Bitcoin
4 Solid Stocks to Buy
Cryptocurrencies have been struggling lately after a solid 2023 and Q1. Bitcoin (BTC), in particular, was leading from the front, which also saw the world’s most popular cryptocurrency reach an all-time high of $73,750 in March.
However, the recovery appears to have stalled since then and cryptocurrencies have struggled, with Bitcoin trading sharply below $70,000 for most of May. June was no different either. On June 13, Bitcoin fell below $67,000 before recovering some of its losses and was trading at $67,100.
Many factors are behind this recent Bitcoin decline. The Bitcoin halving event in April was one of the main reasons for the cryptocurrency’s price decline.
The halving event, which happens every four years, reduces the block reward by 50%, with the aim of capping the total supply of Bitcoin at 21 million coins. This reduction in the rate of supply of new Bitcoins generally increases the demand for cryptocurrencies, often leading to an increase in prices.
It was predicted that Bitcoin would regain momentum after the end of the halving event, but this did not happen. Furthermore, Wall Street’s recovery was halted in April due to growing concerns about rising inflation and potential interest rate hikes.
Although inflation eased in April and May, easing fears of another rate hike, the lack of clarity about the Fed’s rate-cutting plans hurt investor confidence. Federal Reserve Chairman Jerome Powell said after the FOMC meeting that the Fed anticipates just one rate cut this year, significantly below the three projected at its March meeting.
Powell also said that although inflation has declined sharply over the past year, it remains sharply above the Fed’s 2% target. Therefore, the Fed is likely to maintain the higher interest rate for a longer period.
Higher interest rates negatively impact growth assets such as technology stocks, consumer discretionary stocks and cryptocurrencies.
However, even so, experts believe that Bitcoin has tremendous potential and that the recent decline is temporary. Year-to-date, Bitcoin has gained 45.5% after rising more than 207% in 2023.
Our choices
We’ve narrowed down our research to four crypto-focused stocks with strong potential for 2024. Each of our picks carries a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold). You can see The complete list of today’s Zacks #1 Rank stocks here.
NVIDIA Corporation NVDA is the world leader in visual computing technologies and the inventor of the graphics processing unit, or GPU. Over the years, NVDA’s focus has evolved from PC graphics to artificial intelligence-based solutions that now support high-performance computing, gaming, and virtual reality platforms.
The story continues
NVIDIA has an expected earnings growth rate of 106.2% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 12.6% over the past 60 days. NVDA currently sports a Zacks Rank #1.
Interactive Brokers Group, Inc. IBKR is a global automated electronic broker. IBKR executes, processes and trades cryptocurrencies. The IBKR commodity futures trading desk also offers clients the opportunity to trade cryptocurrency futures.
Interactive Brokers Group has an expected earnings growth rate of 14.6% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 2% over the past 60 days. IBKR currently has a Zacks Rank #2.
Robinhood Markets, Inc. HOOD operates a financial services platform in the United States. Its platform allows users to invest in stocks, exchange-traded funds, options, gold, and cryptocurrencies. HOOD buys and sells Bitcoin, Ethereum, Dogecoin and other cryptocurrencies using its Robinhood Crypto platform.
Robinhood Markets’ expected earnings growth rate for the current year is over 100%. The Zacks Consensus Estimate for current-year earnings has improved 110.3% over the past 60 days. Robinhood Markets currently has a Zacks Rank #2.
Coinbase Global, Inc. COIN provides financial infrastructure and technology to support the global cryptocurrency economy. COIN provides a primary financial account for consumers in the crypto space, a liquid marketplace for institutional transactions of crypto assets, and technology and services for developers to create crypto-based applications and securely accept cryptocurrencies as payment.
Coinbase Global’s expected earnings growth rate for the current year is over 100%. The Zacks Consensus Estimate for current-year earnings has improved 219.1% over the past 60 days. Coinbase currently sports a Zacks Rank #1.
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Bitcoin
Bitcoin (BTC), Stocks Bleed as China’s Surprise Rate Cut Signals Panic, Treasury Yield Curve Steepens
Risk assets fell on Thursday as China’s second rate cut in a week raised concerns of instability in the world’s second-largest economy.
