As Bitcoin Drops to New Lows, Is There Still Opportunity in Cryptocurrency?


Bitcoin (BTC-USD) hit a two-month low on Friday morning, briefly falling below $26,000 before stabilizing. Investors sold $489 million in bitcoin futures over a 24-hour period, the largest single-day liquidation since June 2022, according to data provider Coinalyze.

Analysts have attributed bitcoin price move to a number of factors, including the bankruptcy filing of Chinese property developer Evergrande, and the news that Elon Musk’s SpaceX had sold its holdings, as well as a lack of enthusiasm from retail investors.

Forbes, tipranks and U.S. News all took a look at the best crypto stocks during August and as investors watch to see whether bitcoin can remain above $25,000, Prism MarketView has rounded up five of the year’s best-performing cryptocurrency companies. Is there still opportunity in cryptocurrency?

PayPal Holdings, Inc. (PYPL), valued at $82 billion is a strong performer. PayPal has remained at the forefront of the digital payment revolution for more than 20 years. By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering hundreds of millions of consumers and merchants in more than 200 markets to join and thrive in the global economy..

CME Group (CME), valued at $72 billion, has also shown strong performance. As the world’s leading derivatives marketplace, CME Group enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world’s leading central counterparty clearing providers, CME Clearing.

Block Inc. (SQ), valued at $46 billion, is a global technology company with a focus on financial services. Made up of Square, Cash App, TIDAL, and TBD, the company builds tools to help more people access the economy. Square makes commerce and financial services easy and accessible for sellers with its integrated ecosystem of technology solutions. With Cash App, anyone can easily send, spend, or invest their money in stocks or bitcoin. Afterpay brings Square and Cash App together, connecting consumers and businesses. Artists use TIDAL to help them succeed as entrepreneurs and connect more deeply with fans. TBD is building an open source platform and developer infrastructure that enables everyone to access and participate in the global economy.

Coinbase Global Inc. (COIN) is another prominent player. Coinbase is building the cryptoeconomy – a more fair, accessible, efficient, and transparent financial system enabled by crypto. Coinbase started in 2012 with the radical idea that anyone, anywhere, should be able to send and receive Bitcoin easily and securely. Today, Coinbase offers a trusted and easy-to-use platform for accessing the broader cryptoeconomy.

Microstrategy (MSTR) is the largest independent publicly-traded analytics and business intelligence company. The MicroStrategy analytics platform is consistently rated as the best in enterprise analytics and is used by many of the world’s most admired brands in the Fortune Global 500. The company pursues two corporate strategies: (1) acquire and hold bitcoin, which it views as a dependable store of value supported by a robust, public, open-source architecture untethered to sovereign monetary policy and (2) grow its enterprise analytics software business to promote its vision of Intelligence Everywhere.

Interactive Brokers Group (IBKR) and Robinhood Markets (HOOD) are also stocks to consider. Investors should conduct thorough research and consider their risk tolerance before making investment decisions.

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As Bitcoin Drops to New Lows, Is There Still Opportunity in Cryptocurrency?

Editor Prism MarketView