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4 Cryptocurrency Stocks to Watch as Market Volatility Lingers – 24/7 Wall St.

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4 Cryptocurrency Stocks to Watch as Market Volatility Lingers – 24/7 Wall St.

The cryptocurrency rally that saw prices of Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE) and Cardano (ADA) soar in the first half of the year has suddenly come to a halt over the past month.

Markets have been volatile over the past few weeks owing to fresh concerns over the health of the nation’s banks and the economy after credit rating agency Moody’s downgraded several lenders and kept six banks on review for potential downgrades. Rising interest rates have a negative impact on growth-oriented assets like consumer discretionary and technology stocks, as well as cryptocurrencies.

Cryptocurrencies’ Rally to Continue

The Fed resumed its interest rate hike in July, which saw cryptocurrency prices retreating from their early July highs.

Moreover, the Fed kept itself open for more interest rate hikes depending on economic data.

If this was not enough, earlier this month, Fitch Ratings downgraded the U.S. long-term foreign-currency issuer default rating from AAA to AA+. The organization described the reason as being “expected fiscal deterioration over the next three years.” This once again dented investors’ sentiments.

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However, inflation has sharply declined over the past 12 months from its peak of 9.1% in June 2022. This has raised hopes that the central bank could soon end its monetary tightening cycle.

Cryptocurrency prices have been on the decline lately, but things look bright for the second half. This is especially true as the crypto market made a solid rebound in 2023 after a disappointing 2022.

In fact, a lot of things are playing in the mind of the investors. Last week, Moody’s decision to downgrade several small-to-mid-sized banks sent cryptocurrencies on a rally once again. Understandably, the cryptocurrency market could face volatility in the near term but experts expect it to see brighter days once the macroeconomic conditions ease.

Currently, it’s advisable for investors to adopt a strategy of accumulating cryptocurrencies using a buy-on-the-dip strategy. Each price decline in the crypto market could present a favorable opportunity to purchase, with the potential for significant gains once the market’s interest rate stabilizes.

Stocks to Watch

Shopify Inc. SHOP Shopify is an e-commerce corporation that provides a platform for merchants to accept cryptocurrencies as a form of payment. Additionally, SHOP has established integration with CoinPayments, a processor for cryptocurrency payments.

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Shopify’s expected earnings growth rate for the current year is more than 100. The Zacks Consensus Estimate for its current-year earnings has improved 6.5% over the past 60 days. SHOP currently has a Zacks Rank #3 (Hold).

NVIDIA Corporation NVDA is a major player in the semiconductor industry and has been one of the standout success stories of 2023. As a leading designer of graphic processing units (GPUs), the value of the NVDA stock tends to surge in a thriving crypto market. This is primarily due to the crucial role that GPUs play in data centers, artificial intelligence and the mining or production of cryptocurrencies.

NVIDIA’s expected earnings growth rate for the current year is 133.2%. The Zacks Consensus Estimate for its current-year earnings has improved 1.7% over the past 60 days. NVDA currently sports a Zacks Rank #1 (Strong Buy).

HIVE Digital Technologies Ltd. HIVE operates as a cryptocurrency mining firm. The company validates transactions on blockchain networks, as well as provides crypto mining and builds bridges between crypto and traditional capital markets.

HIVE Blockchain’s expected earnings growth rate for the current year is 78.1%. Shares of HIVE have gained 39.6% in the past three months. HIVE presently carries a Zacks Rank #3.

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Coinbase Global, Inc. COIN offers financial infrastructure and technology to support the global cryptocurrency economy. COIN provides a main financial account for consumers in the crypto space, a marketplace with liquidity for institutional crypto asset transactions, and technology and services for developers to build crypto-based applications and accept cryptocurrencies securely as payment.

Coinbase Global’s expected earnings growth rate for the current year is 84.8%. Shares of COIN have increased 36.5% in the past three months. Coinbase currently has a Zacks Rank #3.
NVIDIA Corporation (NVDA): Free Stock Analysis Report

Shopify Inc. (SHOP): Free Stock Analysis Report

Coinbase Global, Inc. (COIN): Free Stock Analysis Report

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Delta police targeting cryptocurrency scams

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Delta police targeting cryptocurrency scams

DPD and blockchain analytics company Chainalysis co-hosted other law enforcement agencies and cryptocurrency exchanges for ‘Operation DeCloak’

A cryptocurrency fraud workshop co-hosted by the Delta Police Department last fall identified over 1,100 victims worldwide, including a ‘significant number’ in Canada.

On Sept. 16 and 17, 2024, the DPD and blockchain analytics company Chainalysis hosted “Operation DeCloak,” bringing together representatives from law enforcement agencies including the RCMP, Victoria Police Department, Vancouver Police Department, the BC Securities Commission, the BC Prosecution Service and the BC Financial Services Authority, as well as key stakeholders from cryptocurrency exchanges such as Shakepay and others.

The initiative was a localized “sprint” of Chainalysis’ “Operation Spincaster,” a series of public-private collaborations designed to disrupt and prevent cryptocurrency scams. Spincaster itself spun out from “Operation Disruption,” a collaboration between Chainalysis and the Calgary Police Service in March 2024.

“Leveraging the transparency of the blockchain, Chainalysis proactively identified thousands of compromised wallets. This actionable intelligence formed the basis of a series of operational sprints across six countries (U.S., U.K., Canada, Spain, Netherlands and Australia) with over 100 attendees, including 12 public sector agencies and 17 crypto exchanges,” the company said in a press release.

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“Over 7,000 leads were disseminated during these sprints, relating to approximately US$162 million of losses. These leads were used to close accounts, seize funds and build intelligence to prevent future scams.”