Bitcoin (BTC)the leading cryptocurrency by market cap, is down nearly 2% since midnight UTC to around $64,000 and ether (ETH) fell more than 5%, dragging the broader altcoin market lower. The CoinDesk 20 Index (CD20), a measure of the broader cryptocurrency market, lost 4.6% in 24 hours.
In equity markets, Germany’s DAX, France’s CAC and the euro zone’s Euro Stoxx 50 all fell more than 1.5%, and futures linked to the tech-heavy Nasdaq 100 were down slightly after the index’s 3% drop on Wednesday, according to the data source. Investing.com.
On Thursday morning, the People’s Bank of China (PBoC) announced a surprise, cut outside the schedule in its one-year medium-term lending rate to 2.3% from 2.5%, injecting 200 billion yuan ($27.5 billion) of liquidity into the market. That is the biggest reduction since 2020.
The movement, together with similar reductions in other lending rates earlier this week shows the urgency among policymakers to sustain growth after their recent third plenary offered little hope of a boost. Data released earlier this month showed China’s economy expanded 4.7% in the second quarter at an annualized pace, much weaker than the 5.1% estimated and slower than the 5.3% in the first quarter.
“Equity futures are flat after yesterday’s bloody session that shook sentiment across asset classes,” Ilan Solot, senior global strategist at Marex Solutions, said in a note shared with CoinDesk. “The PBoC’s decision to cut rates in a surprise move has only added to the sense of panic.” Marex Solutions, a division of global financial platform Marex, specializes in creating and distributing custom derivatives products and issuing structured products tied to cryptocurrencies.
Solot noted the continued “steepening of the US Treasury yield curve” as a threat to risk assets including cryptocurrencies, echoing CoinDesk Reports since the beginning of this month.
The yield curve steepens when the difference between longer-duration and shorter-duration bond yields widens. This month, the spread between 10-year and two-year Treasury yields widened by 20 basis points to -0.12 basis points (bps), mainly due to stickier 10-year yields.
“For me, the biggest concern is the shape of the US yield curve, which continues to steepen. The 2- and 10-year curve is not only -12 bps inverted, compared to -50 bps last month. The recent moves have been led by the rise in back-end [10y] yields and lower-than-expected decline in yields,” Solot said.
That’s a sign that markets expect the Fed to cut rates but see tighter inflation and expansionary fiscal policy as growing risks, Solot said.
Low liquidity, regulatory uncertainty and speculative behavior contribute to inefficiency in crypto markets. But systematic approaches, including momentum indices, can reduce risks for investors, says Gregory Mall, head of investment solutions at AMINA Bank.
Low liquidity, regulatory uncertainty and speculative behavior contribute to inefficiency in crypto markets. But systematic approaches, including momentum indices, can reduce risks for investors, says Gregory Mall, head of investment solutions at AMINA Bank.
Low liquidity, regulatory uncertainty and speculative behavior contribute to inefficiency in crypto markets. But systematic approaches, including momentum indices, can reduce risks for investors, says Gregory Mall, head of investment solutions at AMINA Bank.
July 24, 2024, 5:30 p.m.
Updated July 24, 2024, 5:35 p.m.
(Benjamin Cheng/Unsplash)
Fuente
Bitcoin
India to Release Crypto Policy Position by September After Consultations with Stakeholders: Report
“The policy position is how one consults with relevant stakeholders, so it’s to go out in public and say here’s a discussion paper, these are the issues and then stakeholders will give their views,” said Seth, who is the Secretary for Economic Affairs. “A cross-ministerial group is currently looking at a broader policy on cryptocurrencies. We hope to release the discussion paper before September.”
Ether, the second-largest token, fueled a slide in digital assets after a stock rout spread unease across global markets.
Ether fell about 6%, the most in three weeks, and was trading at $3,188 as of 6:45 a.m. Thursday in London. Market leader Bitcoin fell about 3% to $64,260.
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