**Bitcoin Hits New High for 2023**
Bitcoin (BTC) has had quite the rollercoaster in November, initially rallying before experiencing a dip last week, and finally hitting a new high for the year on Nov 24. The world’s most prominent cryptocurrency surged past the $38,000 mark for the first time in 2023.
**Cryptocurrency Market Turns Around**
This is the first time since May 2022 that the cryptocurrency has traded above $38,000. The year has been quite positive for the cryptocurrency market, with Bitcoin leading from the front. It finally settled just above $37,400, marking a resurgence of the cryptocurrency market. Additionally, other cryptocurrencies have made a solid turnaround this year.
**Factors Contributing to the Rally**
Many factors have contributed to this upward trend in cryptocurrencies. One major factor is the resolution of legal issues faced Binance. Reports have indicated that the CEO of Binance, Changpeng Zhao, has agreed to plead guilty to federal criminal charges. This resolution has restored confidence among investors, alleviating concerns about the exchange’s future and stabilizing the broader cryptocurrency market.
**Bitcoin ETF Approval Expected**
Market participants believe that with the Binance investigation resolved, the path for a Bitcoin ETF approval will now be clear. The potential approval of a Bitcoin ETF is likely to act as a catalyst in driving the cryptocurrency market to new highs.
**Federal Reserve’s Stance**
The Federal Reserve has maintained its hawkish approach, with the latest minutes suggesting a possibility of more interest rate hikes. However, investors remain confident that the Federal Reserve will refrain from hiking interest rates in December, especially as inflation declined further in October.
**Stocks to Consider as Bitcoin Rallies**
In light of this positive movement in the crypto market, here are four stocks to consider:
**Coinbase Global, Inc.** (COIN) offers financial infrastructure and technology to bolster the global cryptocurrency economy. It is expected to see earnings growth of 91.7% for the current year and currently carries a Zacks Rank #2 (Buy).
**Interactive Brokers Group, Inc.** (IBKR) is a global automated electronic broker that executes, processes, and trades in cryptocurrencies. It has an expected earnings growth rate of 41.7% for the current year and currently holds a Zacks Rank #2.
**NVIDIA Corporation** (NVDA) is a leading designer of graphic processing units (GPUs) and is expected to see earnings growth of 229.6% for the current year, with a Zacks Rank #1.
**Block Inc.** (SQ), the parent company of Square and Cash App, is expected to see earnings growth of 90% for the current year and carries a Zacks Rank #2.
In conclusion, with Bitcoin hitting new highs and the cryptocurrency market gaining momentum, it might be a good time to consider investing in stocks that are poised to benefit from this bullish trend.
I’m a cryptocurrency and blockchain technology journalist. My work has been featured in major publications such as CoinDesk, Bitcoin Magazine, and VentureBeat. I’ve been a respected voice in the cryptocurrency community and my insights into the industry have helped shape its development.
