The head of research at market intelligence firm FundStrat says the stock market most likely has more room to run to the upside. In a new interview with CNBC Television, FundStrat’s Tom Lee says it’s too early to say the stock market’s in a bubble as there is no consensus yet that it isn’t in […]
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Former Bloomberg Intelligence analyst Jamie Coutts thinks the current crypto market parallels the US stock market in the early 1900s. Coutts, who now works as a freelance blockchain strategist, tells his 9,738 followers on the social media platform X that the comparison means the biggest opportunities in crypto won’t last forever. “This unique environment offers […]
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The anticipated Bitcoin halving and potential ETF approvals have lit “some serious fire in the cauldron" for crypto, said Zerocap investment chief Jon de Wet.
Publicly traded crypto firms have notched triple-digit percentage returns this year and closed up in green on Dec. 4, as Bitcoin (BTC) reached a new year-high of over $42,000.
Crypto exchange Coinbase (COIN) closed the day at just over $141 with a 5.5% gain, up 320% from its price at the start of the year, per Google Finance data.
Bitcoin miners Marathon Digital (MARA) and Riot Platforms (RIOT) closed the day with over 8% gains, recording 337% and 345% year-to-date (YTD) gains, respectively.
Crypto investment firm Galaxy Digital Holdings (GLXY) posted a daily gain of nearly 12% and is up 155% YTD and MicroStrategy (MSTR) — with the largest Bitcoin holdings of any public company valued at over $6.6 billion — saw a daily gain of over 6.5% and a YTD rise of 288%.
It comes despite the wider North American stock market seeing a mixed bag of gainers and losers on Dec.
Large-cap tech stocks, such as Microsoft, fell 1.43% on Dec.
The crypto-related stocks are well below their all-time highs, however.
IG Australia market analyst Tony Sycamore told Cointelegraph the crypto-related stock rally is “coming off the back of Bitcoin’s spectacular gains in recent months,” which is up nearly 152% YTD and is closing in on $42,000 — it has already hit a 19-month high.
Sycamore said investors see crypto stocks as a way to gain crypto exposure until the United States approves spot Bitcoin exchange-traded funds (ETFs).
Popular crypto analyst Jason Pizzino thinks Bitcoin (BTC), crypto and the stock market are all primed to surge in the coming months. In a new YouTube video, Pizzino tells his 295,000 subscribers that he thinks BTC will hit $42,000 before the top crypto asset’s halving, which is currently slated to happen in mid-April. In terms […]
The post Bitcoin and Stock Market About To Get ‘Very Explosive,’ According to Analyst Jason Pizzino – Here’s Why appeared first on The Daily Hodl.
Pantera Capital founder Dan Morehead is forecasting an incoming correction in equities markets and a relative outperformance of crypto assets. Morehead says via social media platform X that he believes the S&P500 is “massively overvalued” and due for a 23% fall. The investor, who oversees $4.2 billion worth of assets at Pantera, says the Federal […]
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Buffett’s bet on crypto-friendly Nubank has put Berkshire Hathaway $130 million in profit already this year.
Warren Buffett may still view cryptocurrencies and Bitcoin (BTC) as “rat poison squared,” but he is generating big profits from his position in a crypto-friendly bank in 2023.
The “Oracle of Omaha” purchased 107 million shares of Nu Holdings, a Brazil-based fintech company and owner of the crypto-friendly Nubank, via his firm, Berkshire Hathaway, in two separate rounds in 2021.
Berkshire invested $500 million in Nu Holdings in June 2021 and raised its stake by another $250 million in December 2021. The firm has not sold a single share since, according to its second quarter 2023 earnings report.
Nu’s share price is currently up nearly 106% year-to-date (YTD), meaning Buffett’s $750 million position is now worth around $879.50 million, assuming Berkshire has still not sold any of its Nu shares. However, at its peak in February 2022, the position was worth over $1 billion.
Nubank has been dubbed crypto-friendly because some of its divisions offer crypto-related services to over 1.35 million users. Therefore, investing in Nubank can be seen as having indirect exposure to the cryptocurrency industry.
That includes Easynvest, a trading platform that offers a Bitcoin exchange-traded fund (ETF) product, and Nubank, a digital financial services platform that offers BTC and Ether (ETH) trading. Nubank also launched a loyalty token on the Polygon blockchain.
Moreover, Nu Holdings allocated 1% of its cash holdings to Bitcoin in May 2022.
“This move reinforces the company’s conviction in Bitcoin’s current and future potential in disrupting financial services in the region,” Nubank stated at the time.
Nubank is the largest fintech bank in Latin America, with over 80 million customers in Brazil.
Underperforming Nu stocks are Buffett’s other top holdings, Amazon and Apple, which have gained 54.65% and 36%, respectively. Apple is by far the biggest holding of Berkshire Hathaway, comprising roughly 45% of its $354 billion investment portfolio as of September 2023.
Related: Bitcoin continues to outperform Warren Buffett’s portfolio, and the gap is set to widen
Nu has also outperformed Berkshire Hathaway’s stock, which has risen 9.25% YTD.
Nevertheless, Bitcoin has finally caught up to the price performance of Nu stock this year. In fact, BTC price is now also up 106% YTD amid “Uptober” and recent Bitcoin ETF euphoria.
Interestingly, Bitcoin’s rapid rise to catch up with Nu over the past weeks has coincided with BTC decoupling from the stock market in October.
But while this is generally seen as a bullish sign, some commentators argue that Bitcoin ETF “hopium” is the driver of BTC price gains presently.
Indeed. Lots of historical data that shows bitcoin is tightly correlated to the stock market. The recent “decoupling” is driven imo by hopium over the ETF. But a significant downturn in stocks will bring BTC back to earth. pic.twitter.com/5hk523j3Gp
— Joe Carlasare (@JoeCarlasare) October 26, 2023
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Bloomberg analyst Mike McGlone says there are hints that a severe contraction of the American economy is approaching. The commodities expert says on the social media platform X that data is showing a dramatic plunge in home sales amid rising interest rates, a situation similar to the 2008 financial crisis. McGlone’s chart shows that the […]
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An analyst who correctly called Bitcoin’s (BTC) 2018 bear market bottom warns that a weak stock market could ignite another sell-off event in crypto. Pseudonymous analyst Bluntz tells his 224,600 followers on the social media platform X that the S&P 500 appears to be struggling at the 0.618 Fibonacci level after printing a three-wave bounce. […]
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JPMorgan’s head of technical strategy is warning that the stock market may see further moves to the downside in the short to midterm. In a new CNBC interview, Jason Hunter says that JPMorgan is currently bearish on the stock market. According to Hunter, the “tide is turning” for the S&P 500 after the stock market […]
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Bloomberg Intelligence’s senior macro strategist Mike McGlone warns that Bitcoin’s (BTC) parabolic ascent over the last decade or so looks eerily similar to the 1929 stock market bubble. McGlone says that the high-interest rate environment reminds him of the conditions that led to the collapse of the stock market in 1930. The analyst shares a […]
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