3 Crypto-Oriented Stocks With Strong Potential as Bitcoin Market Corrects

Bitcoin's impressive performance in 2023 and the first quarter of this year was fueled by the approval of 11 spot Bitcoin ETFs by the Securities and Exchange Commission.

Bitcoin price has fallen sharply recently and on June 24 it briefly fell below $60,000. The cryptocurrency has seen a significant decline from its all-time high of $73,750.07 in March, although it has recovered to slightly higher than $61,000. This downward trend in Bitcoin price is due to continued selling pressure from ETF exits and the upcoming Mt. Gox bankruptcy recovery proceedings. Bitcoin's impressive performance in 2023 and in the first quarter of this year was supported by the approval of an 11-point Bitcoin ETF by the Securities and Exchange Commission. This move was seen as a game changer, providing both retail and institutional investors with a regulated and accessible way to invest in cryptocurrency. However, the rally hit a speed bump in April with the Bitcoin halving event, which occurs every four years and aims to limit the total Bitcoin supply to 21 million coins by reducing the Bitcoin block reward by 50%. Despite this temporary pause, there is widespread speculation that reduced supply will drive prices higher in the near future due to shortages. Additionally, Federal Reserve Chairman Jerome Powell's statements following the FOMC meeting on June 12 also contributed to the recent decline in Bitcoin prices. Powell's statement showed that the Fed expects only one rate cut this year, impacting cryptocurrency market sentiment. However, it is worth noting that the decline in Bitcoin price is temporary, as the cryptocurrency has risen significantly with a 43.5% increase since the beginning of the year and is set to gain 157% in 2023. Going forward, investors are recommended to adopt a long-term perspective and evaluate potential investment opportunities in the crypto market. To help investors with their decision-making process, we have selected three crypto-focused stocks with strong potential for the coming year. NVIDIA Corporation (NASDAQ: NVDA) NVIDIA is the world leader in visual computing technologies and the inventor of the graphics processing unit (GPU). The company has transitioned from PC graphics to AI-based solutions and supports high-performance computing, gaming and virtual reality platforms. For the current year, NVIDIA is expected to have an impressive earnings growth rate of 106.2%, with the Zacks Consensus Estimate showing a 12.1% improvement in earnings over the last 60 days. With a Zacks Rank #1, NVIDIA is well positioned for growth in the crypto market. Coinbase Global, Inc. (NASDAQ:COIN) Coinbase provides financial infrastructure and technology to power the global cryptocurrency economy. The company provides a primary financial account for consumers in the crypto space, a highly liquid marketplace for institutional crypto asset transactions, and technology and services for developers to create crypto-based applications. Coinbase's expected earnings growth rate for the current year is over 100%, suggesting a 219.1% improvement over the past 60 days to the Zacks Consensus Estimate. With a Zacks Rank #1, Coinbase is a promising investment in the crypto sector. Interactive Brokers Group, Inc. (NASDAQ: IBKR) Interactive Brokers is a global automated electronic brokerage firm that handles, trades and trades cryptocurrencies. The company's commodity and foreign exchange trading desk also offers clients the opportunity to buy and sell cryptocurrency futures. With a 14.6% expected earnings growth rate for the current year and a Zacks Rank #2, Interactive Brokers Group is leading the cryptocurrency market

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