In the crypto realm of late, we are witnessing a mesmerizing dance of sentiments. The value of Bitcoin, in particular, has stumbled into the territory below USD 30,000, which translates to a wealth of approximately Rp 471.4 million (assuming an exchange rate of Rp 15,715 per US dollar).
However, amidst this glittering spectacle, the crypto market has suddenly executed a more robust turnaround this year, following a disappointing 2022. This has been made possible thanks to the rigorous campaign by the Federal Reserve to control the flow of money, pushing interest rates aggressively to combat the high inflation that has lingered for several decades. This, in turn, has added extra weight to the struggling world of cryptocurrency.
While the
crypto market is experiencing its roller-coaster journey, it turns out there
are three stocks related to the crypto world that can shine for investors when
Bitcoin starts showing signs of recovery. Quoting sources from Yahoo Finance on
Friday, October 13, 2023, here are the top three:
NVIDIA
Corporation
NVDA is a
major player in the semiconductor industry and has had an extraordinary run in
2023. As a leading designer of Graphics Processing Units (GPUs), NVDA stocks
tend to surge in the ever-evolving crypto market. This surge is mainly due to
the crucial role GPUs play in data processing, artificial intelligence, and
even in cryptocurrency mining or production. The expected revenue growth for
NVIDIA this year reaches a staggering 221.6 percent.
CME Group Inc
CME grants
its holders the right to buy or sell futures contracts of cryptocurrencies at
specified prices in the future. CME offers options for Bitcoin and Ethereum,
adhering to exchange standards with cash settlement, as well as micro futures
contracts for BTC and ETH. The expected revenue growth for CME Group this year
is estimated at 14.1 percent.
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