SQ - 3 Crypto Stocks to Watch Closely for Bitcoin's Bullish Run | Benzinga
The price of Bitcoin (CRYPTO: BTC) gained momentum in 2021 due to institutional adoption but took a beating in 2022 amid regulatory and environmental issues. However, Bitcoin had a prodigious 2023, with the price of the flagship cryptocurrency surging 157%. The bullish momentum continued in 2024, with Bitcoin's price scaling past the $60,000 mark in early March and soaring above the $71,000 threshold in early May 21.
The Federal Reserve official's recent concerns about price pressures, with many remaining hesitant to trim interest rates soon, regrettably, dampened the price of Bitcoin on May 22. Bitcoin is trading slightly above the $69,000 mark, but crypto market aficionados expect the bullish run to continue as long as the price doesn't breach this level.
The price of Bitcoin has already soared more than 50% so far this year, easily surpassing equities and bonds. And the upward trajectory is poised to last mostly due to the regulatory approval of 10 spot Bitcoin ETFs in January. Morningstar Direct confirmed that the 10 spot Bitcoin ETFs witnessed a net inflow ...