2021-10-29 20:00 |
This week’s price movements for Bitcoin (BTC), gold, and our stock pick Robinhood.
BTCBitcoin (BTC) sold off this week in the wake of its new all-time high last week. After breaching the $67,000 price point on October 20, BTC started seeing selling pressure. Apart from another spike to $66,000 on October 21, BTC fell to $61,000 by October 23. However, by October 24, buying pressure returned, pushing it back up to almost $64,000 on October 25. From there it trickled down to $59,000 by October 28, before spiking up above $61,000 where it is currently trading.
Bitcoin slid below the $60,000 mark on October 27 as euphoria over the first US crypto ETF faded and traders took profits following its all-time high. “I’m not surprised Bitcoin hit a wall at $67,000, having passed the April high, given the speed of the move from $30,000 in July,” said Antoni Trenchev, managing partner and co-founder of crypto lender Nexo. “Bitcoin needs to cool off before it embarks on its next leg up.”
GOLDGold trended positive overall this past week. After trading around $1,780 on October 21, gold pushed up into the next day, spiking to $1,812 then dropping to $1,785 within hours, before stabilizing at $1,792. It continued on an upward climb from there, reaching $1,807 by October 25. However, it sloped down going into October 26, plummeting back to support at $1,785, which was also tested the next day. From there it rebounded, pushing past $1,800 on October 28 where it is currently trading.
Gold prices edged higher in light of softer US Treasury yields, and ahead of the European Central Bank’s meeting on inflation and policy outlook. The ECB is expected to keep policy unchanged and temper interest rate hike expectations for next year. Benchmark 10-year US Treasury yields traded close to a two-week low, helping support the bullion. “Gold’s 10-day moving average is giving solid support. Flattening yield curves combined with their higher absolute levels, suggest the markets are increasingly thinking of stagflation,” said StoneX analyst Rhona O’Connell.
HOODDespite a solid October, Robinhood struggled significantly this past week. Starting out the month around $42, and apart from minor dips, it persisted there until October 11. HOOD gapped down on October 12, hitting support at $40 on October 13. Trading around $41 for the next few days, it rose again to $42 on October 21. However, it fell from there to roughly $38 before finding support, which pushed it back to nearly $40. Dismally, HOOD gapped down to $36 on October 27, following a disappointing earnings report, where it is currently trading.
Robinhood share prices tanked as its third-quarter financial results showed a drop from $233 million to $51 million in crypto revenue. The company specifically highlighted the decline of crypto activity in the platform, which led to, “considerably fewer new funded accounts, a slight decline in Net Cumulative Funded Accounts, and lower revenue in the third quarter of 2021 compared with the second quarter of 2021.” In light of this, Robinhood may reconsider its users request to list Shiba Inu, as 64% of its Q2 crypto revenue came from the similarly Shiba-inspired Dogecoin.
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The post Gold, Stocks, and Bitcoin: Weekly Overview — October 28 appeared first on BeInCrypto.
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