Gold, Stocks, & Bitcoin: Weekly Overview — October 21

Gold, Stocks, & Bitcoin: Weekly Overview — October 21

This week’s worth actions for Bitcoin (BTC), gold, and our inventory decide Facebook.


Bitcoin (BTC) has had its finest week in months. Continuing to journey the momentum from final week, BTC lastly broke by way of the $60,000 worth level on October 15. After touching $62,00o it hovered round $61,000 till the tip of October 17, when it dipped again beneath $60,000. However, it jumped again as much as $62,000, on October 18, then inching up till breaking on to $64,000 by October 20, when it spiked additional noon to an all-time excessive of $67,000. Having achieved this, promoting strain returned, however not earlier than one other spike put BTC at $66,000. It is at the moment buying and selling beneath $44,000.

The bullish sentiment that swept Bitcoin to its new all-time excessive might be largely attributed to the Securities and Exchange Commission (SEC) approving the primary Bitcoin futures exchange-traded fund (ETF) within the United States final week. The ProShares Bitcoin futures ETF grew to become the second-highest traded fund in historical past, buying and selling 24 million shares in its debut earlier this week. With this approval the floodgates are opening, and lots of extra are already beginning to ensue.


Gold had a reasonable week general. After spiking as much as $1,792 by October 14, the worth of gold dipped earlier than bumping as much as $1,800. However, by October 15, gold tumbled, falling right down to $1,770. It fell additional on October 18, earlier than leaping up on October 18 to $1,780. By October 20, it had fallen once more to $1,770, however then rose sharply, buying and selling round $1,785 going into October 21. It is at the moment buying and selling round $1,780.

Gold costs dipped attributable to elevated US Treasury yields, however there was additionally assist from issues over persistently increased inflation. “Rising yields have been clearly destructive for gold, and but on the identical time you’ve inflationary pressures rising with crude oil (costs) surging, which in flip have raised demand for gold,” stated Fawad Razaqzada, analyst with AssumeMarkets. Although gold is usually thought-about an inflation hedge, lowered stimulus and rate of interest hikes have pushed authorities bond yields up, which raises the chance value of holding non-yielding bullion.


Facebook has had a combined October general. Coming into the month buying and selling at $334, FB gapped down opening on October 4, falling additional to $324. However, by October 5 it had recovered to $334, the place it largely traded till October 8, when it began trickling down. Reaching a nadir of $320 on October 12, FB bounced again to $324 the following day, gapping as much as $328 on October 14. The opening hour of October 15 reversed this achieve, which was reversed once more, gapping as much as $330 on October 18. It continued rising from there, reaching $340 by October 20 the place it’s at the moment buying and selling.

FB’s dramatic strikes this previous week are attributable to information the social media big is launching a pilot for its Novi digital pockets within the United States and Guatemala. With Novi, Facebook hopes to handle a number of the challenges posed by present worldwide cost methods. Ultimately, the digital pockets intends to assist folks securely ship and obtain cash overseas instantaneously, with out charges. However, a gaggle of Democratic Senators from the US Senate have demanded that Facebook discontinue the Novi pockets pilot challenge following the announcement. In a letter addressed to CEO Mark Zuckerberg, the group additionally requested him to commit to not convey its digital forex Diem to market. The Senators felt Facebook was “pursuing digital forex plans on an aggressive timeline,” even supposing “these plans are incompatible with the precise monetary regulatory panorama.”

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