Gold, Stocks and Bitcoin: Weekly Overview – July 29

This week’s price movements for bitcoin (BTC), gold and our stocks picked Coinbase.

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Bitcoin has had its best two weeks in several months. Trading just above $19,000 on July 13, BTC started an uptrend from there. With the exception of a few downsides, it continued until June 20, when it reached over $24,000. From there BTC fell to $22,500 the next day, a declining trend that, apart from some minor recovery, reached $20,750 by June 26. BTC surged the next day and is currently trading near $23,500.

Bitcoin remained around $24,000 for most of Friday, hitting a six-week high as the stock market also recovered. “Overall, I think the markets have responded positively to the Fed’s comments and arguably most rate hikes,” Vijay Iyer, vice president of corporate development and international at crypto exchange Luno, told CNBC. “It looks like a lot of liquidity is sitting on the sidelines, which is now coming in based on the consolidation/downward pressure of the last few months, which is now easing,” he said.

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Despite the fall, gold has outperformed over the past two weeks. On July 14, gold was trading at around $1,730, before sinking to $1,705. Despite rising to $1,710 over the next few days, gold fell to around $1,680 on July 21, and rose to $1,735 the next day. Gold fell again to $1,715 by July 17, when buying pressure returned and pushed it to around $1,770 earlier today.

Gold rose to a more than three-week high after bound for a weekly rise, backed by a soft dollar and growing confidence that the Federal Reserve may slow the pace of its rate hikes as economic risks deepen. “Gold is gaining strength from a soft dollar and Fed hikes are cooling bets,” said FXTM analyst Lukman Otunuga, adding that softer economic data could keep gold firm.

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Coinbase has traded roughly between $85 and $45 since the May drop. After dealing with earnings, COIN was trading around $60 on 23rd May. It increased from there to about $85 on May 31. However, the selling pressure returned again, sending it back to $54 on June 13. Over the next two weeks, COIN struggled with resistance at $65, failing to breach it on June 24, July 8, and July 18. On July 19, COIN finally managed to break through and reach around $80 by July 20, but then began to sink again. It is currently trading around $62.

Coinbase has been under several major headlines over the past two weeks. For example, the US Securities and Exchange Commission (SEC) launched a full-scale investigation into Coinbase for allegedly listing securities on its platform. If the SEC considers more than 150 tokens available to Americans on Coinbase as securities, the company could be forced to register as an exchange with the authority. Due to the investigation, the Kathy Wood-controlled fund dumped shares of Coinbase. According to Ark’s daily trading data, the Three Ark Investment Management Fund sold more than 1.41 million shares, which was roughly the equivalent of $75 million. Meanwhile, Ark’s leading innovation exchange-traded fund (ETF) sold 1.13 million shares. Arch was the third largest shareholder of the exchange as of the end of June, holding approximately 8.95 million shares. The investigation came just weeks after the SEC accused a former employee of insider trading.

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