Bitcoin’s Turbulent Start to 2024: A Look at 5 Noteworthy Stocks
As 2024 commenced, the cryptocurrency market experienced optimism following a notable rally in the previous year. On January 10, a significant development unfolded with the U.S. Securities and Exchange Commission (SEC) approving rule modifications permitting the establishment of spot bitcoin exchange-traded funds (ETFs).
This pivotal decision is poised to facilitate the introduction of 11 spot bitcoin ETFs throughout the year. Consequently, bitcoin (BTC) surged past the crucial threshold of $47,000 to reach $47,893.70. Nevertheless, Bitcoin’s value has witnessed a notable decline thereafter.
By January 22, Bitcoin recorded a nearly 3% dip, marking its lowest point since December 2023 at $39,854.61. However, the cryptocurrency saw a slight recovery in the subsequent seven trading days, with a 0.6% price increase.
Despite fluctuations, Bitcoin remains a promising asset, especially with the SEC’s decision potentially solidifying crypto’s role in mainstream finance. Additionally, anticipation builds for the forthcoming Bitcoin halving in the first half of 2024, a phenomenon historically associated with heightened scarcity and increased Bitcoin valuation due to reduced supply.
Inhoudsopgave
Stocks in Focus:
1-NVIDIA Corp. (NVDA):
A semiconductor industry titan, NVDA’s fortunes often soar amid a thriving crypto market due to its GPU prowess vital for data centers and crypto asset creation. NVDA boasts an anticipated earnings growth rate of 63.1% for the current fiscal year.
2-CME Group Inc. (CME):
Offering options for crypto futures contracts, CME Group has an expected earnings growth rate of 2.3% for the current year, providing avenues for investors to engage in crypto derivative trading.
3-Coinbase Global Inc. (COIN):
As a key player in the crypto economy, COIN facilitates financial infrastructure and technology, garnering a projected earnings growth rate of 49.1% for the current fiscal year.
4-Robinhood Markets Inc. (HOOD):
With a platform enabling users to invest in various assets, including cryptocurrencies, HOOD anticipates a staggering earnings growth rate of over 100% for the current year.
5-Block Inc. (SQ):
Operating digital payment platforms, SQ allows users to transact in Bitcoin through Cash App, aligning with its expected earnings growth rate of 53.1% for the current fiscal year.
The chart below illustrates the price performance of these five stocks over the past three months.
Amidst Bitcoin’s volatile journey in early 2024, these stocks present intriguing opportunities for investors seeking exposure to the evolving landscape of cryptocurrency and blockchain technology.
