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4 Stocks to Watch as Inflow in Crypto for 2023 Breaches $1B
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With an inflow of $293 million for the week ended Nov 10, the total inflow of funds in the crypto market so far in 2023 has breached the $1 billion mark. Standing at $1.14 billion, this is the third-highest yearly inflow into cryptocurrency on record.
In recent months, there has been a positive buzz around the digital currency market, with countries around the world finally debating on how to make cryptocurrency mainstream and the regulatory framework to be woven around it. In Asia, Africa and even in Europe, there have been countries where some breakthrough has already taken place. In the United States, the buck is resting with the Securities and Exchange Commission (“SEC”), which has on its table Bitcoin (BTC) ETF applications from major traditional financial powerhouses, and needs to pass a verdict fast.
It is increasingly getting clear that the SEC will not be able to hold these applications at bay for long, and these will go mainstream, and under regulatory supervision. Last week, BlackRock became one of the first companies to file for the approval of an Ethereum (ETH) ETF.
The scheduled “halving” of bitcoin around April next year has also kept investors buoyant. Usually a halving event precedes a major boom in bitcoin prices. Year-to-date, bitcoin has gained more than 120%, and ether is up about 76%. The inflow into the sector, thus, will seemingly continue well into 2024, and it may be prudent to watch a few crypto-exposed stocks to gauge the impact of this boom.
Block Inc. (SQ - Free Report) 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 88%. The Zacks Consensus Estimate for its current-year earnings has improved 16.8% 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 - Free Report) 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 crypto ETF race back in June 2023. BLK’s expected earnings growth rate for the current year is 3.1%. The Zacks Consensus Estimate for its current-year earnings has improved 2.7% over the past 60 days. BLK currently carries a Zacks Rank #3 (Hold).
Interactive Brokers Group Inc. (IBKR - Free Report) is a global automated electronic broker. IBKR executes, processes and trades in cryptocurrencies, which include Bitcoin. IBKR’s expected earnings growth rate is 41.7% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 2.1% over the past 60 days. IBKR currently carries a Zacks Rank #2.
NVIDIA Corporation (NVDA - Free Report) is a semiconductor industry giant and one of the biggest success stories of 2023. Being a leading designer of graphic processing units (GPUs), Nvidia stocks usually soar on a booming crypto market because GPUs are pivotal for data centers, artificial intelligence, and the creation of crypto assets. NVDA’s expected earnings growth rate is 224% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 1.4% over the past 60 days. NVDA currently carries a Zacks Rank #1 (Strong Buy).
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4 Stocks to Watch as Inflow in Crypto for 2023 Breaches $1B
With an inflow of $293 million for the week ended Nov 10, the total inflow of funds in the crypto market so far in 2023 has breached the $1 billion mark. Standing at $1.14 billion, this is the third-highest yearly inflow into cryptocurrency on record.
In recent months, there has been a positive buzz around the digital currency market, with countries around the world finally debating on how to make cryptocurrency mainstream and the regulatory framework to be woven around it. In Asia, Africa and even in Europe, there have been countries where some breakthrough has already taken place. In the United States, the buck is resting with the Securities and Exchange Commission (“SEC”), which has on its table Bitcoin (BTC) ETF applications from major traditional financial powerhouses, and needs to pass a verdict fast.
It is increasingly getting clear that the SEC will not be able to hold these applications at bay for long, and these will go mainstream, and under regulatory supervision. Last week, BlackRock became one of the first companies to file for the approval of an Ethereum (ETH) ETF.
The scheduled “halving” of bitcoin around April next year has also kept investors buoyant. Usually a halving event precedes a major boom in bitcoin prices. Year-to-date, bitcoin has gained more than 120%, and ether is up about 76%. The inflow into the sector, thus, will seemingly continue well into 2024, and it may be prudent to watch a few crypto-exposed stocks to gauge the impact of this boom.
Block Inc. (SQ - Free Report) 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 88%. The Zacks Consensus Estimate for its current-year earnings has improved 16.8% 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 - Free Report) 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 crypto ETF race back in June 2023. BLK’s expected earnings growth rate for the current year is 3.1%. The Zacks Consensus Estimate for its current-year earnings has improved 2.7% over the past 60 days. BLK currently carries a Zacks Rank #3 (Hold).
Interactive Brokers Group Inc. (IBKR - Free Report) is a global automated electronic broker. IBKR executes, processes and trades in cryptocurrencies, which include Bitcoin. IBKR’s expected earnings growth rate is 41.7% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 2.1% over the past 60 days. IBKR currently carries a Zacks Rank #2.
NVIDIA Corporation (NVDA - Free Report) is a semiconductor industry giant and one of the biggest success stories of 2023. Being a leading designer of graphic processing units (GPUs), Nvidia stocks usually soar on a booming crypto market because GPUs are pivotal for data centers, artificial intelligence, and the creation of crypto assets. NVDA’s expected earnings growth rate is 224% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 1.4% over the past 60 days. NVDA currently carries a Zacks Rank #1 (Strong Buy).