Bitcoin has broken above $40,000 for the first time since May 2022 as it rides a wave of momentum on broad enthusiasm about U.S. interest rate cuts and as traders bet on the imminent approval of U.S. stock market-traded bitcoin funds. Its 50% rally since mid-October has "seemed to mark a decisive shift away from the bearishness of 2022 and early 2023," said Justin d'Anethan - head of business development for Asia-Pacific at Keyrock, a digital assets market making firm. Bitcoin is up by over 150% so far this year.
Novogratz said the approval of a spot Bitcoin ETF could drive billions to the crypto space.
YPF, ARGT, BITO, Coinbase and MicroStrategy are part of the Zacks Investment Ideas article.