Investors advised to buy top crypto-centric stocks due to potential Fed rate cuts and growth potential

From Nasdaq: 2024-07-08 08:17:00

The cryptocurrency market lost over $170 billion last week after Mt. Gox’s bankruptcy announcement in 2014. The exchange is repaying creditors with $9 billion in Bitcoin and Bitcoin cash, causing a drop in Bitcoin price to $53,513.55 – its lowest since February. The market sees a opportunity to buy with potential Fed rate cuts.

Top Bitcoin stocks for 2024 include Coinbase Global (COIN), NVIDIA Corp. (NVDA), Block Inc. (SQ), Robinhood Markets Inc. (HOOD), and Interactive Brokers Group Inc. (IBKR). These companies have strong growth potential, with NVDA leading the earnings growth rate at over 100%. Market experts believe these stocks are set to double with rising demand and earnings estimates.

Investors are advised to consider a long-term strategy amidst potential Fed rate cuts and cooling economy indicators. The cryptocurrency market may benefit from lower interest rates, making it a valuable industry for growth. Buying Bitcoin during dips in price could lead to significant gains as the market adjusts to changing economic conditions.

Read more at Nasdaq: Buy 5 Crypto-Centric Stocks Despite Bitcoin’s Recent Meltdown