Bitcoin
Buy These 5 Crypto Stocks Before Bitcoin’s Next Rally
The cryptocurrency rally that gained momentum this year after a solid 2023 was halted in April. Bitcoin (BTC), the world’s most popular cryptocurrency, led this recovery, but is now suffering the most.
On June 19, Bitcoin was trading at US$64,860.25, clearly below its all-time high of US$73,750.07, reached on March 14. The last two and a half months have been turbulent for Bitcoin, with its price falling more than 18%. However, Bitcoin has gained 53.8% year-to-date and 157% in 2023.
Bitcoin’s rally gained momentum in early January after the U.S. Securities and Exchange Commission (SEC) approved 11 spot Bitcoin exchange-traded funds (ETFs).
The approval of these ETFs is being seen as a watershed moment, as they will provide retail and institutional investors with a regulated and accessible way to invest in cryptocurrency. This development not only increases liquidity, but also contributes to price stability.
Bitcoin rose more than 50% after that, but the rally was interrupted by the halving in April. The halving event, which occurs 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 typically increases demand for cryptocurrencies, often resulting in an increase in prices.
However, the Bitcoin halving event has already concluded and there is widespread speculation that the reduction in supply will lead to a scarcity-driven price increase for the digital asset in the near term.
Furthermore, on June 12, Federal Reserve Chairman Jerome Powell, in his post-FOMC meeting statement, said that the Fed anticipates only one rate cut this year, a significant reduction from the three cuts projected in its March meeting.
However, a single rate cut of 25 basis points in 2024 also bodes well for the cryptocurrency market and the broader economy, as several market participants had already priced in no rate cuts this year.
Low interest rates benefit growth assets such as technology stocks, consumer discretionary stocks and cryptocurrencies.
At this stage, investors should adopt a long-term perspective. The Fed is clearly approaching the end of its higher rate regime. We could see a rate cut by the end of this year if macroeconomic data remains favorable.
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.
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.
The story continues
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 7.3% over the past 90 days. IBKR 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.
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.
NVIDIA has an expected earnings growth rate of 106.2% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 12.1% over the past 60 days. NVDA currently sports a Zacks Rank #1.
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.
Hut 8 Mining Corp. HUT is a cryptocurrency mining company based in North America. HUT provides computing power to mining pools and receives digital assets in return. The company serves commercial clients across diverse industries such as finance, healthcare, government, as well as those involved in digital assets, blockchain, gaming, virtual effects and Web 3.0.
Hut 8 Mining’s expected earnings growth rate for the current year is 50%. The Zacks Consensus Estimate for current-year earnings has improved 311.9% over the past 60 days. Hut 8 Mining currently has a Zacks Rank #2.
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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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