Crypto, Cars and Weed Stocks; Ups and Downs of 3 Aurora Picks

In the cryptocurrency sector, Aurora (AOA) spiked to the tune of 100% in minutes on Friday morning. A mainnet launch is expected in Q3 2019, however, a lack of urgent developments on the day suggests AOA’s miraculous 5 minute spike is less than trustworthy.

Meanwhile on the automotive front, a possible wildcard in the self-driving car industry just added a new asset to its growing empire. Aurora, the startup which rounded up a fresh $530 million funding round in February, recently acquired Blackmore – a firm specializing in ‘lidar’ laser detection technology.

And despite just signing a multi-year development deal with the Ultimate Fighting Championship, the Aurora Cannabis Inc stock price continues to slide. TSE: ACB was down 3.9% on Friday morning, adding to 8.4% losses for the week.

Check out: 2 U.S. Cannabis Stocks That Could Pop After Legalization

Aurora Price – AOA/USD

The 100% spike recorded by CoinMarketCap catapulted Aurora straight into the top 40 coins by market capitalization. That carried AOA from a value of $0.016334 up to $0.032770 – its highest since September 2019.

Yet a quick glance at Aurora’s past three weeks of activity reveals some very strange trading patterns. Look at the volume indicators at the bottom of this chart. Every day for the past three weeks volume has slowly built up to a peak before plunging, and then starting cycle again – not a natural pattern.

And looking at AOA’s traded markets on Friday, we see huge price discrepancies between several platforms. Coinbit’s price of $0.17 stands out as an outlier – although it wasn’t labelled as such by CMC.

Aurora launched in mid-2018, and carries the tagline of ‘…creating a bright and colorful blockchain world’. This pump, if sustained, would leave it just half way from its all-time high to date.

Aurora (Automotive) Bags Self-Driving Detection Lidar – With a Difference

Lidar technology has been known and experimented with by major car companies for some time now. But when self-driving startup Aurora acquired Blackmore on Thursday, they may have gotten more than they could originally have hoped for.

Early reports from Wired hint at a possible breakthrough by the team at Blackmore – namely the production of a working sensor which detects approaching velocity, as well as distance. If the deal is everything it is reported to be at this early stage, it could prove to be a reasonable boost in the arm to Aurora’s prospects.

Those prospects have already been poo-pooed by many who perceive the field of competition to be too great among the major car manufacturers. While Tesla’s Elon Musk has stated that he sees lidar tech as irrelevant, and that Tesla’s self-driving cars will manage without it.

Despite Thursday’s acquisition of Blackmore, the road still isn’t clear for the self-driving wildcard that is Aurora. Details on the specifics of the velocity detection mechanism are being kept under wraps.

Deal with UFC Can’t Stop Aurora Cannabis Inc Taking a Fall

This week Aurora Cannabis Inc penned a ‘multi-year, multi-million dollar’ deal with the Ultimate Fighting Championship, as reported by Yahoo Finance. The deal will see Aurora and the UFC partner up to conduct deep research on CBD – the antipsychotic, anti-inflammatory wonder drug derived from the cannabis plant.

The deal was signed Tuesday, right in the middle of a decline for TSE: ACB which stretched back into the previous week. The UFC news did nothing to help the Aurora stock price, which summarily sunk again leading into Thursday, marking almost 5 days of straight decline for ACB.

Optimism for the Future

CEO of Aurora, Terry Booth was still optimistic that the partnership would benefit athletes from a health perspective, while boosting Aurora’s own prospects as a producer of medical-grade CBD products. He said:

“This global partnership places focus squarely on the health and well-being of UFC’s talented and highly trained athletes. The Aurora-UFC research partnership creates a global platform to launch targeted educational and awareness campaigns, while creating numerous opportunities to accelerate our global CBD business.”

UFC President Dana White also commented on the deal, adding:

“Since the day we opened the Performance Institute, our primary goal was to offer UFC athletes the best possible training, nutrition, and recovery services. This partnership with Aurora is an extension of that goal, and we’re looking forward to collaborating with Aurora to find new ways to improve the health and safety of athletes who compete in UFC.”

Aurora is still near the peak of the kind of volatile upswing that has characterized its general market performance to date. History suggests a correction could be due over the next six months, however many believers continue to pump the prospect of a new all-time high for the Aurora stock.

Looking for crossovers between cannabis stocks and cryptocurrencies? Check out: The Crypto Green Rush: 5 Cannabis Infused Weed Coins Examined

Featured image courtesy of Shutterstock. 

Author:
Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.