The crypto bull market is still in play.
You might be thinking: “Steve, are you blind?”
I get it…
Last week, the crypto market touched down nearly 50% below all-time highs.
That includes a 25% decline in 2022 alone.
But in reality, that is NOTHING in the grand scheme of things.
Seasoned crypto investors know that pullbacks are part of the process.
Since 2017, the Bitwise 100 Index has had six drawdowns of more than 25%.
Each drawdown has resulted in new highs and turned out to be a buying opportunity.
I can’t see why this time would be any different.
Pay Attention to This Trend
The most important thing to pay attention to now is the continuation of this trend.
We’ve been in a consolidation phase since 2021.
But as you can see below, cryptos have been making higher lows and higher highs.
To me, this indicates the crypto market is still bullish.
(Source: Bloomberg.)
Charts are important. But they don’t tell the whole story.
And right now, there’s another trend brewing.
The Crypto Payment Boom Is Here
Small- and medium-sized businesses (SMBs) are lining up to accept crypto as payment.
A recent study conducted by Visa showed that 24% of SMBs plan to accept payments in crypto.
Crypto has the potential to save SMBs loads of money, so this number will move higher over time.
By opting for crypto, businesses can bypass hefty credit card merchant fees.
These fees typically range from 1.5% to 3.5% of a transaction’s value.
In many cases, SMBs don’t have the same pricing power as larger firms.
So, it can be hard to pass on merchant fees to the buyer with higher prices.
Using crypto to avoid fees entirely can solve this problem.
Considering there are more than 200 million SMBs globally, payment acceptance will be a huge catalyst for crypto.
My colleague Ian King can help you get exposure to the crypto payment boom.
He’s guided his Next Wave Crypto Fortunes subscribers to huge gains like 1,934% on a half position in four months and 18,325% on a quarter position in 12 months.
Regards,
Research Analyst, Strategic Fortunes
Morning Movers
From open till noon Eastern time.
Anghami Inc. (Nasdaq: ANGH) operates a digital music streaming technology platform in the Middle East and North Africa. It is the first Arab tech company to be listed on the Nasdaq and is up 56% on its second day of trading after going public via a SPAC deal.
Bakkt Holdings Inc. (NYSE: BKKT) operates a platform that allows customers to buy, sell, track and send digital assets like cryptocurrencies and loyalty reward points. The stock is up 24% along with other crypto-related stocks thanks to the rally in the crypto markets.
Phunware Inc. (Nasdaq: PHUN) provides an integrated software platform that equips companies with the products, solutions and services to manage and monetize their mobile applications. The stock is up 19% on the news of a political partnership with Campaign Nucleus to extend its capabilities in support of tech-enabled politics.
Peloton Interactive Inc. (Nasdaq: PTON) offers connected stationary bikes and treadmills with touchscreens that stream live and on-demand classes. It is up 17% on the news that the company is working with advisers to explore takeover options after its recent slump.
IceCure Medical Ltd. (Nasdaq: ICCM) researches, develops and markets minimally invasive cryoablation systems for the women’s health and oncology markets. The stock is up 17%, continuing its rally from Friday when Brookline Capital initiated coverage on the stock with a buy rating.
Spirit Airlines Inc. (NYSE: SAVE), the airline operator, is up 13% this morning. The stock is trading higher on the news that Frontier has agreed to buy Spirit Airlines for $6.6 billion to create a combined ultra-low-fare airline giant.
Cornerstone Building Brands Inc. (NYSE: CNR) designs, manufactures and installs external building products for the commercial, residential and repair and remodel markets. The stock is up 13% this morning with no significant news driving the move.
Inozyme Pharma Inc. (Nasdaq: INZY) develops novel medicines for the treatment of rare metabolic diseases characterized by mineral imbalances. The stock jumped 11% after H.C. Wainwright initiated coverage on the stock with a buy rating based on optimism for its enzyme replacement therapy.
Tyson Foods Inc. (NYSE: TSN), the meats and prepared foods company, is up 10% today. The stock rose after the company reported that Q1 profits nearly doubled due to soaring U.S. meat prices.
Innovid Corp. (NYSE: CTV) operates as a connected TV advertising delivery and measurement platform. It is up 10% after the company reported preliminary revenues for Q4 showing strong year-over-year growth.
