Home Analytics of crypto Weekly Overview — October 14

Weekly Overview — October 14

by admin

Crypto News


This week’s price movements for Bitcoin (BTC), gold, and our stock pick Coinbase.

BTC

Bitcoin (BTC) has had a prosperous October so far. After starting the month around $44,000, BTC hit a resistance point at $48,000 by the end of October 1, where it remained until October 4. From there it stepped up, achieving just under $52,000 by October 6, when it spiked up past the recent peak of $53,000 in September to $55,000. BTC then channeled between there and $54,000 until October 11, when it jumped up to $57,000. Although it dipped back to $55,000 on October 13, it is currently trading around $57,000.

Weekly Overview — October 14

According to Fidelity director of Global/Macro Jurrien Timmer, BTC’s ongoing rally could continue to record heights over the next two years. Based on his own supply-and-demand model, Timmer sees bitcoin reaching $100,000 by 2023 as momentum traders begin to buy into the recent rally. “This rally has come with little fanfare and doesn’t seem driven by momentum chasers. The percentage of coins held by short-term ‘tourists’ is down to just 15%. This tells me there could be room to run if momentum chasers pile in,” Timmer said.

GOLD

Starting out strong, October has continued to prove bountiful for gold holders. Jumping up from $1,725 on September 30, by October 1 an ounce of gold cost $1,755. It largely stayed at this level for the next two weeks, apart from a $1,770 spike on October 5 and one to $1,775 on October 10. But on October 13 the price of gold burst forth past $1,790 to nearly $1,800 where it is currently trading.

1634239789 317 Weekly Overview — October 14

Gold touched a one-month high earlier today, as a dip in the dollar and US bond yields enabled investors to turn to it as a hedge against inflation. The market appears to have neglected data showing the number of Americans filing new claims for jobless benefits fell last week. “Traders and investors are finally realizing that rising inflation is, historically, bullish for metals, no matter what the Federal Reserve does,” said Jim Wyckoff, senior analyst at Kitco Metals. Further volatility in equities this month may also spark some safe-haven demand for gold, Wyckoff added.

COIN

Coinbase has fared well over the course of October so far. Starting out the month at $232, COIN had dipped by October 4 to $225. By October 5 however it had jumped up to $240, spiking further on October 6 to reach $250 by October 8. COIN then shot up to $262 on October 11, dipping back down to $247 by October 13.

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Earlier this week, Coinbase announced it would be launching a peer-to-peer NFT marketplace. Coinbase said it would include social features to assist in the discovery of newly launched pieces and collections. It also plans to offer a “personal feed” based on user interests and preferences for NFTs. In launching the platform, Coinbase is hoping to compete with FTX’s recently launched Solana NFT platform and market leader OpenSea. Over 1 million people have already signed up for the waitlist.

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