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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
ETF Outlook for Wednesday, March 26, 2014
iShares NASDAQ Biotechnology Index ETF (NYSE: IBB)
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The biotech stocks were once again in focus with heavy volume for IBB and its peers Tuesday. When the closing well rang, the ETF closed out the session with a gain of 0.1 percent after trading both above and below the breakeven line.
The ETF was up 65 percent last year and rallied to a new high to begin 2014 before getting the rug pulled out from under them the last few days. The ETF is now down 12 percent from the all-time high set during the last week in February.
Renaissance IPO ETF (NYSE: IPO)
The highly anticipated IPO of mobile game maker King Digital Entertainment Plc (NYSE: KING) priced last night at $22.50 per share. This puts the value of the company just above $7 billion. The maker of the game Candy Crush Saga will begin trading Wednesday on the NYSE under the ticker symbol “KING." The IPO is the latest in a string of IPOs that are on a pace that is great than last year at this time based on both the number and the value of the deals.
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IPO and the First Trust IPOX 100 Index ETF (NYSE: FPX) both track indices that focus solely on recent IPO offerings. As the market has pulled back over the last two weeks, so have both ETFs. However, with a wave of new IPOs potentially entering the portfolios it could be setting up for a repeat of 2013 when the IPO outperformed the overall market.
Global X Social Media ETF (NYSE: SOCL)
A couple of stories related to the niche social media sector could have the stocks moving today. Last night Facebook (NASDAQ: FB), the ETF’s number two holding, announced it will be purchasing a virtual reality company for $2 billion. The stock is up in pre-market trading on the news. The other news related to the sector has to do with the IPO mentioned above – KING.
The gaming company is a close competitor to Zynga (NASDAQ: ZNGA), which is the fifth largest holding in SOCL. Depending on how KING trades throughout the session, it could be a benchmark for how ZNGA closes the day. With the news already scheduled plus the Chinese social media stocks in the midst of a pullback, today could be volatile for SOCL.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.