Be[In]Crypto analyzes this weeks price movements for Bitcoin (BTC), gold, and our wildcard pickthe Ark Invest Innovation ETF.
Bitcoin has struggled to maintain a price level above $20,000 over the past two weeks. On July 1, BTC spiked up to nearly $21,000, before dropping back just above $19,000 by the next day. BTC rose from this point on July 4 reaching nearly $20,500 on July 5. Apart from a dip later that day BTC continued rising the following day and reached $22,000 by July 8. Sinking a bit the next day, BTC proceeded to fall below $21,000 on July 10 and then $20,000 on July 12. Apart from a brief bump over the past day, BTC is currently trading just below $20,000.
Bitcoin was able to reclaim the key psychological level of $20,000 despite red hot US inflation data. This will push the Federal Reserve to get more aggressive in tightening monetary conditions to slow the consumer-price increases. Bitcoin prices dropped following the release of the CPI data, according to Charles Tan, CMO, Atato. In an interesting but much-anticipated development, US inflation soared to a 41-year high as suggested by the latest CPI day, he said.
Gold has dropped a bit over the past two weeks. On July 1 the price of gold was roughly $1,805. Despite dipping from there, it hit $1,810 by July 4, which it maintained until the next day.
However, gold proceeded to see two midday drops in a row to $1,770, then $1,740 on July 6. There, it traded almost continuously until dipping to $1,730 on July 12. After a bump back to $1,740 on July 13 gold dropped again and is currently trading around $1,705.
Gold prices are hovering near a one-year low, as the dollar extended its rally after a hot U.S. inflation report affirmed expectations around an aggressive Federal Reserve rate hike. Gold tends to be pressured when interest rates rise as this increases the opportunity cost of holding bullion since it yields no interest. Gold is lower amid fresh attempts to send the dollar higher, especially against the yen while EUR/USD is holding above parity, said Saxo Bank analyst Ole Hansen.
Similar to the cryptocurrency markets, the Ark Invest Innovation ETF has taken a hit over the past few months. At the beginning of April ARKK was trading at around $70. From there it proceeded to fall in a linear fashion over the course of the rest of the month, hitting around $47 on May 1. Despite a small recovery, it fell even further during a period of greater volume to a low of $35 on May 12. From there it pumped back up to around $45, where it largely continued into June. On June 13, ARKK gapped down to $37, then ramped back up to $46 by June 27. After another dip to $40 and rise to $46, ARKK is currently trading around $43.
Earlier this week The Securities and Exchange Commission (SEC) delayed making a decision on the ARK 21Shares spot Bitcoin exchange-traded fund (ETF) application, adopting the same playbook it used before rejecting Grayscale last month. The SEC has extended the window for it to decide whether to approve the ARK 21Shares spot Bitcoin ETF application, pushing back the date for a decision by 45 days to Aug. 30.
According to a filing, the SEC through Matthew DeLesDernier, its assistant secretary, stated that postponing its decision was appropriate to earn sufficient time to consider the proposals before it.
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Excerpt from:
Gold, Stocks, and Bitcoin: Weekly Overview July 14 - BeInCrypto
- Bitcoin Reaches Record High of $69,000, Recovering from 2022 Meltdown - The New York Times - March 10th, 2024 [March 10th, 2024]
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- Bitcoin spikes above $70K, a record high, before fading - Yahoo Finance - March 10th, 2024 [March 10th, 2024]
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- Why is Bitcoin at an all-time high? - BBC.com - March 10th, 2024 [March 10th, 2024]
