By Bill Taylor, Contributor/Fintek Capital We compare the price of Bitcoin, Ethereum, & Gold, using the CME Bitcoin Indexes (BRR & BRTI) and the CME Ethereum Indexes (ETH_RR_USD) & (ETH_RTI_USD) for reference. 4/29/19 Closing Prices:Bitcoin: $5,156.93 (-$13.24) Ether: $151.58 (-$2.86) Gold: $1,280 (-$5.00) DJIA: 26,554.39 (+11.06) S&P 500: 2,943.03 (+3.15) Nasdaq Comp: 8,161.85 (+15.45)Trading Summary Notes for Monday, 4/29/2019
- News late Friday of Bitfinex being investigated by the Attorney General of New York about a ‘missing’ $850 million worth of BITCOIN sent prices lower for the weekend
- Selling stopped today (Monday) and BTC and ETH drifted around waiting for news
- News that TD Ameritrade and ETrade will offer BITCOIN trading to its clients providing a strong underpinning. Institutions and major brokerages are stepping in
- Usually news of a BITCOIN ‘theft’ are short lived. Banks have had the same issues for years……so what!
- Once again, where BITCOIN goes…..ETH follows. Near term targets for BITCOIN still $6,500 and ETH $195
- GOLD moved up to the upper $1,280’s before pulling back to $1,280 exactly. GOLD is acting like BITCOIN did several months back……searching for a bottom but lacking interest and strong convicted buyer
- Timing is everything and the USD will weaken (significantly) but when is the big question. Way to many geopolitical risks/events that are being overlooked will also make GOLD explode (?)…..but again, when
- Long term target for GOLD still $1,400
Current trading positions; LONG BITCOIN, ETH AND GOLD
Bill Taylor is Managing Partner at Fintek Capital & a frequent contributor
