Cryptocurrencies have made a strong recovery in 2023, following a disappointing 2022. The crypto market has received a boost from several positive developments recently, which are expected to support the market for the rest of the year and beyond.
One notable development is the addition of wallet support for Bitcoin (BTC) and Dogecoin (DOGE) by Robinhood Markets. Previously, the wallet was limited to tokens built on the Ethereum (ETH) blockchain.
Another significant development in 2023 was a legal victory for Grayscale in its lawsuit against the U.S. Securities and Exchange Commission (SEC). The court ruled in favor of Grayscale, setting an example that could impact other companies seeking to launch Bitcoin ETFs.
Institutional investors have played a crucial role in driving the growth of the crypto space. The decision by BlackRock Inc. to launch a Bitcoin ETF and the consortium led by The Charles Schwab Corp. to create a new crypto exchange called EDX Markets have attracted many investors to cryptocurrencies.
PayPal Holdings Inc. has also entered the crypto space by offering its own crypto token, PayPal USD, becoming the first major U.S. fintech company to do so.
Stocks in Focus
The following five stocks are particularly worth watching:
NVIDIA Corp. (NVDA): NVDA reported strong second-quarter fiscal 2024 earnings, beating expectations. The company has a positive outlook for the third quarter, with expected revenues of $16 billion.
Robinhood Markets Inc. (HOOD): HOOD operates a financial services platform that allows users to invest in stocks, ETFs, options, gold, and cryptocurrencies. The company is expected to experience earnings growth this year.
Coinbase Global Inc. (COIN): COIN provides financial infrastructure and technology for the crypto economy. The company has an expected earnings growth rate of 84.8% for the current year.
Block Inc. (SQ): SQ is an online digital and mobile payment platform that allows users to buy, sell, send, and receive Bitcoin. The company also offers decentralized finance applications and is one of the largest Bitcoin investors.
PayPal Holdings Inc. (PYPL): PYPL operates digital wallets and allows users to buy, transfer, and sell cryptocurrencies. The company has an expected earnings growth rate of 19.9% for the current year.
The chart below shows the price performance of these five stocks in the past three months.
Image Source: Zacks Investment Research
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