This week’s price movements for Bitcoin (BTC), gold, and our stock pick Coinbase.
Bitcoin has had the best two weeks in several months. Trading just above $19,000 on July 13, BTC started an upwards trend from there. With the exception of a few dips, this continued until June 20, when it peaked at just over $24,000. From there BTC fell to $22,500 the next day, a downward trend, which apart from a few mild recoveries, hit $20,750 by June 26. The next day BTC spiked and is currently trading around $23,500.
Bitcoin hovered around $24,000 for most of Friday, hitting a 6-week high as stock markets also recover. “Overall, I think markets have reacted positively to the Fed’s comments and arguably have priced in most of the rate hikes,” Vijay Ayyar, vice president of corporate development and international at crypto exchange Luno, told CNBC. “There seems to be a lot of liquidity sitting on the sidelines, which is now coming in based on the last few months of consolidation/downward pressure, that is now easing up,” he added.
Despite a dip, gold came out better off over the past two weeks. On July 14, gold was trading at roughly $1,730, before sinking to $1,705. Despite rising to $1,710 the next few days, gold fell to almost $1,680 on July 21, before spiking up and hitting $1,735 the next day. Gold then dipped again to $1,715 by July 17, when buying pressure returned and pushed it to nearly $1,770 earlier today.
Gold hit a more than three-week high after being bound for a weekly rise, with support from a softer dollar and growing confidence that the Federal Reserve may slow the pace of its rate hikes as economic risks deepen. “Gold is drawing strength from a softer dollar and cooling Fed hike bets,” said FXTM analyst Lukman Otunuga, adding soft economic data could keep bolstering gold.
Since plummeting in May, Coinbase has traded roughly between $85 and $45. After settling from earning, COIN was trading around $60 on May 23. It bumped up from there to nearly $85 on May 31. However, selling pressure then returned, sending it back down 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 hit nearly $80 by July 20, but started to sink again after that. It is currently trading around $62.
Coinbase has been featured in several prominent headlines over the past two weeks. For instance, the U.S. Securities and Exchanges Commission (SEC) opened a full-scale investigation into Coinbase for allegedly listing securities on its platform. If the SEC deems the over 150 tokens available to Americans on Coinbase as securities, the company may be compelled to register as an exchange with the authority. Because of the probe, funds controlled by Cathie Wood dumped shares of Coinbase. Three Ark Investment Management funds sold slightly over 1.41 million shares, which amounted to roughly $75 million, according to Ark’s daily trading data. Meanwhile, Ark’s flagship Innovation exchange-traded fund (ETF) sold 1.13 million shares. Up until the end of June Ark had been the exchange’s third largest shareholder, retaining about 8.95 million shares. The probe had come mere weeks after the SEC accused an ex-employee of insider trading.
The post Gold, Stocks, & Bitcoin: Weekly Overview — July 29 appeared first on BeInCrypto.