Crypto Stocks Rise on Bitcoin's Rally, Paypal's UK Expansion
Zacks Investment Research | Aug 23, 2021 10:10PM ET
Bitcoin surpassed the psychological barrier of $50,000 on Aug 22 for the first time in the past three months. The world’s largest cryptocurrency hit a 24-hour high of $50,495.95. It is up 7.9% in the past seven days and 70.6% year to date.
Bitcoin is having a rocky 2021, hitting an all-time high of $64,829.14 on Apr 14 and then briefly dropping to $28,600 on Jun 22. It is currently trading at $49,605.02, down 1.4% on a 24-hour basis and MSTR and Coinbase (NASDAQ:COIN) showed muted response to the bitcoin rally. While MicroStrategy inched up 0.3%, Coinbase declined 0.5% at the close on Aug 23.
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Will the Crypto Rally Continue?/h3
Apart from steady mainstream adoption, bitcoin’s momentum is expected to benefit from waning chances of tapering by the U.S. Federal Reserve in the near term due to rising cases of coronavirus in the United States.
Fed Chairman Jerome Powell is now expected to maintain his dovish stance at the upcoming Jackson Hole Economic Symposium. The Central bank is now likely to adopt a wait-and-watch policy before signaling a winding down of the stimulus program.
However, the Fed’s dovish stance is expected to hurt the U.S. dollar, which might prompt bargain-hunting investors to park their cash in cryptocurrencies like bitcoin or its better-performing peers like cardano (up 38.3% past week) and solana (up 24.6% past week).
Tech IPOs With Massive Profit Potential
In the past few years, many popular platforms and like Uber (NYSE:UBER) and Airbnb finally made their way to the public markets. But the biggest paydays came from lesser-known names.
For example, electric carmaker X Peng shot up +299.4% in just 2 months. Think of it this way…
If you had put $5,000 into XPEV at its IPO in September 2020, you could have cashed out with $19,970 in November.
With record amounts of cash flooding into IPOs and a record-setting stock market, this year’s lineup could be even more lucrative.
See Zacks Hottest Tech IPOs Now >>
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