We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
5 Crypto-Focused Stocks to Buy Despite Wall Street Turmoil
Read MoreHide Full Article
The cryptocurrency market has regained momentum despite growing volatility on Wall Street. This space remained rangebound from mid-September to mid-October as market participants remain concerned about the Fed’s policy prescriptions.
Bitcoin was on a rally till July, with its price hitting $31,500. However, the Fed has since hiked interest rates once in July, following which cryptocurrencies took a hit once again. In fact, Bitcoin has been falling since hitting its 52-week high in early July.
Of late, the cryptocurrency market has gathered pace as Bitcoin (BTC) climbed to its highest in nearly a year-and-a-half, buoyed by mounting speculation that a spot bitcoin ETF is imminent. This week has particularly been good for Bitcoin.
The rally started on Oct 16 after the Securities and Exchange Commission decided not to appeal its loss against Grayscale Investments in the D.C. Circuit court. This rekindled optimism that the approval of a bitcoin ETF may be on the horizon. Prices of other major cryptocurrencies such as Ethereum (ETH), Cardano (ADA), Dogecoin (DOGE) and Solana (SOL) also spiked recently.
Stocks in Focus
NVIDIA Corp. (NVDA - Free Report) is a semiconductor industry giant and one of the biggest success stories of 2023. As a leading designer of graphic processing units (GPUs), the NVDA stock usually soars on a booming crypto market. This is because GPUs are pivotal to data centers, artificial intelligence, and the creation of crypto assets.
NVIDIA’s expected earnings growth rate for the current year is more than 100% (ending January 2024). The Zacks Consensus Estimate for its current-year earnings has improved 0.7% over the last 30 days. NVDA currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Coinbase Global Inc. (COIN - Free Report) provides financial infrastructure and technology for the crypto economy in the United States and internationally. COIN offers the primary financial account in the crypto space for consumers, a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable developers to build crypto-based applications and securely accept crypto assets as payment.
Coinbase Global has an expected earnings growth rate of 85.2% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 2.7% over the last 30 days. COIN currently carries a Zacks Rank #2 (Buy).
CME Group Inc.’s (CME - Free Report) options give the buyer of the call/put the right to buy/sell cryptocurrency futures contracts at a specific price at some future date. CME offers bitcoin and ether options based on the exchange's cash-settled standard and micro BTC and ETH futures contracts.
CME Group has an expected earnings growth rate of 14.1% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 0.8% over the last 30 days. CME currently carries a Zacks Rank #2.
Block Inc. (SQ - Free Report) is an online digital and mobile payment platform for consumers and merchants and is the parent company of Square and Cash App. The users of Cash App can buy, sell, send and receive Bitcoin. In addition, SQ’s decentralized tbd platform allows developers to build decentralized finance applications to run on programmable blockchains. SQ is also one of the largest Bitcoin investors.
Block has an expected earnings growth rate of 69% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 0.6% over the last 60 days. SQ currently carries a Zacks Rank #2.
Interactive Brokers Group Inc. (IBKR - Free Report) is a global automated electronic broker. IBKR executes, processes and trades in cryptocurrencies. IBKR’s commodities futures trading desk also offers customers a chance to trade cryptocurrency futures.
Interactive Brokers Group has an expected earnings growth rate of 41% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 0.4% over the last seven days. IBKR currently carries a Zacks Rank #2.
The chart below shows the price performance of five above-mentioned stocks in the past month.
Image Source: Zacks Investment Research
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
5 Crypto-Focused Stocks to Buy Despite Wall Street Turmoil
The cryptocurrency market has regained momentum despite growing volatility on Wall Street. This space remained rangebound from mid-September to mid-October as market participants remain concerned about the Fed’s policy prescriptions.
Bitcoin was on a rally till July, with its price hitting $31,500. However, the Fed has since hiked interest rates once in July, following which cryptocurrencies took a hit once again. In fact, Bitcoin has been falling since hitting its 52-week high in early July.
Of late, the cryptocurrency market has gathered pace as Bitcoin (BTC) climbed to its highest in nearly a year-and-a-half, buoyed by mounting speculation that a spot bitcoin ETF is imminent. This week has particularly been good for Bitcoin.
The rally started on Oct 16 after the Securities and Exchange Commission decided not to appeal its loss against Grayscale Investments in the D.C. Circuit court. This rekindled optimism that the approval of a bitcoin ETF may be on the horizon. Prices of other major cryptocurrencies such as Ethereum (ETH), Cardano (ADA), Dogecoin (DOGE) and Solana (SOL) also spiked recently.
Stocks in Focus
NVIDIA Corp. (NVDA - Free Report) is a semiconductor industry giant and one of the biggest success stories of 2023. As a leading designer of graphic processing units (GPUs), the NVDA stock usually soars on a booming crypto market. This is because GPUs are pivotal to data centers, artificial intelligence, and the creation of crypto assets.
NVIDIA’s expected earnings growth rate for the current year is more than 100% (ending January 2024). The Zacks Consensus Estimate for its current-year earnings has improved 0.7% over the last 30 days. NVDA currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Coinbase Global Inc. (COIN - Free Report) provides financial infrastructure and technology for the crypto economy in the United States and internationally. COIN offers the primary financial account in the crypto space for consumers, a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable developers to build crypto-based applications and securely accept crypto assets as payment.
Coinbase Global has an expected earnings growth rate of 85.2% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 2.7% over the last 30 days. COIN currently carries a Zacks Rank #2 (Buy).
CME Group Inc.’s (CME - Free Report) options give the buyer of the call/put the right to buy/sell cryptocurrency futures contracts at a specific price at some future date. CME offers bitcoin and ether options based on the exchange's cash-settled standard and micro BTC and ETH futures contracts.
CME Group has an expected earnings growth rate of 14.1% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 0.8% over the last 30 days. CME currently carries a Zacks Rank #2.
Block Inc. (SQ - Free Report) is an online digital and mobile payment platform for consumers and merchants and is the parent company of Square and Cash App. The users of Cash App can buy, sell, send and receive Bitcoin. In addition, SQ’s decentralized tbd platform allows developers to build decentralized finance applications to run on programmable blockchains. SQ is also one of the largest Bitcoin investors.
Block has an expected earnings growth rate of 69% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 0.6% over the last 60 days. SQ currently carries a Zacks Rank #2.
Interactive Brokers Group Inc. (IBKR - Free Report) is a global automated electronic broker. IBKR executes, processes and trades in cryptocurrencies. IBKR’s commodities futures trading desk also offers customers a chance to trade cryptocurrency futures.
Interactive Brokers Group has an expected earnings growth rate of 41% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 0.4% over the last seven days. IBKR currently carries a Zacks Rank #2.
The chart below shows the price performance of five above-mentioned stocks in the past month.
Image Source: Zacks Investment Research