From Nasdaq:

The SEC approved 11 spot Bitcoin exchange-traded funds, giving retail investors and institutions the chance to trade Bitcoin without owning it. This caused Bitcoin’s price to rally past $47,000 but fell to around $43,131. The cryptocurrency prices plunged further after the Fed Chairman indicated that there would likely be no rate cut in March.

The recent market decline in Bitcoin seems temporary, with experts expecting the ETF launch to have a positive long-term impact. Additionally, the next Bitcoin Halving is expected in the first half of this year, which historically results in an increase in Bitcoin’s value due to reduced supply.

Robinhood Markets, Inc., Coinbase Global, Inc., BlackRock, Inc., and Block Inc. are among the top stocks to watch in the cryptocurrency market. These companies have witnessed better earnings growth and are expected to perform well in the current year. Stocks like HOOD have a Zacks Rank #3.

BlackRock, Inc., a major investment manager, joined the Bitcoin ETF race in June 2023. Stock in Block Inc. is expected to have an earnings growth rate of 95% for the current year. Interested investors can check out the Zacks #1 Rank (Strong Buy) stocks list to stay updated with potential investment options.



Read more: Bitcoin Poised to Rebound From Recent Dip: 4 Stocks to Watch