Stocks, Bitcoin, and Gold – Weekly Overview

Briefly

  • Bitcoin appears to have moved well in the last two weeks.
  • Gold maintained solid moves over the previous few weeks.
  • Visa performed poorly in August.

Bitcoin

The past two weeks had Bitcoin posting impressive results. With that, the leading crypto managed to touch the $50K psychological level. That was after battling below this mark since May, dipping under $30K one time. On 19 August, BTC traded at $45,000 before rising towards $47,000 the following day and $49,000 after that. The upside stance had the crypto surpassing the $50K mark on 23 August.

After hitting its target level, BTC experienced selling pressure and dipped towards $48K on 25 August before slight surges took it to $50,000. Regardless of the upward actions, August did not have new buyers joining Bitcoin. CoinShares reported $61 million crypto funds outflows in August. Bret Oliver, a momentum analyst, stated that BTC’s current moves since April highs mimic what the coin saw during the 2017 peak highs. However, he said that it does not mean that the declines will last the same duration as 2017.

Gold

Gold had fared well recently. From 19 August, the precious metal traded near $1,780. The asset maintained its action at this level until jumping towards $1,804 on 23 August. After that, the metal saw slight plummets to $1,784 by 26 August before spiking the following day to near $1,820. It has traded in this zone for the last week.

Gold prices increased as the US dollar was weak. However, the asset trades in a tight range as it awaits the non-farm payrolls by the US. The data is critical for the Fed Reserve’s tapering policy. A market analyst Michael Hewson stated that gold had seen price spikes as the US dollar appears weak. However, he believes that the metal should climb higher towards $1,830. Moreover, Hewson trusts that gold will not rise that much due to the awaited payroll numbers.

Visa

Generally, Visa did not perform as expected in August. V saw plummets on 3 August to $234 after attaining an ATH at $250. From there, Visa rebounded towards $242 before declining on 12 August to hover at $230. It maintains its actions between the mark and $236 until plummeting to $223 today. Early this week, Visa launched its awaited NFT whitepaper, praising digital assets.

Stay around for more updates.