From Nasdaq:

Bitcoin, the world’s leading cryptocurrency, surged past the $47,000 mark before settling just above $46,825. This rally, which began in late October, is being driven by optimism about a potential SEC approval of the first spot Bitcoin ETF. Approval of multiple applications would mark a significant milestone for the cryptocurrency landscape.

Investors expect an early SEC approval for a spot Bitcoin ETF, likely in the first half of this year. Additionally, easing inflation has raised optimism of a reversal of current monetary tightening efforts by the Federal Reserve. Major players like BlackRock, Inc., NVIDIA Corporation, Coinbase Global, Inc., and Visa Inc. are actively seeking approval to launch Bitcoin ETFs.

BlackRock, Inc., a global investment manager, is among the first companies to enter the Bitcoin ETF race. Its expected earnings growth rate is 4.4%, and it currently carries a Zacks Rank #3. NVIDIA Corporation, a major player in the semiconductor industry, has a Zacks Rank #2 (Buy). Coinbase Global, Inc., offers financial infrastructure and technology to support the global cryptocurrency economy and currently carries a Zacks Rank #1. Visa Inc. is taking significant steps to modernize cross-border money movement.

As Bitcoin continues to rally, investors are on the lookout for stocks poised to benefit from this trend. With expectations of SEC approval for a Bitcoin ETF and easing inflation, this could be an opportune time for investors to focus on crypto-focused companies and consider potential strong performers in 2023.



Read more: 4 Stocks in Focus as Bitcoin Rallies Past $47,000