upward momentum. Since 2018, the cryptocurrency market as a whole has been in the wars of a prolonged bear market. In mid-November 2018, the price fell even further to levels not reached since 12 months prior.

Trend Reversal or Short Squeeze

Some analysts like Mati Greenspan, Senior Market Analyst at eToro believe the relief rally is due to traders liquidating short positions with the holiday season approaching. With many indicators showing BTC is the oversold position, it seems a trend reversal was inevitable.

Now, BTC has to navigate through an initial resistance just above the $4,000 price mark. Back in mid-November when BTC fell below $5,000, it settled just above the $4,000 level. It stands to reason that there will be some resistance at this price mark during any upward movement.

Beyond this level, the $4,200 and $4,400 psychological levels could also prove critical. If BTC manages to resist rejection at these price marks, then the top-ranked cryptocurrency could make a run for the upper-$4,000 range.

Altcoin Recovery Continues

Altcoins are also not left out in the upward price trajectory. Bitcoin Cash is again leading the charge for the top-ten cryptocurrencies. The fourth-ranked virtual currency is up by almost 40 percent in the last 24 hours.

Ethereum which recently regained three-digit price status is looking to add more gains in a quest to recover some of the massive losses posted in 2018. The third-ranked coin has added about $5 more from Wednesday to reach $110.


Source
Author: Osato Avan-Nomayo
Image Credit inc Shutterstock, Coinmarketcap.com, and Coin360