This bitcoin miner will distringuish itself after the halving, Rosenblatt says

Some bitcoin miners won’t survive when the upcoming halving slashes their revenue in half, but the ones that do survive will thrive, and Rosenblatt Securities says TeraWulf is its top pick in the category. The firm initiated coverage of the bitcoin miner with a buy rating and $4.20 price target Tuesday. Shares were ahead almost 3% in early trading, bringing the past month’s gain to 14.2%. “WULF is our preferred way to allocate to bitcoin below spot prices, particularly among a not so shareholder-friendly pubco peer set,” Rosenblatt analyst Andrew Bond wrote…

This bitcoin miner will distinguish itself after the halving, Rosenblatt says

Some bitcoin miners won’t survive when the upcoming halving slashes their revenue in half, but the ones that do survive will thrive, and Rosenblatt Securities says TeraWulf is its top pick in the category. The firm initiated coverage of the bitcoin miner with a buy rating and $4.20 price target Tuesday. Shares were ahead almost 3% in early trading, bringing the past month’s gain to 14.2%. “WULF is our preferred way to allocate to bitcoin below spot prices, particularly among a not so shareholder-friendly pubco peer set,” Rosenblatt analyst Andrew Bond wrote…

Bitcoin’s peak could be a harbinger of a stock market top next, Stifel says

A bitcoin top could signal trouble for stocks – and a shift in market leadership, according to Stifel. According to Barry Bannister, Stifel’s chief equity strategist, there’s evidence the cryptocurrency may be peaking, which could lead to a pullback in investor sentiment, weaker Big Tech stocks, and a rotation into value, he said in a note Wednesday. “Bitcoin & Nasdaq 100 reflect the speculative fever fostered by cheap money after dovish Fed pivots, such as occurred 4Q 2023,” Bannister said. “We show that if Bitcoin reflects euphoria after a dovish…

Steve Cohen says he owns a ‘little bit’ of bitcoin because of his son

Hedge fund billionaire and New York Mets owner Steve Cohen said he owns “very little” bitcoin, though he didn’t specify its value. “My son is really into it, and he had me play around and try to figure out how to transact on Coinbase,” Cohen told CNBC’s “Squawk Box” Wednesday. The chairman and CEO of Point72 Asset Management, which has about $32 billion in assets under management, added that he doesn’t have strong opinions about the digital asset class. Still, he appears to be following along with investors across the…

Investors focused ‘overwhelmingly’ on bitcoin over other crypto, says BlackRock

BlackRock’s push into crypto has been expeditious, but it may be hitting the brakes after bitcoin and ether. The January launch of bitcoin exchange-traded funds was a huge breakthrough for crypto that may have changed the market forever. That’s largely thanks to the unlikely endorsement of the asset class by the firm: BlackRock first filed for its iShares Bitcoin Trust (IBIT) about seven months before the launch. Since then, the firm filed for an ETF that would track the price of spot ether, the second-largest cryptocurrency by market cap. The…

Gold could start to overtake bitcoin

Gold has a chance to charge ahead of bitcoin as the flagship cryptocurrency hovers around the $70,000 level, according to Wolfe Research. The yellow metal and its digital counterpart have been trading in tandem with each other for the past month, with both reaching new records even as the stock market trades near its highs. However, bitcoin has also been mirroring its own moves from 2021, when the cryptocurrency rocketed twice to all-time highs, just before a deep pullback. “Bitcoin has historically traded like more of a ‘risk asset’ and…

BlackRock says bitcoin returns likely to come down

If you’re looking for your bitcoin to go to the moon, the window of opportunity may be slowly closing, according to BlackRock. That does not mean it has hit its ceiling or that there will not be rallies. However, as the cryptocurrency becomes more mature and institutionalized with the advent of exchange-traded funds, the days of its monster gains may become a thing of the past, according to Robert Mitchnick, BlackRock’s head of digital assets. “Certainly, returns going forward will come down,” he said at the Bitcoin Investor Day conference…

Bitcoin Price Reclaims $70K And Signals Fresh Surge To $75K

Bitcoin price is rising and now trading above $70,000 resistance zone. BTC could continue to rise toward the $73,000 and $75,000 levels in the near term. Bitcoin price remained in a positive zone above the $66,500 level. The price is trading above $70,000 and the 100 hourly Simple moving average. There is a connecting bullish trend line forming with support at $67,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to rise if it clears the $71,200 resistance zone. Bitcoin Price Restarts…

Blackrock says bitcoin will be a good portfolio diversifier despite its recent rally with stocks

Bitcoin is more like digital gold than a so-called “risk-on” asset, according to Robert Mitchnick, BlackRock’s digital assets lead. For years, bitcoin’s ability to behave in different ways at different times has stumped investors . They believed the idea that it might be a hedge against inflation only to see the cryptocurrency tumble with stocks in 2022 amid sky high inflation and rate hikes – and then rally again as signs of cooling began to show. BlackRock’s Mitchnick, speaking at the Bitcoin Investor Day conference in New York City Friday,…

These are the stocks most correlated to moves in bitcoin

Some expected — and unexpected — names are joining the bitcoin frenzy. As bitcoin has rallied to all-time highs in recent weeks, turbulent crypto currencies have regained some relevance among traditional investors. These actions have also had a ripple effect among some stocks tied to trading digital currencies — as well as a handful of names some may not have anticipated. CNBC Pro screened to find the stocks that have moved most in line with bitcoin over the last 50 trading days. We looked at the relationship between the stocks…