From Nasdaq, Inc.:

Bitcoin and other cryptocurrencies have seen a decline in value following the approval of 11 spot Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission on January 10th. Bitcoin has fallen more than 18% since reaching a 2023 high of over $49,000. The market price now hovers around $40,000, reflecting a new year-to-date low.

The approval of the ETF is expected to boost the overall cryptocurrency market, but Bitcoin has entered a correction phase. The market expects long-term growth due to the ETF’s potential, despite the current stalled rally.

The recent selling pressure on Bitcoin has been linked to sales from the FTX bankruptcy estate, with 22 million shares of Grayscale’s GBTC being sold off. Experts believe the downturn in Bitcoin’s price may result from short-term traders and large holders cashing in on profits from last year’s surge, viewing the ETF approval as a “sell-the-news” event.

NVIDIA Corporation’s anticipated earnings growth for the current year is 268.6%, and it currently has a Zacks Rank #2 (Buy). NVIDIA’s stock value surges in a thriving crypto market due to the crucial role its graphic processing units play in data centers, artificial intelligence, and cryptocurrency mining.

Coinbase Global’s expected earnings growth rate for the current year is 92.5%, and it currently holds a Zacks Rank #2. Coinbase offers financial infrastructure and technology to support the global cryptocurrency economy with a main financial account, a marketplace for institutional crypto asset transactions, and developer tools for crypto-based applications.

BlackRock, one of the world’s largest investment managers, is publicly owned and holds a Zacks Rank #3 (Hold). BlackRock was an early entrant into the Bitcoin ETF race, joining in June 2023.

Robinhood Markets operates a financial services platform in the United States which allows users to invest in stocks, exchange-traded funds, options, gold, and cryptocurrencies. It carries a Zacks Rank #3, with an expected earnings growth rate of 45.3% for the current year.



Read more: 4 Cryptocurrency Stocks to Watch Amid a Dip in Bitcoin Price