During last fall’s Operation DeCloak, Chainalysis led training sessions in investigating leads, tracing stolen funds and identifying compromised wallets using the company’s proprietary “Crypto Investigations Solution.”

According to a DPD press release, 240 crypto addresses were closely examined, revealing an estimated collective loss of C$35 million.

SEE ALSO: Court rejects environmental challenge to massive Delta port expansion

The event also promoted proactive policing and disruption strategies aimed at combating fraud, with particular emphasis on a growing tactic known as “approval phishing” used by romance and investment scammers targeting cryptocurrency transactions. 

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The method involves scammers gaining their victim’s trust by promoting false investment opportunities with the promise of high returns, thereby convincing victims to unknowingly approve malicious blockchain transactions.

The initial transaction gives the scammer access to tokens in the victim’s digital wallet without the victim’s knowledge, resulting in unauthorized withdrawals.

Police say scammers typically connect with their victims through social media, or via apps or pop-up ads.

During Operation DeCloak, police say immediate steps were taken to notify identified victims of these scams.

“With the co-operation of the exchange companies, affected individuals were promptly contacted with the goal of preventing further harm,” the DPD said in its press release.

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Since the workshop, the department has successfully deployed the techniques learned through Operation DeCloak. 

“The technique was applied to a previous investigation which identified stolen cryptocurrency funds in a blacklisted address containing US$1.2 million. This address was in the process of being seized by an overseas police agency,” the department said.

Using the DeCloak techniques, the DPD’s Cybercrime Unit has identified an additional 70 transactions worth US$800,000 sent from Canadian exchanges. Investigators are identifying those victims and seizing the funds from the blacklisted address so they can be returned.

“This collaboration with Chainalysis and cryptocurrency exchanges is a testament to the DPD’s focus on innovation and commitment to community safety and well-being.”

SEE ALSO: Conservative candidate files court petition over Surrey ‘voting irregularities’

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SEE ALSO: Good Samaritan saves 3 people in fiery single-car crash in Surrey

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Coinbase Investigates ‘Delayed Sends’ for XRP on Its Platform | PYMNTS.com

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Coinbase Investigates ‘Delayed Sends’ for XRP on Its Platform | PYMNTS.com

Cryptocurrency exchange Coinbase said Tuesday (Jan. 14) that it is investigating a problem with delayed sends of Ripple (XRP) on its platform.

“We are aware that some users may be experiencing delayed sends for Ripple (XRP),” Coinbase said in an incident report on its status page. “Buys, Sells and Fiat withdrawals/deposits are not affected. We are investigating this issue and will provide an update shortly.”

In an earlier, separate report on its status page, Coinbase said some users experienced delayed sends and receives for Stellar (XLM) on Friday (Jan. 10). That incident was resolved within 90 minutes.

On Thursday (Jan. 9), some users experienced latency or degraded performance with buys, sells, sends, Coinbase Onramp and Advanced Trade. That issue was resolved within two hours, according to the page.

In other, separate news about the company, it was reported Thursday (Jan. 9) that Coinbase told customers that it may have to share data demanded by the Commodity Futures Trading Commission (CFTC).

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The regulator sent a subpoena to the firm that seeks information about Coinbase customers’ interactions with prediction market firm Polymarket, and Coinbase emailed some customers saying it may have to share that data with the CFTC.

“When we receive requests for information from a government, each request is carefully reviewed by a team of trained experts using established procedures to determine its legal sufficiency,” a Coinbase spokesperson told CoinDesk.

On Dec. 9, cryptocurrency payments solution firm Triple-A announced an integration with Coinbase that it said it designed to let Coinbase users make payments to select merchants in the Triple-A network.

“Triple-A’s integration with Coinbase Commerce will empower merchants to offer a Coinbase-specific payment option, enhancing the convenience for Coinbase users and allowing Coinbase to connect with a wider network of merchants, to drive the broader adoption of cryptocurrency payments,” the company said in a press release.

Coinbase upgraded its Coinbase One subscription program and launched a new tier called Coinbase One Premium on Dec. 4, saying that with these new offerings, “Coinbase One now truly benefits all types of traders.”

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Coinbase One membership has reached 600,000 across 42 countries, the company added.

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Credissential Inc. Adopts Cryptocurrency Policy, Plans XRP and XLM Purchases – TipRanks.com

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Credissential Inc. Adopts Cryptocurrency Policy, Plans XRP and XLM Purchases – TipRanks.com

Stay Ahead of the Market:

An update from Axiom Capital Advisors, Inc. ( (TSE:WHIP) ) is now available.

Credissential Inc. announced a new Cryptocurrency Acquisition Policy aimed at enhancing shareholder value by purchasing digital assets like XRP and XLM. This move aligns with the company’s cryptocurrency initiatives and allows investors exposure to the growing digital asset market. The policy is also seen as a strategy to navigate inflationary pressures while diversifying the company’s treasury holdings, indicating a proactive approach to adapting to market trends and delivering long-term shareholder value.

More about Axiom Capital Advisors, Inc.

Credissential Inc. is a vertically integrated AI software development company focusing on advancing financial technology solutions. The company is committed to developing innovative products such as Antenna, a payment platform enhanced with AI and quantum encryption technologies, and DealerFlow, an AI-driven dealer management system designed to streamline operations and enhance efficiency.

YTD Price Performance: -6.45%

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Average Trading Volume: 298,973

Technical Sentiment Consensus Rating: Buy

Current Market Cap: C$6.17M

Find detailed analytics on WHIP stock on TipRanks’ Stock Analysis page.

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