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After months of losses, Cryptocurrency and fintech stocks are on the rise

This week, financial technology and cryptocurrency companies like Coinbase and Wise saw a welcome bounce, providing much-needed relief to a set of stocks that Wall Street had avoided in recent months. After a trading session in which Wall Street processed new statements on inflation and rate hikes from US Federal Reserve head Jerome Powell, the S&P 500 ended a five-day losing run.

Coinbase, a cryptocurrency exchange, increased by 5.4 percent.

Galaxy Digital and Coinbase, for example, saw their stock prices rise by 8.5 percent and 5.4 percent, respectively.
Robinhood, a fintech company that has lost more than 70% of its value since hitting all-time highs in August, ended today’s session up 5%.

Wise, a fintech company listed on the London Stock Exchange, is up 3.66 percent today. Bakkt gained 7.6% after falling by a stunning 85 percent since October.

While private fintech and Cryptocurrency companies have seen their valuations skyrocket in private markets. Also, in public market investors have shied away from them for the better part of a year. More and more Cryptocurrency saw a welcome bounce, providing much-needed firms have recently expressed interest in going public.

Devin Ryan of JMP Securities explained his optimistic thesis for the industry.
Earlier in the pandemic, such companies’ equities were in high demand as new users flocked to platforms like Robinhood. Then, and Block’s Cash App to buy stocks and receive government support.

So, JMP’s Devin Ryan confirms his bullish thesis for the sector despite recent “choppiness.”

“Market conditions were undoubtedly constructive in 1H21 with huge customer engagement”
“and record trading volumes for any investment-related business.”
” That said, the underpinnings have never been healthier as we believe 2022 will see further acceleration”
” in the pace of incremental business launches, creative partnership announcements, and accretive M&A.”

Related Posts – Ex-SEC Chair, Jay Clayton Believes Cryptocurrency Industry Is For Long Haul

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.