Steve Sosnick, chief strategist at Interactive Brokers, said the speculative frenzy that swept bitcoin and crypto-related stocks in 2024 was unlikely to subside in the new year. "2024 was a year of speculation and in recent weeks has morphed into a self-fulfilling frenzy. While these trades have sometimes run into trouble, most recently after the Fed's December meeting, investors have been willing to buy the dip," Mr. Sosnick said. "When something has been used by a lot of people for a long time, they are reluctant to give up.
Bitcoin hit an all-time high of more than $100,000 in December in anticipation that Trump's election would create a friendly regulatory environment for cryptocurrencies. Cryptocurrency-related stocks have also been on the rise, led by software firm and bitcoin hoarder MicroStrategy, which is up more than 400% this year.
Analysts: The speculative boom in bitcoin and crypto-related stocks is unlikely to subside in 2025
2024-12-23 14:12:30
Interactive Brokers Securities Chief Strategist Steve Sosnick said 2024desk3cryptocurrencydesktopCrypto News
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