Cryptocurrencies have been crushed.
Not only did China ban financial and payment institutions from cryptocurrencies, even the European Central Bank described cryptocurrencies’ “exorbitant carbon footprint” as “grounds for concern,” as also noted by the Financial Times.
However, don’t count out the digital currencies just yet.
With plenty of global adoption, retail, and institutional interest, analysts like BTIG Julian Emanuel still has a $50,000 price target on Bitcoin. He also says institutions have been buying after the crash. “The fact we’re bouncing off $30,000 as hard as we’re bouncing speaks to the fact that the institutional investors we are talking to continue to see this as a viable alternative in a diversified portfolio,” said Emanuel, as quoted by CNBC.
While investors can always buy the cryptocurrency miners, such as Marathon Digital Holdings (MARA), Riot Blockchain (RIOT), HIVE Blockchain (HVBTF), and Bit Digital (BTBT), they can also buy the dip in some of the top companies holding Bitcoin.
In fact, some of the top crypto-related stocks to consider on the pullback are Square (SQ), PayPal (PYPL), and MicroStrategy (MSTR).
The post The Top Cryptocurrency Stocks to Consider on Temporary Weakness appeared first on Morningology.
