Bitcoin

5 Bitcoin-Centric Stocks to Buy Amid the Recent Meltdown

Published

12 months ago

9 May, 2024

The cryptocurrency market was dealt a severe blow in April after a strong recovery in the previous 15 months. On March 14, the largest cryptocurrency, Bitcoin (BTC), recorded an all-time high of 73,750.07. However, it dropped almost 15% after that. Bitcoin gained over 67% in the first quarter of 2024 after jumping 157% in 2023.

One of the main reasons behind the decline in Bitcoin price was the halving event that took place last month. The Bitcoin halving event happens once every four years. Furthermore, US equity markets fell in April due to market participants’ concern that the Fed would maintain the higher interest rate for longer in light of the sticky inflation rate and a resilient labor market. A higher interest rate is detrimental to high-growth sectors such as technology, consumer discretionary and cryptocurrency.

However, with April’s Bitcoin halving event now complete, there is widespread speculation that the reduction in Bitcoin supply will result in a scarcity-driven price increase for the digital asset in the coming months.
Miners who validate and record transactions receive Bitcoin network rewards and transaction fees. Halve the block reward, aiming to cap Bitcoin’s global circulation at 21 million. Consequently, the demand for new Bitcoins increases, driving up prices.

Meanwhile, Wall Street recovered in early May following a sharp decline in April job additions, a notable deterioration in the US GDP growth rate in the first quarter of 2024, the contraction of the manufacturing and services PMI in April and a less-than-aggressive statement by Fed Chairman Jerome Powell following the May FOMC meeting. Consequently, investor expectations for the number of interest rate cuts in 2024 have increased.

Optimistic estimates

Several research firms have said that this is just the beginning of Bitcoin’s recovery. Standard Chartered expects Bitcoin to reach $100,000 by the end of 2024. Research firm Fundstrat has provided a target of $116,000 to $137,000 for this year. Hedge fund SkyBridge predicts Bitcoin will reach $170,000 by April 2025.

Furthermore, VanEck estimated a medium-term target of $350,000 for Bitcoin. Connors’ firm estimated that Bitcoin’s base case will reach $110,000 in 2024 and $140,000 next year. However, according to the company’s best-case scenario, the cryptocurrency will reach $180,000 in 2024 and $450,000 in 2025.

Our Top Picks

We’ve narrowed down our research to five bitcoin-focused stocks with strong potential for 2024. Each of our picks carries a Zacks Rank #1 (Strong Buy) or #2 (Buy). You can see The complete list of today’s Zacks #1 Rank stocks here.

The story continues

The chart below shows the price performance of our five picks over the past three months.

Zacks Investment Research

Image source: Zacks Investment Research

NVIDIA Corp. NVDA is a giant in the semiconductor industry and one of the biggest success stories of 2023. As a leading designer of graphics processing units (GPUs), NVDA shares often soar in a booming crypto market. This is because GPUs are essential for data centers, artificial intelligence, and crypto asset creation.

Zacks Rank #2 NVIDIA’s expected earnings growth rate for the current year is 84.7% (ending January 2025). The Zacks Consensus Estimate for its current year earnings has improved 0.4% over the past 30 days.

Coinbase Global Inc. COIN provides financial infrastructure and technology for the cryptoeconomy in the United States and internationally. COIN offers the leading financial account in the crypto space for consumers, a marketplace with a liquidity pool for crypto asset transactions for institutions; and technology and services that enable developers to create cryptographically-based applications and securely accept cryptographic assets as payment.

Zacks Rank #1 Coinbase Global has an expected earnings growth rate of over 100% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 11.1% over the past seven days.

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.

Zacks Rank #2 Robinhood Markets has an expected earnings growth rate of over 100% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 16% over the past 30 days.

CleanSpark Inc. CLSK operates as a Bitcoin miner in the Americas. CLSK owns and operates data centers that run primarily on low-carbon energy. The CLSK infrastructure supports Bitcoin, a digital commodity and a tool for financial independence and inclusion.

Zacks Rank #2 CleanSpark has an expected earnings growth rate of 89.2% for the current year (ending September 2024). The Zacks Consensus Estimate for current-year earnings has improved more than 100% in the past 60 days.

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.

Zacks Rank #1 Interactive Brokers Group has an expected earnings growth rate of 12.4% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 4.9% over the past 30 days.

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(IBKR): Free Stock Analysis Report

NVIDIA Corporation (NVDA): Free Stock Analysis Report

(CLSK): Free Stock Analysis Report

(COIN): Free Stock Analysis Report

(HOOD): Free Stock Analysis Report

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Zacks Investment Research

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SatoshiTimes Staff

We are the editorial team of SatoshiTimes, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on SatoshiTimes, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Bitcoin

What to watch for in the markets

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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Cryptocurrency Charts by TradingView.

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