2021-8-20 19:35 |
This week’s price movements for Bitcoin (BTC), gold, and our stock picks Nvidia and Robinhood.
BTCAfter building momentum following the reversal at the end of July, Bitcoin (BTC) seems to have stagnated a bit this week. Bitcoin was trading around $30,000 on July 21, but spent the following two weeks on an upwards trajectory reaching $47,000 by the end of last week. On July 12, BTC corrected to $44,500, but sprang up to a recent high of $48,500 by the end of the following day. Trickling down to $46,500 on August 15, BTC against tested resistance at $48,500 on August 16. BTC continued to trail down step-wise to $45,000 where it is currently trading.
Bitcoin maintained this level above $44,000 even after Japan’s Liquid exchange claimed that a hacker had made off with millions of dollars. “We still have support at $44,000 and $42,000, which is the line in the sand for short-term momentum,” said CIO at digital asset firm Zerocap Jon de Wet. “A daily break below $42,000 would place some confidence in the bears, but on balance, we believe [the] price will hold above this level over the coming week,” De Wet said.
GOLDGold’s week was overall prosperous as it rebounded from the dive it took at the beginning of the week prior. Starting at around $1,730 on August 11, the price of gold had jumped up to $1,750 by midday, settling there before rising slowly on August 13, then springing up again around midday to $1,780. By noon of August 16, the price of gold bumped up again, this time to $1,785. Over the past few days it has risen and fallen within $5-10, but as of writing it is trading around $1,785.
Gold prices steadied over concerns of a surge in COVID-19 Delta variant cases as well as its impact on the economy. This acted as counter pressure from a stronger dollar and fears over early tapering by the U.S. Federal Reserve. “Gold is certainly benefiting from its safe haven status this morning. While equity markets are falling heavily, gold is back in demand. Clearly COVID nerves are coming through,” OANDA analyst Craig Erlam said. “A move above $1,800 looks more achievable. In the medium-term, downside pressure will remain on gold, but that won’t stop it reaping the benefits of the jitters.”
NVDALargely in the midst of a bullish trend since May, Nvidia’s stock nevertheless struggled this past week. Trading at just below $200 coming into the month, NVDA reached $206 by August 5. However, it dipped again from there, falling to $195 by August 11. Pushing up again, it reached $202 by August 16. Since then, it has fallen further to $190.
Despite exceeding Wall Street expectations with revenue of $6.5 billion, according to Nvdia’s latest earning report, expectations for the cryptocurrency business fell short. Although the company had projected sales of $400 million for its cryptocurrency-mining processors (CMPs), the $233 million results were 33% lower than expected.
These results are significant for the future of the company’s CMP development. The company was hoping to gauge how much exposure it has to cryptocurrency mining; another outcome of the product segmentation. However, due to the underwhelming result, Nvidia CFO Colette Kress said that it expects a “minimal contribution” from its CMP sales going forward.
HOODFreshman stock Robinhood only debuted on the Nasdaq on July 29. Since then, the disruptive trading platform’s stock has climaxed and cooled. The stock debuted at $38, where it lingered until August 3, at which point it rose to $45, then shot up to $84 the next day. But by August 5, HOOD returned to around $50, which rose to $60 by August 9. From there, HOOD has mostly been trickling down and is currently trading around $45. Robinhood stock likely dipped due to the company warning investors of a short-lived revenue surge due to the crypto boom.
The post Gold, Stocks, and Bitcoin: Weekly Overview — August 19 appeared first on BeInCrypto.
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