4 Stocks to Watch as Bitcoin Briefly Breaches the $35,000 Mark
The price of Bitcoin (BTC) has been rising steadily over the past two weeks, growing more than 25%. In the last week itself, it has gone up more than 14% and has briefly breached the $35,000 mark. Currently, it holds firm above the $34,000 support.
This broad-based BTC rally has coincided with mixed earnings numbers coming in from big tech in the stock market, and there is a visible shift being witnessed in investors who are fleeing the stock market to apply buy-side pressure on Bitcoin. It is widely speculated that the benchmark crypto might breach the $40,000 mark very soon.
Being the most well-known and “reliable” digital coin, BTC has solidified its position within the market itself. In an uncertain environment, investors turn less speculative and rush to safety. The crypto market itself is hardly ever considered stable or safe, but even in this space, investors are prone to clinging to BTC in times of crypto rallies.
With growing institutional acceptance for crypto across geographies, the benchmark digital currency might be entering a period of less volatility and sustained growth. Multiple traditional financial houses applying for a Bitcoin ETF have also acted as a tailwind. However, this recent rally might be even more significant because it lends credence to the notion that investors are considering Bitcoin as a viable option in times when the stock market is getting routed over a period of time. It will be prudent to watch a few bitcoin-exposed stocks in this light.
Block Inc. SQ is an online digital and mobile payment platform for consumers and merchants. Users of Block’s platforms can buy, sell, send and receive Bitcoin. In addition, SQ’s platforms allow developers to build decentralized finance applications to run on programmable blockchains.SQ’s expected earnings growth rate for the current year is 69%. The Zacks Consensus Estimate for its current-year earnings has improved 0.6% over the past 60 days. SQ currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
BlackRock, Inc. BLK is one of the world’s largest investment managers and is publicly owned. The investment behemoth was one of the first companies from the traditional market to join the Bitcoin ETF race back in June 2023. BLK’s expected earnings growth rate for the current year is 2.2%. The Zacks Consensus Estimate for its current-year earnings has improved 1.9% over the past 60 days. BLK currently carries a Zacks Rank #3 (Hold).
Interactive Brokers Group Inc. IBKR is a global automated electronic broker. IBKR executes, processes and trades in cryptocurrencies, which include Bitcoin. IBKR’s expected earnings growth rate is 41% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 1.2% over the last seven days. IBKR currently carries a Zacks Rank #2.
Cboe Global Markets, Inc. CBOE is collaborating with Coinbase in trying to launch a Bitcoin exchange-traded fund. CBOE’s expected earnings growth rate for the current year is 6.2%. The Zacks Consensus Estimate for its current-year earnings has improved 1.2% over the past 60 days. CBOE currently carries a Zacks Rank #3.
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