Rate cuts expected to boost cryptocurrency market, with potential growth for Bitcoin-centric stocks

From Nasdaq: 2024-09-13 14:00:00

The cryptocurrency market, including Bitcoin, has been on a downward trend, with BTC trading at around $58,091.90 after hitting an all-time high of $73,750. Bitcoin fell further after a broader market selloff in August. However, with the Federal Reserve expected to cut interest rates, Bitcoin stocks like IBKR, SQ, NVDA, and HOOD have potential for growth. IBKR executes, processes, and trades in cryptocurrencies, while Block is a digital payment platform that allows users to buy, sell, and send Bitcoin. NVIDIA is a leader in visual computing technologies, and Robinhood Markets operates a financial services platform that allows users to invest in cryptocurrencies like Bitcoin and Ethereum.

Interactive Brokers Group (IBKR) processes and trades in cryptocurrencies with an expected earnings growth rate of 18.4%. Block, Inc. (SQ) is a digital payment platform that lets users buy and sell Bitcoin. NVIDIA (NVDA) is the leader in visual computing technologies with an expected earnings growth rate of over 100%. Robinhood Markets (HOOD) operates a financial services platform that allows users to invest in cryptocurrencies like Bitcoin and Ethereum with an expected earnings growth rate of over 100%.

Investors are confident in a 25-basis point interest rate cut by the Federal Reserve in September, with further rate cuts expected later. The low-interest-rate environment bodes well for growth assets like cryptocurrencies, where investors seek higher potential returns. For 2024, IBKR, SQ, NVDA, and HOOD are crypto-centric stocks with strong potential growth, offering investors opportunities for long-term gains in the evolving cryptocurrency market.



Read more at Nasdaq: Rate Cuts to Boost Crypto Market: 4 Bitcoin-Centric Stocks With Upside