From Nasdaq.: 2024-05-20 08:03:00

The cryptocurrency market saw a decline in April after Bitcoin hit an all-time high of 73,750.07 on Mar 14. The drop was attributed to the Bitcoin halving event, which occurs every four years. U.S. equity markets also tumbled in April due to concerns over interest rates. However, with the halving event completed, there is hope for a price increase in the coming months.

Wall Street rebounded in May after a decline in job additions and GDP growth rate in Q1 2024. A less-than-hawkish statement by Fed Chairman Jerome Powell also contributed to the market rally. The Department of Labor reported that the consumer price index rose 0.3% month over month in April, below expectations. Core CPI also rose 0.3% month over month, indicating a stable but slow increase in prices.

Five bitcoin-oriented stocks are showing strong potential for 2024. Coinbase Global Inc. (COIN) offers financial infrastructure for the crypto economy, with an expected earnings growth rate of over 100% this year. Robinhood Markets Inc. (HOOD) operates a financial services platform allowing users to invest in stocks and cryptocurrencies, showing similar growth potential. CleanSpark Inc. (CLSK), Hut 8 Corp. (HUT), and Block Inc. (SQ) are also promising picks in the bitcoin market, with expected earnings growth rates over 100% for the current year.

The bullish outlook on these five bitcoin-oriented stocks comes after a rebound in the market following a slump in key economic indicators in Q1 2024. The potential for growth and strong performance of these companies indicates a favorable trend in the cryptocurrency market. As the market recovers from April’s decline, investors are turning their focus to these promising stocks for potential returns.

Read more at Nasdaq: 5 Bitcoin-Centric Stocks to Buy to Gain From the Next Rally