2021-9-30 22:36 |
This week’s price movements for Bitcoin (BTC), gold, and our wild card Ark Innovation Fund.
BTCBitcoin (BTC) finished the week little changed from where it had begun. Starting at $43,250 on September 23, BTC rose to $45,000 by the next day. However, from there it dropped below $41,000. It rose to $42,750 on September 25, before returning to the previous day’s level. However, from there it rose past $42,000, achieving $44,000 by September 27. From there it fell over the next two days to below $41,000 on September 29. It spiked up to $42,500 before falling again then up again to $43,750. It is currently trading around $43,000.
Bitcoin fell at the end of last week amid regulatory news out of China. Last week, ten Chinese government bodies barred overseas exchanges from providing services to mainland investors via the internet. This had previously been a gray area, but Chinese authorities’ recent statement settled the issue specifically. “While this is not a surprise as China has ‘banned’ crypto many times in the past, this time there is no ambiguity,” said Henri Arslanian, PwC crypto leader and partner. “Crypto transactions and crypto services of all kinds are banned in China. No room for discussion. No gray area.”
GOLDThe price of gold trended negative overall this week. After trading around $1,775 on September 22, it had trailed down to $1,740 by September 24. It continued to trade around the $1,750 level until September 28, when it fell further to $1,735. It bumped to $1,745, before dropping to $1,725 then back to $1,745 where it is now trading.
Gold steadied after being helped by a slight pullback in the dollar, but gains were kept in check by expectations that the U.S. Federal Reserve would soon start tapering its monetary support. Gold is being offered some reprieve from the dollar taking a breather, said Han Tan, chief market analyst at Exinity. But heightened prospects for the Fed’s tapering, now widely expected to commence in November, and chances of Treasury yields continuing to gain are expected to heap more downward pressure on the zero-yielding precious metal, Tan added.
ARKOverall, the Ark Innovation Fund has fared poorly over the course of September. Starting out the month around $125, by September 8 it had fallen to $121, and by September 13 to $118. Although it pulled up a bit back to $121 by September 19, on September 20 it fell again to $117, where it stayed except for a slight push to $119. However, by September 28 ARKK dropped further to $112. It is currently trading around $110.
Cathie Wood’s Ark Innovation Fund, which specifically targets key stakeholders in disruptive technologies, took a hit from the recent cryptocurrency regulatory crackdown in China. The ARK Innovation Fund was the best performing U.S. Equity Fund in 2020, before shares in Coinbase fell 1.5% on Friday, September 24. Although the ARK Innovation Fund is down 4.4% to date this year, it is up 42.3% a year, placing it among the top 1 percentile in its category, indicating strong long-term performance.
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The post Gold, Stocks, and Bitcoin: Weekly Overview — September 30 appeared first on BeInCrypto.
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