Can Zynga Break Higher?
T = Trends for a Stock’s Movement
Zynga is a provider of social game services with 240 million average monthly active users in more than 175 countries. The company develops, markets, and operates online social games as live services played over the Internet and on social networking sites and mobile platforms. Zynga’s games are accessible on Facebook (NASDAQ:FB) and other platforms to players globally, wherever and whenever they want. It operates its games as live services, and they are all free to play. However, it does generate revenue through the in-game sale of virtual goods and advertising.
The price of Bitcoin shot up past $1,000 Monday after Zynga, the San Francisco-based online gaming company, announced it would test using the digital currency as payment. Bitcoin, the volatile unregulated currency, has hit highs and lows in recent weeks and has gained more widespread use. The currency recently plummeted in value after China took actions to limit its use in the country. It hit a high of $1,093 on the Mt. Gox online exchange, a major Bitcoin trading exchange, before retreating to around $1,040 Monday afternoon. In an announcement posted to the website Reddit over the weekend, Zynga said it would accept Bitcoin as payment for games such as “FarmVille 2,” “Castleville” and five other games. ”In response to Bitcoin’s rise in popularity around the world, Zynga, with help from BitPay, is testing expanded payment options for players to make in-game purchases using Bitcoin,” the company said.