From Nasdaq:

The cryptocurrency market started 2024 on a positive note with the U.S. SEC approving 11 spot Bitcoin ETFs, leading to a surge in Bitcoin prices, which soared past $47,500. However, there has been a sharp decline post-announcement, with Bitcoin trading lower by nearly 3.5% at $41,364.33 on Jan 18. This correction has caused fears and uncertainties within the cryptocurrency market.

The approval of the 11 spot Bitcoin ETFs is expected to boost the crypto market in the long term. Despite recent price volatility, experts remain optimistic about the potential for Bitcoin and the cryptocurrency market. This move is also seen as a step toward mainstreaming of cryptocurrencies by bringing them under closer monitoring and regulations.

Stock analysis showed that companies like BlackRock, Inc., Coinbase Global, Inc., Marathon Digital Holdings, Inc., and NVIDIA Corporation are expected to see strong growth based on the latest earnings estimate and in the context of the growing cryptocurrency market. Coinbase Global is projected to have a 92.5% expected earnings growth rate for the current year.

The recent volatility and corrections in the cryptocurrency market have stirred interest in the potential of Bitcoin and other digital currencies. While many investors have flocked to institutional investment products to avoid risk, the long-term outlook for the cryptocurrency market including companies like BlackRock, Coinbase Global, Marathon Digital Holdings, and NVIDIA Corporation is quite positive.

The recent correction in cryptocurrency markets is not expected to dampen the positive impact of the recent approval of 11 spot Bitcoin ETFs. This move is expected to further boost the cryptocurrency market and may eventually facilitate closer monitoring and mainstreaming.



Read more: 4 Stocks in Focus Amid Volatility in Cryptocurrency Market