2021-7-2 19:45 |
This week’s price movements for Bitcoin (BTC), gold, and our stock picks Alibaba and NCR.
BTCBitcoin (BTC) had another rocky week, but not out of the ordinary for how it’s been recently. The week prior, the price of BTC tumbled down from $40,000 to $30,000, before hitting $33,000 by June 24. From there, it climbed to $35,000 by June 25, before falling back down to nearly $30,000 on June 26. However, from there, the price pushes up for three consecutive days. On June 27, BTC made its way past $33,000, up to $35,000 on June 28, and as high as $36,500 on June 29. It has since retraced to around $33,000, where it is currently trading.
Though it unlikely affected the market overall, a certain event was illustrative of the tumultuous period. The Financial Conduct Authority (FCA) of the U.K. issued a consumer warning against Binance Markets, the largest crypto exchange globally. “A firm must be authorized by us to advertise or sell these products in the UK,” the warning began. However, it concluded that neither Binance Markets, nor any other entity in the Binance Group “holds any form of UK authorization, registration or license to conduct regulated activity in the UK.”
GOLDThe price of gold faced a period of steady decline over the past week. While nearly $1,795 on June 23, it channeled between $1,775 and $1,790 going into the weekend, before bottoming out on June 29 to nearly $1,750. It struggled to compose itself going into the next day, but eventually pushed itself back up to $1,775 going into July, where it is currently trading.
Gold rose on June 30 in step with a dip in the dollar and Treasury yields, paring some of the precious metal’s losses last month. This is because investors turned their attention to the release of the U.S. monthly nonfarm payrolls report. Gold posted its biggest monthly loss since November 2016 in June. This is largely because a surprise hawkish shift by the Federal Reserve dented the metal’s appeal. “(Gold) prices are still in a downtrend. We’re seeing a corrective bounce,” said Jim Wyckoff, senior analyst with Kitco Metals, “For gold to turn a corner, you’re going to have see multiple closes above $1,800,” Wyckoff added.
BABADespite struggling the first half of the month, Ali Baba finished out June strongly. After gapping up around $225 on June 1, BABA tumbled down for the next two weeks or so, hitting $210 on June 16 and 22. However, from there BABA gapped up to $214 on June 23, then even further above $220 on June 25. It then peaked around $230 on June 28, and has since fallen back down to $222.
Ali Baba is the parent company for payment solution provider Alipay. Recently, Alipay has been one of the major banks and payment platforms pressed by the People’s Bank of China (PBOC) to cease providing services linked to cryptocurrencies. Somewhat ironically, Alipay also recently launched a platform to sell NFTs. The new feature will allow users to buy non-fungible tokens (NFTs) from within the app.
NCRFinally, we look at enterprise payment giant NCR. It seems to have shown a mild positive trend over the past week. Despite a spike on June 21 to $45.20, NCR’s recent run really started at $44.20 on June 22. From there it picks up over the succeeding days, eventually reaching $46.60 on June 27. However, NCR’s faced a series of drops since then, dealing with resistance at around $46, where it is now trading.
A recent deal between NCR and digital asset management firm NYDIG could see 650 US banks offer bitcoin purchases to an estimated 24 million customers. Tired of seeing crypto-purchases made from their accounts to outside exchanges, Atlanta-based NCR decided to capitalize on the demand it had been seeing from banks and credit unions. Founded in 1884 as the National Cash Register, the company employs 34,000 people and does business ranging from digital banking service to ATMs.
The post Gold, Stocks, and Bitcoin: Weekly Overview — July 1 appeared first on BeInCrypto.
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