Bitcoin's Bull Run is Back: 4 Stocks to Watch
Bitcoin's surge in 2023 came to a halt in April, but the cryptocurrency is back on the rise. It's rebounding after a dip to $53,513 in June, now trading above $63,500. This resurgence is attributed to several factors, including:
- Increased investor confidence fueled by the unsuccessful assassination attempt on former president Donald Trump and the perception of his pro-crypto stance.
- Potential rate cuts by the Federal Reserve, which historically benefit growth-oriented assets like tech stocks and crypto.
This bullish momentum is poised to benefit crypto-oriented stocks, and here are four to watch:
1. NVIDIA Corporation (NVDA)
- World leader in visual computing technologies and AI solutions.
- Expected earnings growth rate of 106.9% for the current year.
- Zacks Rank #1 (Strong Buy).
2. Interactive Brokers Group, Inc. (IBKR)
- Global automated electronic broker offering cryptocurrency trading.
- Expected earnings growth rate of 18.8% for the current year.
- Zacks Rank #2 (Buy).
3. Block Inc. (SQ)
- Parent company of Square and Cash App, facilitating Bitcoin transactions.
- Expected earnings growth rate of 72.8% for the current year.
- Zacks Rank #3 (Hold).
4. Robinhood Markets, Inc. (HOOD)
- Financial services platform offering crypto trading.
- Expected earnings growth rate of over 100% for the current year.
- Zacks Rank #2 (Buy).
These stocks are well-positioned to capitalize on Bitcoin's renewed momentum and the potential benefits of a favorable market environment.
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