This week’s price movements for Bitcoin (BTC), gold, the S&P 500, and the return of GameStop.

As seen in the chart below, BTC had an overall bullish week. Since the beginning of the month, BTC has been recovering from the tumble it took at the end of February. Over the course of last week, it rose from a recent low of around $43,000. It peaked just below $53,000 on March 3, before falling back to around $47,000 by March 5.

Over the weekend, it managed to find support around the $50,000 mark. March 8 saw it eventually trading up. It then opened with a large green candle on March 9, surpassing $53,000. By the end of March 10, BTC was trading higher than it had been since its previous all-time high. However, that previous threshold eluded it, and bitcoin is currently trading around $57,000.

Managing Partner of Dubai-based investment fund FD7 Ventures, Prakash Chand, said he believes Bitcoin’s market cap will reach $10 trillion in a few years. “The new generation of retail investors who got burned on Robinhood will turn to the cryptocurrency markets. We will see a lot of stimulus checks invested in the crypto market over the stock market,” Chand said.

Contrary to the bearish run it has been on, overall, gold had a bullish week. Although it took a tumble on March 8 from $1,715 to $1,680, the next day, it climbed right back up to $1,720. It stagnated into the next day, but from there, it rose, reaching $1,740 on March 11. It’s currently trading around $1,725.

According to The Economic Times, Chintan Haria, Head of Product Development & Strategy at ICICI Prudential AMC, said that he is positive on gold on relative valuation with equities and uncertainties seen in the debt market.

“We believe, due to the ultra-loose monetary policy of global central banks, an uptick in inflation is likely due to the firming up of commodity prices. Since gold acts as a hedge against inflation, investors can consider around 10% allocation to gold in their portfolio. Investors looking to increase exposure to gold can consider buying into the current correction,” Haria said.

This week’s wildcard stock is GameStop (GME). After falling back down to Earth in February, the stock price floated down from $60 to around $40. However, by February 24, GME proceeded to see surging demand, rising to a high of $184 by the next day. Things cooled off a bit by March 1, and it traded around $120 for the rest of the week.

March 8 saw the stock begin to rally again, where it gained nearly $100 in value over the course of the next two days. It spiked to a recent high of $347 before selling pressure brought it back down around $255, where it is currently trading.

There is speculation that activist investor, and founder of Chewy Inc., an online pet food retailer, Ryan Cohen may have been responsible for GME’s recent rebound. On Feb. 24 he tweeted a cryptic image of a McDonald’s ice cream cone with a frog emoji. This may have caused the stock to then triple in value that day.

On March 8, GameStop announced that Cohen would be leading the company’s shift to e-commerce, which seems to have contributed to its most recent run.

Despite trading down over the course of last week, by the end of March 5, the S&P 500 seemed to have made most of it back. Although it struggled a bit on March 8, it traded up around $3,900 for the next two days. SPX then broke out and now seems to have achieved a new all-time high.

Professor Jeremy Siegel of the Wharton School of Business told CNBC he thinks stocks will continue to rise higher this year. This, even in the face of rising bond yields and inflation concerns. Siegel said the recently passed $1.9 trillion coronavirus relief package, which President Joe Biden hopes to sign into law Friday, is just “more fuel on the fire, so to speak.”

“Eventually, there will be a Fed tightening, and eventually that tightening is going to pressure stocks, and that fear of that, I think, is beginning to come through now,” Siegel said.

“But when I see the amount of stimulus come, I can see another 10% rise in stock prices, 10%, 12% this year, then the Fed gets more worried and the leveling off 2022, 2023,” Siegel added. “We’re going to get those little fears that are coming through, but it’s going to be overwhelmed, I think, by the strength of the economy and the rise of corporate earnings,” he concluded.

The post Gold, Stocks, and BTC: Weekly Overview — March 11 appeared first on BeInCrypto.

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