Bitcoin price drops due to ETF outflow and Mt. Gox bankruptcy redemptions, potential gains expected

From Nasdaq MarketSite: 2024-06-25 08:24:00

Bitcoin experienced a sharp decline, falling below $60,000 on June 24th from its all-time high of $73,750.07. This drop of 6% in the last week is attributed to ETF outflow and the upcoming Mt. Gox bankruptcy redemptions, with speculation that the reduced supply may lead to price increases.

The drop in Bitcoin may be temporary, as market participants anticipate only one rate cut this year after Federal Reserve Chairman Jerome Powell’s comments. Bitcoin has rallied 43.5% year to date, with potential gains linked to lowered interest rates.

Three crypto-oriented stocks with high potential for 2024 include NVIDIA Corporation (NVDA), Coinbase Global, Inc. (COIN), and Interactive Brokers Group, Inc. (IBKR). Each carries a Zacks Rank of #1 or #2, with expected earnings growth rates and improved Zacks Consensus Estimates.

Read more at Nasdaq: 3 Crypto Stocks to Buy From Bitcoin’s Long-Term Perspective