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The price of Bitcoin (BTC) continued its sideways drift this week. Bitcoin has now been range-bound for the previous 10 weeks and is hovering near the low of the recent range. Other cryptocurrencies rose modestly early in the week on the back of positive Chinese economic data. Chinese equities racked up massive gains of 12% when measured by the CSI 300 ETF (ASHR).
The stagnation in BTC prices over the last several weeks has caused the normally volatile coin to show the highest correlation to the S&P 500 index ever, according to crypto research company Skew. Meanwhile, Alt Coins such as Ripple (XRP) and Ethereum (ETH) rose on the week, tallying gains of around 10% and 3%. Both XRP and ETH have mimicked the action in BTC in recent weeks, as they have consolidated, but this may be the first clue of greater demand.
Into next week, investors of all asset classes will continue to focus their attention on new developments in the global fight against Covid-19. The number of cases has increased in recent weeks but equities, gold (@gc), and cryptocurrencies have all held firm. Funds have moved into gold in recent weeks an easy monetary policy continues to be the trend globally. Cryptocurrency investors on the other hand have yet to get a firm answer about the value as a hedge against inflation.
From a technical standpoint, crypto traders will continue to monitor the ranges. To break out, Ethereum (ETH) would need a move over the $255 level. For Bitcoin (BTC) bulls to remain in control BTC will need to hold the $9,000 area. $9,500 (this week’s high) will act as interim resistance.
Money is flowing back into stocks as investors hope for a better inflation report this week. The S&P 500 rose 1.9 percent between Friday, May 3, and Friday, May 10. It was the third straight positive week. More than four-fifths of the index's members advanced,...
Options are an important tool for many retail investors. They can either replace trading shares, or make it easier to position oneself in stocks. Let’s consider the first things options traders need to know. An Option’s Price Is Usually Called ‘Premium’ There are some...
Options are complex instruments that can swing sharply in value. Traders may find the moves confusing, so this article will help explain key "Greeks" -- some of the most important factors impacting the price of options. Greeks are Greek letters used in complicated...