2 Stocks for the New Crypto Bull Market
Here are 2 stocks for the new bull market in cryptos.
avatar
Mike Sakuraba graduated with double major of English and Economics. Part time writer, part time investor, full time dad. Mike loves writing about technology, sports, and investing.
2023-11-11 12:07

Stocks for the New Crypto Bull Market
If you haven’t noticed, the crypto markets have been pumping over the past few weeks. This is because there is increased bullishness in the markets stemming from the potential for spot Bitcoin ETFs. It is an exciting time and Bitcoin and Ethereum are reacting appropriately to the potential news. One can only imagine the price surge when one or both are approved.
2 Stocks for the New Crypto Bull Market
So how can we play this? The obvious way is to buy Bitcoin and ETH and just hold it all the way back up. It might be time to get some exposure to companies that stand to benefit from the rising prices of cryptos. Here are 2 stocks for the new bull market in cryptos.

Coinbase (NASDAQ: COIN)
Everything in the United States in terms of cryptocurrencies goes through Coinbase. After the fall of FTX, Coinbase is now the defacto crypto exchange in the US and it is quickly expanding overseas as well. Earlier this year, Coinbase opened offices in major markets like Canada and is looking to move further into Europe.

You’ve probably noticed that Coinbase moves up and down alongside the price of Bitcoin and other cryptos. This makes it a great proxy for investing in cryptos through the equities market. Some people do not want to get involved in cryptos so would prefer to buy crypto stocks instead.

The one problem facing Coinbase is the lack of mainstream interest. Despite the recent rallies, Coinbase reported lower trading volume revenues in the most recent quarter. These figures could climb next quarter but for now, it remains a sore spot for Coinbase.

Most analysts expect spot Bitcoin ETFs to be approved by January of next year. If Bitcoin is bought up in mass quantities as most believe, we could see new all-time highs by this time next year. The same can be said for ETH if the SEC approves the spot Ethereum ETF as well. Coinbase is in a clear up trend and before it gets even more expensive, it might be worth securing some shares now. Before all hell breaks loose in cryptos in 2024.

Robinhood (NASDAQ: HOOD)
I know, I know. Robinhood has an ugly chart and it just lost another major chunk after its earnings call. Like Coinbase, crypto trading revenues fell off in the quarter and continue to be fairly weak.

This could all change next year when Robinhood is looking to expand into the EU with its crypto trading services. It is also expanding its brokerage services to the UK in the coming weeks. ‘These should be great long-term catalysts for Robinhood although the company’s primary problems include stock-based compensation levels and being unprofitable. It’s such a cheap stock compared to how many customers the company has and in a crypto bull market, trading fees should be on the rise. I think it could be worth buying low on Hood when the sentiment is the most negative.


Disclaimer: I have no positions in any of the stocks mentioned. I wrote this article myself, and it expresses my own opinions. I have no business relationship with any company whose stock is mentioned in this article. All information should be independently verified and should not be relied upon for purposes of transacting securities or other investments. See terms for more info.

Rate this article

positive
negative
Published On
2023-11-11 12:07

avatar
About the Author
Mike Sakuraba graduated with double major of English and Economics. Part time writer, part time investor, full time dad. Mike loves writing about technology, sports, and investing.


buy-coffee
You've read 1 article in the last year
..thank you for supporting us and for visiting our site. Unlike many other sites, The Dog of Wall Street is available for everyone to read. Our focus is to provide great content for free. Do you like what we are doing? Buy us a cup coffee. It is the fuel that keeps us going..

Looking Ahead to Tesla's Earnings: What Can We Expect?
Is there any stock that has been more talked about than Tesla (NASDAQ: TSLA) as of late? It’s a company that is always in the spotlight but the stock is under some heavy scrutiny this year and deservedly so.
By Mike Sakuraba | 1 month ago

2 Stocks to Load Up On During This Correction
Another volatile week for markets and investors are starting to feel a little uncomfortable.
By Mike Sakuraba | 1 month ago

2 Earnings to Watch for Next Week
This article is merely meant to talk about two companies that I’ll have my eyes on for earnings.
By Mike Sakuraba | 1 month ago

2 Stocks That Could Explode in Q2
Here are two stocks that I think could explode in the second quarter.
By Mike Sakuraba | 1 month ago

2 Trillion Dollar Companies in the Making
One thing for certain about these two companies is that I see the potential in how they can grow.
By Mike Sakuraba | 1 month ago

Is Tesla Back? Has TSLA Stock Finally Bottomed?
Tesla Stock Analysis: Robo Taxis to the Rescue?
By Mike Sakuraba | 1 month ago

2 Stocks to Buy During an April Pullback
Here are 2 stocks I’d buy during an April pullback.
By Mike Sakuraba | 1 month ago

TSM Stock: Is This The True Winner of the AI Race?
TSM’s stock has gained nearly 40% this year which is about half of NVIDIA has returned.
By Mike Sakuraba | 1 month ago