The price of Bitcoin has fallen this month. A number of Bitcoin stocks — or companies that have business tied to the cryptocurrency — have followed. Given the on-a-whim price swings in the crypto world, finding the best stocks out of that bunch can be difficult.
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For now, based solely on IBD’s chart analysis, the best crypto stocks and Bitcoin stocks to buy or watch include Coinbase (COIN), Silvergate Capital (SI), ProShares Bitcoin Strategy (BITO), a Bitcoin futures ETF, Bitfarms (BITF) and Signature Bank (SBNY).
None of those stocks are currently in bases.
Fluctuations In Bitcoin, Bitcoin Stocks
The price of Bitcoin currently stands at around $40,000, a key support level. But it’s down from around $57,000 at the start of December and a record $68,990.90 in early November.
Bitcoin’s gyrations have arrived as traders try to figure out where inflation and the economy are headed, as Russia’s invasion of Ukraine tests the cryptocurrency’s different investment narratives and the Federal Reserve raises its key interest rate to head off rising consumer prices.
Bitcoin has been seen by some as a hedge against inflation. But it doesn’t always act that way. The price of Bitcoin fell at the end of last year as more traditional investors dumped what they considered a volatile “risk asset” in a time of rising prices and economic uncertainty.
Mainstream Adoption
Still, the acts of mainstream adoption continue to pile up.
BlackRock (BLK) CEO Larry Fink last month said the investment firm was “studying” digital currencies, stablecoins and the technology behind them to “understand how they can help us serve our clients.”
President Biden has also announced an executive order geared toward “responsible development” of digital assets like cryptocurrencies. The order directed regulators to “develop policy recommendations to address the implications of” the digital-asset market. Bitcoin’s price jumped on the news.
More exchange traded funds tied to Bitcoin futures and companies — the closest things to a direct Bitcoin ETF — have also debuted recently. Major…
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