This week’s price movements for BTC (BTC), gold, and our stock picks CME and Coca-Cola.
BTC (BTC) has had its best week in over a month. Picking up from last week’s low around $30,000 on July 21, BTC’s price reached $33,000 by July 23, $34,000 by the next day, and $35,000 the day after that. Then going into July 26 BTC shot up past $39,000. Later in the day this pushed past $40,000, but dropped abruptly back to $37,000 by July 27. However, buying momentum returned and pushed the price back up to $40,000 where it is currently trading.
Investors covering bearish bets fueled the earlier rally that drove BTC up to $40,000, its highest since June 15. More than $950 million of crypto shorts were liquidated on June 26, the most since May 19, according to data from Bybt.com. “Shorts were piling up as we were moving down, assuming we were looking at a minimum of $25,000, which was expected across the board,” said Vijay Ayyar, head of Asia Pacific with crypto exchange Luno. “But then there was heavy accumulation in the $29,000 to $30,000 region which caught a lot of those shorts unaware and hence led to the spring upwards.”
Gold overall had a successful week as well. Having spent most of last week above $1,800 only to just fall under, this week the price of gold faced a similar hurdle before prevailing. Between July 22 and July 28 the price of gold largely channeled between $1,794 and $1,810. However, after hitting the lower threshold on July 28, gold then hit its recent point of resistance but continued to take off into the next day. It is currently trading around $1,830.
Gold prices rose more than 1% to a near two-week high after U.S. Federal Reserve Chairman Jerome Powell reassured investors that a rate hike is not in the cards anytime soon, sending the dollar to multi-week lows. “The gold market seems to responding to natural indicators like the dollar and U.S. Treasury rates, which are favorable to gold’s outlook and not withstanding the fact that there is no significant change in terms of Fed policy on tapering,” independent analyst Ross Norman said. “Gold got further resistance at $1,825 per ounce, but at last silver seems to be responding to the moves in gold,” he added.
The Chicago Mercantile Exchange (CME) Group also had a good week. Starting at around $26 on June 20, CME soon reached $213 by the next day, before falling back to $209 going into the weekend. Opening at $211 on July 26, it channeled between $210 and $213 before breaking out to $214 on July 28 where it is currently trading.
This boost past $214 could be attributed to CME’s recent financial report. It reported a revenue of $1.2 billion and an average daily volume growth of 5% during the quarter. The net income during this period was $589 million. CME Group Chairman and Chief Executive Officer Terrence A. Duffy put some of this performance down to the release of new products. He also confirmed that more such product innovation would be released to support clients’ “evolving trading needs.”
Meanwhile, Coca-Cola (KO) has also had a marginally profitable month of July. After being limited to $54.50 the first two weeks of the month, KO gapped up to $55 on July 13, pushing up to $56.50 by July 16. It fell back to $55.50 before recovering to $56 and spiking up even further on July 21 to a high of $57.50. It has been channeling between that point and $56.50 since then, and is currently trading around $57.
Coca-Cola also released a financial report recently, which led to a spike in after hours volume that caused the gap up and wild price swing on July 21. Aside from that Coca-Cola announced that it would be releasing its first non-fungible tokens (NFTs). In celebration of International Friendship Day on July 30, Coca-Cola will auction off an NFT loot box on OpenSea. It contains Tafi-designed digital apparel that can be worn in the virtual Decentraland metaverse.
The post Gold, Stocks, and BTC: Weekly Overview — July 29 appeared first on BeInCrypto.