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Bitcoin (BTC), the world’s most prominent cryptocurrency, surged past the $47,000 mark on Jan 8 before settling just above $46,825. Cryptocurrencies rallied in 2023 and gathered further pace in late October, which has continued into this year.
The last time Bitcoin traded above $47,000 was in April 2022. Although Bitcoin price remains below its all-time high of $67,000 reached in November 2021, market participants are once again bullish about its potential that is driving the rally.
The recent rally is primarily being driven by renewed optimism that the SEC will soon approve the first spot Bitcoin ETF.
The SEC is nearing its initial deadline to either approve or reject an ETF application, specifically that of Ark 21Shares, which is due on Jan 10. There is widespread expectation that the SEC will choose to approve multiple applications simultaneously to ensure a balanced playing field.
Such a decision would mark a major milestone for the overall cryptocurrency landscape, which, despite its anti-establishment origins, has proven the value of Bitcoin and Ether to a considerable extent within the institutional investing sphere.
Also, major players like Invesco, Fidelity, Franklin Templeton, WisdomTree and BlackRock, Inc. (BLK - Free Report) are actively seeking approval to launch a Bitcoin ETF.
The expected approval is poised to exert a notable positive influence, offering robust backing to the cryptocurrency market.
Investors now expect a green light for a spot Bitcoin ETF from the SEC as early as the first half of this year.
Besides, easing inflation has also raised optimism that the Federal Reserve might conclude its current monetary tightening efforts and initiate rate cuts this year, possibly as early as March. Elevated interest rates typically have negative impacts on growth-oriented sectors such as technology, consumer discretionary and cryptocurrencies.
Stocks to Watch
BlackRock, Inc. is one of the world’s largest investment managers and is publicly owned. BLK was one of the first companies from the traditional market to join the Bitcoin ETF race back in June 2023.
BlackRock’s expected earnings growth rate for the current year is 4.4%. The Zacks Consensus Estimate for current-year earnings has improved 0.2% over the last 60 days. BlackRock presently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
NVIDIA Corporation (NVDA - Free Report) is a major player in the semiconductor industry and has been one of the standout success stories of 2023. As a leading designer of graphic processing units (GPUs), the value of the NVDA stock tends to surge in a thriving crypto market. This is primarily due to the crucial role that GPUs play in data centers, artificial intelligence, and the mining or production of cryptocurrencies.
NVIDIA’s expected earnings growth rate for the current year is 268%. The Zacks Consensus Estimate for current-year earnings has improved 14.4% over the last 60 days. Currently, NVIDIA has a Zacks Rank #2 (Buy).
Coinbase Global, Inc. (COIN - Free Report) offers financial infrastructure and technology to support the global cryptocurrency economy. COIN provides a main financial account for consumers in the crypto space, a marketplace with liquidity for institutional crypto asset transactions, and technology and services for developers to build crypto-based applications and accept cryptocurrencies securely as payment.
Coinbase Global’s expected earnings growth rate for the current year is 92%. The Zacks Consensus Estimate for current-year earnings has improved 3.1% over the last 60 days. Coinbase currently sports a Zacks Rank #1.
Visa Inc. (V - Free Report) is taking a significant step toward modernizing cross-border money movement. In a move aimed at enhancing the efficiency of global transactions, V is expanding its stablecoin settlement capabilities to the high-performing Solana blockchain. This expansion of V includes collaboration with prominent merchant acquirers Worldpay and Nuvei, marking a pivotal development in the world of digital payments.
Visa Inc.’s expected earnings growth rate for the current year is 12.9%. The Zacks Consensus Estimate for current-year earnings has improved 0.3% over the last 60 days. V currently has a Zacks Rank #3.
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4 Stocks in Focus as Bitcoin Rallies Past $47,000
Bitcoin (BTC), the world’s most prominent cryptocurrency, surged past the $47,000 mark on Jan 8 before settling just above $46,825. Cryptocurrencies rallied in 2023 and gathered further pace in late October, which has continued into this year.
The last time Bitcoin traded above $47,000 was in April 2022. Although Bitcoin price remains below its all-time high of $67,000 reached in November 2021, market participants are once again bullish about its potential that is driving the rally.
The recent rally is primarily being driven by renewed optimism that the SEC will soon approve the first spot Bitcoin ETF.
The SEC is nearing its initial deadline to either approve or reject an ETF application, specifically that of Ark 21Shares, which is due on Jan 10. There is widespread expectation that the SEC will choose to approve multiple applications simultaneously to ensure a balanced playing field.
Such a decision would mark a major milestone for the overall cryptocurrency landscape, which, despite its anti-establishment origins, has proven the value of Bitcoin and Ether to a considerable extent within the institutional investing sphere.
Also, major players like Invesco, Fidelity, Franklin Templeton, WisdomTree and BlackRock, Inc. (BLK - Free Report) are actively seeking approval to launch a Bitcoin ETF.
The expected approval is poised to exert a notable positive influence, offering robust backing to the cryptocurrency market.
Investors now expect a green light for a spot Bitcoin ETF from the SEC as early as the first half of this year.
Besides, easing inflation has also raised optimism that the Federal Reserve might conclude its current monetary tightening efforts and initiate rate cuts this year, possibly as early as March. Elevated interest rates typically have negative impacts on growth-oriented sectors such as technology, consumer discretionary and cryptocurrencies.
Stocks to Watch
BlackRock, Inc. is one of the world’s largest investment managers and is publicly owned. BLK was one of the first companies from the traditional market to join the Bitcoin ETF race back in June 2023.
BlackRock’s expected earnings growth rate for the current year is 4.4%. The Zacks Consensus Estimate for current-year earnings has improved 0.2% over the last 60 days. BlackRock presently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
NVIDIA Corporation (NVDA - Free Report) is a major player in the semiconductor industry and has been one of the standout success stories of 2023. As a leading designer of graphic processing units (GPUs), the value of the NVDA stock tends to surge in a thriving crypto market. This is primarily due to the crucial role that GPUs play in data centers, artificial intelligence, and the mining or production of cryptocurrencies.
NVIDIA’s expected earnings growth rate for the current year is 268%. The Zacks Consensus Estimate for current-year earnings has improved 14.4% over the last 60 days. Currently, NVIDIA has a Zacks Rank #2 (Buy).
Coinbase Global, Inc. (COIN - Free Report) offers financial infrastructure and technology to support the global cryptocurrency economy. COIN provides a main financial account for consumers in the crypto space, a marketplace with liquidity for institutional crypto asset transactions, and technology and services for developers to build crypto-based applications and accept cryptocurrencies securely as payment.
Coinbase Global’s expected earnings growth rate for the current year is 92%. The Zacks Consensus Estimate for current-year earnings has improved 3.1% over the last 60 days. Coinbase currently sports a Zacks Rank #1.
Visa Inc. (V - Free Report) is taking a significant step toward modernizing cross-border money movement. In a move aimed at enhancing the efficiency of global transactions, V is expanding its stablecoin settlement capabilities to the high-performing Solana blockchain. This expansion of V includes collaboration with prominent merchant acquirers Worldpay and Nuvei, marking a pivotal development in the world of digital payments.
Visa Inc.’s expected earnings growth rate for the current year is 12.9%. The Zacks Consensus Estimate for current-year earnings has improved 0.3% over the last 60 days. V currently has a Zacks Rank #3.