2022-6-16 22:13 |
This week’s price movements for Bitcoin (BTC) and gold – and our stock pick is Bank of America.
BTCBitcoin’s weeks have gone from bad to worse.
BTC was hovering around $30,000 towards the beginning of the month. It jumped up to $31,000 on June 6, only to drop down and repeat the next two days.
Trading around $30,000 from June 8, BTC proceeded to tip downwards from June 10, falling below $28,000 on June 12, then dropping the next day. BTC fell to nearly $20,000 on June 15.
It is currently trading around $21,000.
via TradingViewAfter diving to an 18-month low, Bitcoin was buoyed by the U.S. Federal Reserve’s tough stance on inflation even in the midst of a market meltdown following crypto lender Celsius freezing customer withdrawals.
“Some parts of the broader crypto ecosystem are facing a rather harsh reckoning,” said Mikkel Morch, executive director at digital asset hedge fund ARK36. “As the reality of the bear market starts to settle in, the hidden leverages and structural weaknesses of projects that only worked when the prices went up are finally brought to light.”
GOLDGold markets have been a bit rocky the past two weeks. Trading around $1,850 on June 2, the price of gold rose over $1,870 on June 3.
From there it fell back down, dropping below $1,840 by June 7. Despite hitting nearly $1,860 the next few days, gold dropped below $1,830 on June 10, only to spike up to nearly $1,880.
By June 14, however, it had fallen back to $1,820, sinking further under $1,810 the next day. Rebounding a bit, it is currently trading around $1,850.
via TradingViewAn easing dollar offset pressure from a large interest rate hike from the U.S. Federal Reserve helped to steady gold over the past few days. Gold’s safe-haven demand could fade further if the Fed successfully fights inflation without pushing the U.S. into a recession, said Carsten Menke, head of Next Generation Research at Julius Baer.
“Commodity trading advisor liquidations can likely continue to weigh on the yellow metal, increasingly adding pressure on this cohort to liquidate their longs,” TD Securities said in a note.
BACBank of America (BAC) has dropped over 20% in value over the past two months. On April 20, BAC was trading at nearly $40, but by April 25, it had already fallen to nearly $35, hitting that figure by the beginning of May.
Jumping up to $38 on May 4, BCA continued to trickle down from there, hitting $33 on May 20. A spike on May 23 pushed it back up to $36, rising to $3750 by the end of the month. A downward trend sets in from June, gapping down significantly on June 10.
It is currently trading just above $31.
via TradingViewIt’s not only crypto markets that are being rocked, as America’s largest lender has also struggled amidst these tumultuous times.
Yet, BoA analyst Jason Kupferberg conducted a survey of a thousand U.S. adults earlier this month, revealing that most intends to purchase crypto in the near future.
“It was interesting to see that 90% of respondents said that they do plan to buy some amount of crypto in the next six months,” Kupferberg said of the results. He added that it was the same percentage that said they had bought some crypto over the previous six months.
Bank of America has no plans to offer its own cryptocurrency trading services.
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The post Gold, Stocks, and Bitcoin: Weekly Overview — June 16 appeared first on BeInCrypto.
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