Bitcoin (BTC), which resumed its rally last month after a brief pause, appears to be heading for a new high as the year comes to a close. On Monday, Bitcoin breached the $42,000 mark for the first time since April 2022.
The world’s most prominent cryptocurrency staged a solid turnaround this year after taking a massive hit in 2022. Bitcoin’s recent rally comes amid heightened speculation that an SEC approval for a Bitcoin ETF is on the anvil and would play a major role in driving the crypto market to new highs.
One of the major reasons behind this heightened speculation is the recent resolution of legal issues faced by Binance.
Changpeng Zhao, the CEO of Binance, the largest global cryptocurrency exchange, recently agreed to plead guilty to federal criminal charges. This development has restored confidence among investors, easing worries about the exchange's outlook and contributing to the overall stabilization of the broader cryptocurrency market.
Bitcoin has jumped more than 6.1% in the past 24 hours. On Monday, Bitcoin surpassed $42,000 briefly before settling at $41,841. Ethereum (ETH) has also gained more than 4.1% in the past 24 hours to settle at $2,234, its highest level in more than 18 months.
Monday’s jump will definitely renew confidence among investors about the underlying strength of the crypto market, as it is a significant milestone after last year’s collapse of TerraUSD and Luna coin.
NVIDIA Corporation NVDA 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 264.4%. The Zacks Consensus Estimate for current-year earnings has improved 13.3% over the last 60 days. NVIDIA currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here
Coinbase Global, Inc. COIN 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 91.7%. The Zacks Consensus Estimate for current-year earnings has improved 45.6% over the last 60 days. Coinbase currently carries a Zacks Rank #2 (Buy).
Block Inc. SQ is an online digital and mobile payment platform for consumers and merchants and is the parent company of Square and Cash App. The users of Cash App can buy, sell, send and receive Bitcoin. In addition, SQ’s decentralized tbd platform allows developers to build decentralized finance applications to run on programmable blockchains. SQ is also one of the largest Bitcoin investors.
Block has an expected earnings growth rate of 90% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 17.3% over the last 60 days. SQ currently carries a Zacks Rank #2.
PayPal Holdings, Inc. PYPL provides digital wallet services that enable users to purchase, transfer, and sell various cryptocurrencies, such as Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. Through PYPL, users can use cryptocurrencies to pay for goods and services from online merchants. Additionally, PayPal’s mobile wallet platform, Venmo, also allows users to engage in cryptocurrency buying and selling activities.
PayPal Holdings’ expected earnings growth rate for the current year is 20.6%. The Zacks Consensus Estimate for current-year earnings has improved 0.6% over the last 60 days. PYPL currently carries a Zacks Rank #3.
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