- Bitcoin tops $68,000 as it nears 2021 all-time high - CNBC - March 10th, 2024 [March 10th, 2024]
- BlackRock's Global Allocation Fund Eyes Spot Bitcoin ETFs, Expects Institutional Uptake to Drive BTC Above $600k - TradingView - March 10th, 2024 [March 10th, 2024]
- FT Cryptofinance: This time isn't different for bitcoin rally - Financial Times - March 10th, 2024 [March 10th, 2024]
- Coinbase Stock vs. Bitcoin: Which Should You Invest In? - Yahoo Finance - March 10th, 2024 [March 10th, 2024]
- ETC Group CEO on Bitcoin's wild ride to a new high and why Ethereum could be the next big thing - Yahoo Finance - March 10th, 2024 [March 10th, 2024]
- Miners continue money-conscious moves ahead of the Bitcoin halving - Blockworks - March 10th, 2024 [March 10th, 2024]
- Warren Buffett's danger to Apple, the truth about Bitcoin's record, and Nvidia's bubble: Markets news roundup - Quartz - March 10th, 2024 [March 10th, 2024]
- Warren Buffett Says He Wouldn't Pay $25 For All The Bitcoin In The World He Considers Crypto 'Rat Poison' And ... - Yahoo Finance - March 10th, 2024 [March 10th, 2024]
- Bitcoin breaks record: Will the crypto rally sustain? - DW (English) - March 10th, 2024 [March 10th, 2024]
- Bitcoin Hit a Record High. Here's What Might Happen Next - CoinDesk - March 10th, 2024 [March 10th, 2024]
- Bitcoin price falls below $39,000 as indicators suggest risk of a deeper correction, according to Bitfinex - The Block - January 25th, 2024 [January 25th, 2024]
- Bitcoin down 20% since ETFs approval, but may still see record high this year - MarketWatch - January 25th, 2024 [January 25th, 2024]
- Bitcoin briefly falls below $39,000 as post-ETF selling pressure continues - CNBC - January 25th, 2024 [January 25th, 2024]
- Bitcoin trims its losses after breaking below $39,000 to lowest level in 7 weeks - CNBC - January 25th, 2024 [January 25th, 2024]
- Bitwise publishes bitcoin ETF holdings address after on-chain sleuths uncover BlackRock's - Blockworks - January 25th, 2024 [January 25th, 2024]
- AI Agents Are Coming For CryptoPalantir Cofounder Issues Very Important Bitcoin, Ethereum, Solana And XRP Price Prediction - Forbes - January 25th, 2024 [January 25th, 2024]
- This Investing Phenomenon Could Be Why Bitcoin Prices Are Down After ETF Approval - Money - January 25th, 2024 [January 25th, 2024]
- Bitcoin Under $39K as ETF Debut Continues to Be a Sell-the-News Event - CoinDesk - January 25th, 2024 [January 25th, 2024]
- Blockchain, the tech behind bitcoin, may have found its 'killer use case' by keeping AI in check - CNBC - January 25th, 2024 [January 25th, 2024]
- Why Aren't There Options on the New Bitcoin ETFs Yet? - The Wall Street Journal - January 25th, 2024 [January 25th, 2024]
- Bitcoin ETFs to Likely Divert Users and Trading Volumes Away from CEXs, Says Anthony Bevan Bitcoin News - Bitcoin.com News - January 25th, 2024 [January 25th, 2024]
- Retail investors are worried bitcoin will plunge below $20000 this year, Deutsche Bank survey says - CNBC - January 25th, 2024 [January 25th, 2024]
- China's Currency Woes to Weigh on Bitcoin: Crypto Observer - CoinDesk - January 25th, 2024 [January 25th, 2024]
- Bitcoin ETF fee war spreads to Europe - Financial Times - January 25th, 2024 [January 25th, 2024]
- Bitcoin Bulls Buoyed by Report of FTX's $1B GBTC Sale - CoinDesk - January 25th, 2024 [January 25th, 2024]
- Despite the Bitcoin ETF Hype, Survey Says Investors Are Still Skeptical - Barron's - January 25th, 2024 [January 25th, 2024]
- Bitcoin ETFs aren't giving crypto a big boost just yet. Here's where the new funds stand - CNBC - January 25th, 2024 [January 25th, 2024]
- Why Bitcoin's 'relentless' selling will end in weeks - DLNews - January 25th, 2024 [January 25th, 2024]
- Bitcoin recovers above $40k amidst GBTC outflows, other ETF inflows - CryptoSlate - January 25th, 2024 [January 25th, 2024]
