There are now plenty of options for investors who may be looking into cryptocurrency related stocks and one of the stocks from the space which could come into focus today is that of ICOA (OTCMKTS:ICOA).
Market Reaction
On Friday, ICOA stock surged 22% to $0.0056 with 71.97 million shares, compared to its average volume of 62.95 million shares. The stock moved within a range of $0.0045 – 0.0058 after opening trade at $0.0047.
‘The ICOA Fund’: The Revealed Brand Name of Soon-To-Launch BTC-denominated Fund
The company saw its stock soar by as much as 21% this past Friday and that was possibly brought about by a significant announcement from BGBF. BGBF runs a Bitcoin denominated fund based out of Southeast Asia and on April 22 it announced that it was going to launch another sub fund at some point in May 2022. This second sub fund is going to bear the official brand name of ‘The ICOA Fund’.
It was a major new announcement and the move in the stock price was perhaps understandable considering the possibilities. The fund is also going to be regulated by the Monetary Authority of Singapore and at this point in time, the fund is being referred to as BGBF2 as a working title.
The ICOA Fund brand name has been chosen in order to display the fact that the parent company ICOA Inc has strong bond with the whole project. It may be a good time to start following the stock.
Traders Review
ICOA stock is trading below the 50-Day and 200-Day Moving averages of $0.0061 and $0.0072 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0082.
