The price of Bitcoin (BTC) and gold this week is moving, and our stock selection is Bank of America.
Bitcoin weeks have gone from bad to worse.
BTC was hovering around $ 30,000 earlier this month. It jumped to $ 31,000 on June 6, only to decrease and repeat over the next two days.
Trading at around $ 30,000 as of June 8, the BTC continued to fall as of June 10, dropping below $ 28,000 on June 12 and then plummeting the next day. BTC fell to nearly $ 20,000 on June 15th.
It is currently trading at around $ 21,000.
After falling to an 18-month low, Bitcoin was boosted by the US Federal Reserve’s tough stance on inflation, even amid a market crash after crypto lender Celsius froze customer withdrawals .
“Parts of the broader cryptographic ecosystem are facing a pretty tough trial,” said Mikkel Morch, executive director of the ARK36 digital asset hedge fund. “As the reality of the bear market begins to surface, the hidden levers and structural weaknesses of projects that only worked when prices went up are finally coming to light.”
Gold markets have been a bit hectic for the past two weeks. At around $ 1,850 on June 2, the price of gold rose above $ 1,870 on June 3.
From there, it fell below $ 1,840 on June 7. Although it reached $ 1,860 in the following days, gold fell below $ 1,830 on June 10, reaching close to $ 1,880.
On June 14, however, it had fallen again to $ 1,820, falling further below $ 1,810 the next day. Bouncing a bit, it currently trades around $ 1,850.
A loosening of the dollar offset pressure by a sharp rise in US Federal Reserve interest rates helped stabilize gold in recent days. Demand for safe haven gold could weaken further if the Fed manages to fight inflation without pushing the United States into a recession, said Carsten Menke, Julius Baer’s next-generation head of research.
“Settlements from commodity trading advisors may continue to weigh on the yellow metal, adding increasing pressure on this cohort to liquidate its long positions,” TD Securities said in a note.
Bank of America (BAC) has fallen in value by more than 20% in the last two months. On April 20, BAC was trading near $ 40, but on April 25 it had already fallen to almost $ 35, reaching that figure in early May.
Jumping to $ 38 on May 4, BCA continued to plummet from there, reaching $ 33 on May 20. A peak on May 23 reduced it to $ 36, reaching $ 3,750 by the end of the month. From June onwards, there is a downward trend, diverging significantly on 10 June.
He is currently trading above $ 31.
It’s not just the crypto markets that are shaken, as the largest provider in the United States has also struggled in these tumultuous times.
However, BoA analyst Jason Kupferberg conducted a survey of thousands of American adults earlier this month, revealing that most intend to buy cryptocurrency in the near future.
“It was interesting to see that 90% of respondents said they planned to buy some amount of crypto in the next six months,” Kupferberg said of the results. He added that this was the same percentage that reported the purchase of crypto in the previous six months.
Bank of America does not intend to offer its own cryptocurrency trading services.
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