Shares of Color Star Technology Co., Ltd. (CSCW), a music education service provider and entertainment platform, continued to rise in Wednesday’s pre-market session after recording a gain of 5.45% at the previous closing. CSCW stock price was pushed 59.48 % in today’s pre-market session to reach $1.85 a share at the time of this writing. There is no particular activity by the Color Star today to explain this rally but it seems that rising Bitcoin price and NFTs speculations are the driving force behind this rise. Let’s see what is happening.
Tesla accepts Bitcoin as Payment Option
Recently the Worlds second richest person Elon Musk announced that Tesla will accept Bitcoin as the payment option after which the BTC shares jumped by 5%. The rise in BTC resulted in the gain of many stocks that are somehow associated with cryptocurrency and CSCW is one of them as if we Go back to the previous week, we find the announcement made by the CSCW stock that Color Star made cooperation agreement between Color China Entertainment Co., Ltd, a wholly-owned subsidiary of Color Star, and Doman (HK) Ltd according to which the former will get the blockchain support by the later for Color World APP, which is an interactive entertainment platform of CSCW
Recent Developments
On March 11, CSCW has made an agreement between its wholly-owned subsidiary Color China Entertainment and Meadow Films LA Inc. for the production and distribution of large-screen movies.CSCW stock also signed up for the long-term strategic partnership with Guangxi, China-based Yinmiao Culture Development Co., Ltd to work mutually in various areas including, piano competitions, art festivals, offline and online training, sales and production, and many other areas to play a major role in the entertainment industry.
Conclusion
Rising Bitcoin prices have driven the CSCW stock price today. Color star has been much in the news for the past couple of weeks due to its recent developments. Color Star management is deeply focused on expanding its business especially in tech fields like Artificial intelligence, augmented reality, and Mixed reality that also points to the designing of NTF based products in the future.