- These two drivers will fuel Bitcoin's rebound: 'It's happened often before' - DLNews - January 25th, 2024 [January 25th, 2024]
- Top Analyst Says 600 Days of Bullish Momentum Still Ahead for Bitcoin - The Crypto Basic - January 25th, 2024 [January 25th, 2024]
- Bitcoin Funds Are Here. But You Probably Dont Need Them. - The New York Times - January 25th, 2024 [January 25th, 2024]
- Bitwise releases wallet addresses of spot Bitcoin ETF holdings - Cointelegraph - January 25th, 2024 [January 25th, 2024]
- Mt. Gox Moves Seemingly Closer to Bitcoin Repayments For 2014 Hack Victims - CoinDesk - January 25th, 2024 [January 25th, 2024]
- Coinbase faces headwinds as Bitcoin and ETF interest dips, says JPMorgan - crypto.news - January 25th, 2024 [January 25th, 2024]
- Waning Bitcoin ETF Hype to Drag on Coinbase, JPMorgan Says - Yahoo Finance - January 25th, 2024 [January 25th, 2024]
- Bitcoin Price At Make-Or-Break Moment, Key Levels To Watch - NewsBTC - January 25th, 2024 [January 25th, 2024]
- Bitcoin Mid-Cycle Top? Benjamin Cowen Says One Indicator Suggesting BTC Headed for Downtrend - The Daily Hodl - January 25th, 2024 [January 25th, 2024]
- Franklin Templeton expects its spot bitcoin ETF to gain traction as financial advisors become more familiar with product - The Block - January 25th, 2024 [January 25th, 2024]
- Bitcoin ETFs: The Good, the Bad and the Ugly - RealMoney - January 25th, 2024 [January 25th, 2024]
- Cathie Wood Thinks Bitcoin Could Skyrocket 3,356% By 2030. Is She Right? - The Motley Fool - December 19th, 2023 [December 19th, 2023]
- JPMorgan says ether to outperform bitcoin next year - The Block - Crypto News - December 19th, 2023 [December 19th, 2023]
- XRP Beats Bitcoin, Ethereum in Weekly Fund Flows, Boasts $2.7M Inflow - The Crypto Basic - December 19th, 2023 [December 19th, 2023]
- Bitcoin Must Hold $32K Support to Prevent Bears from Taking Over: Analyst - CryptoPotato - December 19th, 2023 [December 19th, 2023]
- BlackRock Has Quietly Opened The Door To A Trillion-Dollar Plus Wall Street Game-Changer Amid The $700 Billion Bitcoin, Ethereum, XRP And Crypto Price... - December 19th, 2023 [December 19th, 2023]
- Bitcoin Bounces Over $43K, Altcoins, Crypto Stocks Burst Higher as Fed Projects Rate Cuts Next Year - CoinDesk - December 19th, 2023 [December 19th, 2023]
- 10 Best Bitcoin Stocks To Invest In - Yahoo Finance - December 19th, 2023 [December 19th, 2023]
- Why 2023 Is Like 2020 and Bitcoin Is Set to Head Towards $50k - CoinDesk - December 19th, 2023 [December 19th, 2023]
- Bitcoin About To Take Center Stage Again After BTC Holds $40,000, According to Analyst Heres His Outlook - The Daily Hodl - December 19th, 2023 [December 19th, 2023]
- Bitcoin rises as investors await vote on tentative debt ceiling agreement - CNBC - May 31st, 2023 [May 31st, 2023]
- 'Bitcoin Millionaire' Found Dead a Week After Going Missing - Decrypt - May 31st, 2023 [May 31st, 2023]
- US Debt Crisis: Gold and Bitcoin to Soar, Predicts Gromen - CryptoGlobe - May 31st, 2023 [May 31st, 2023]
- Why Bitcoin Is Falling Today - The Motley Fool - May 31st, 2023 [May 31st, 2023]
- At bitcoins annual convention, few feel the chill of crypto winter - Marketplace - May 31st, 2023 [May 31st, 2023]
- Bitcoin Association for BSV to Serve as Steward of Bitcoin Protocol - PR Newswire - May 31st, 2023 [May 31st, 2023]
- Former Operator of Payza.com Charged with Laundering 450 Bitcoin - Department of Justice - May 31st, 2023 [May 31st, 2023]
- Bitcoin is on a collision course with 'Net Zero' promises - Cointelegraph - May 31st, 2023 [May 31st, 2023]
- Using Bitcoin to build a business - The Unilateral Contract - CoinGeek - May 31st, 2023 [May 31st, 2023]
- ChatGPTs Bitcoin Price Prediction is $35,000, Also Backing Wall ... - Finbold - Finance in Bold - May 31st, 2023 [May 31st, 2023]
- best-bitcoin-casinos-for-2023-top-rated-btc-casino-sites - Analytics Insight - May 31st, 2023 [May 31st, 2023]