Gold, Stocks, and Bitcoin: Weekly Overview — December 17
In this text, BeInCrypto takes a take a look at worth actions for Bitcoin (BTC), gold, and our inventory choose Robinhood.
Bitcoin (BTC) continued trending downward this week. Although BTC traded round $52,000 on Dec 7, it dropped beneath $49,000 the following day, earlier than recovering then falling even additional to $47,500, the place it discovered assist till December 11. From there, BTC climbed again up, breaching the $50,000 mark once more on Dec 12.
At this level promoting stress returned, dropping BTC beneath $47,000. By Dec 15, BTC was again round $49,300 and is presently buying and selling at $47,800.
BTC costs jumped up to now day following an announcement from the Federal Reserve indicating an extra expedited withdrawal of the stimulus along with sooner rate of interest hikes subsequent yr. “The market went down before the Fed announcement, so it’s probably correcting now,” mentioned Rutgers Business School professor Merav Ozair. “Inflation is coming for sure, and we see it.”
Similar to the week earlier than, gold is buying and selling roughly the place it was every week prior. On Dec 8, the worth of gold was $1,792, however tumbled down the following two days, reaching $1,770 by Dec 10. Then round noon gold jumped as much as $1,784, and proceeded to climb properly, reaching $1,790 by Dec 13.
From there it pivoted, inching down earlier than dropping beneath $1,770 on Dec 14. The subsequent day noticed it commerce down additional, reaching as little as $1,752, earlier than rebounding and taking pictures again up, reaching $1,790 by Dec 16 the place it’s now buying and selling.
Gold noticed a bump attributable to a fall within the U.S. greenback, following information from the Fed about its determination to part out its pandemic-related bond purchases within the coming yr. In dealing with surging inflation, the central financial institution additionally indicated there can be three rate of interest hikes all through 2022, citing strong employment figures. “The main factor today is the performance of the U.S. dollar,” mentioned ActivTrades senior analyst Ricardo Evangelista. “With the Fed meeting out of the way, the real impact of the Omicron coronavirus variant on economic activity is the big question mark for gold,” Evangelista added.
Meanwhile, Robinhood shares appeared to have dropped with the temperature these previous two months. At the start of November, HOOD was buying and selling round $34.50. By Nov 3, it had bumped as much as $37, earlier than peaking at $38 on Nov 8. HOOD dropped there nonetheless to $33 by December 10, then continued to tumble, reaching $26 by Nov 23. Despite holding steadying over the following week, HOOD continued to fall, reaching beneath $21 by Dec 6. Although a gentle restoration noticed it attain $23.50, it proceeded to fall once more and is presently buying and selling just under $20.
This previous week, it was revealed that Robinhood Markets is creating a characteristic that can allow customers to present cryptocurrencies to 1 one other. These digital present playing cards can embody a message as much as 180 characters lengthy and could be retracted earlier than they’re accepted by the unique meant celebration. Meanwhile, in an effort to meet more and more augmenting compliance requirements, Robinhood just lately partnered with blockchain knowledge platform Chainalysis. The partnership anticipates the launch of Robinhood’s crypto wallets, for which over 1.6 million folks have now signed the waitlist.
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