The price of Bitcoin (BTC) has steadily increased over the past two weeks, rising by more than 25%. In just the last week, it has gone up by over 14% and briefly surpassed the $35,000 mark. Currently, it remains above the $34,000 support level.
This widespread rally of BTC has occurred at the same time as mixed earnings reports from major tech companies in the stock market. There is a noticeable shift happening as investors move away from the stock market to put pressure on Bitcoin. There is speculation that the leading cryptocurrency may soon surpass the $40,000 mark.
BTC, being the most well-known and perceived as “reliable” digital coin, has solidified its position within the market. In uncertain times, investors become less speculative and seek safety. The crypto market itself is generally considered unstable and unsafe, but even in this space, investors tend to gravitate towards BTC during crypto rallies.
With increasing acceptance of crypto by institutions across different regions, the primary digital currency may be entering a period of reduced volatility and sustained growth. The fact that several traditional financial institutions have applied for a Bitcoin ETF has also provided support. However, this recent rally is particularly significant as it validates the idea that investors view Bitcoin as a viable option when the stock market experiences prolonged declines. It would be wise to monitor bitcoin-exposed stocks in light of this development.
Block Inc. SQ
Block Inc. SQ is an online payment platform that specializes in digital and mobile transactions for both consumers and merchants. Users of Block’s platforms have the ability to easily purchase, sell, send, and receive Bitcoin. Additionally, SQ’s platforms offer developers the opportunity to create decentralized finance applications that can be operated on programmable blockchains.
SQ is projected to experience a significant growth rate of 69% for the current year. Over the past 60 days, the Zacks Consensus Estimate for its current-year earnings has shown a modest improvement of 0.6%. It is worth noting that SQ currently holds a favorable Zacks Rank #2 (Buy). For a comprehensive list of today’s top-performing stocks with a Zacks Rank #1 (Strong Buy), please refer to our website.
BlackRock, Inc.
BlackRock, Inc. (BLK) is a globally renowned investment management company that is publicly traded. In June 2023, BLK became one of the first companies from the traditional market to participate in the Bitcoin ETF race. For the current year, BLK is expected to experience a modest earnings growth rate of 2.2%. Furthermore, the Zacks Consensus Estimate for its current-year earnings has shown a positive improvement of 1.9% over the past 60 days. It is worth noting that BLK currently holds a Zacks Rank #3 (Hold).
Interactive Brokers Group Inc.
Interactive Brokers Group Inc. (IBKR) is a worldwide automated electronic broker that specializes in executing, processing, and trading cryptocurrencies, including Bitcoin. IBKR is projected to experience a 41% growth rate in earnings for the current year. Additionally, the Zacks Consensus Estimate for current-year earnings has recently increased by 1.2% within the past seven days. It is important to note that IBKR currently holds a Zacks Rank #2.
Cboe Global Markets, Inc.
Cboe Global Markets, Inc. (CBOE) is partnering with Coinbase to pursue the launch of a Bitcoin exchange-traded fund (ETF). CBOE is expected to achieve a growth rate of 6.2% in earnings for the current year. Furthermore, the Zacks Consensus Estimate for CBOE’s earnings this year has seen a positive change of 1.2% over the past 60 days. CBOE currently holds a Zacks Rank #3.