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. 7/8/19 Closing Prices:Bitcoin: $$11,891.94 (+$508.82) Ether: $308.36 (+$14.06) Gold: $1,393 (-$3.50) DJIA: 26,806.15 (-115.98) S&P 500: 2,975.95 (-14.46) Nasdaq Comp: 8,098.38 (-63.41)Trading Summary Notes for Monday, 7/8/2019
- BOUGHT BITCOIN ON 7/2 @ $9,835 TO OPEN NEW POSITION
- July 4th holiday week (U.S.) and first week of the third quarter is now over. But slow summer trading is still in focus
- BITCOIN dropped below $10,000, rallied back up and spent the past few days moving up and down in the mid $11,000 area
- That first week of the new quarter showed BITCOIN firming up and getting ready for another move higher. Lets say “here we come $15,000?” Yup!
- ETH getting a boost from the probable (?) listing of futures by the CME.
- With CME listed futures on ETH there will be more institutional interest which should give ETH a big boost. Lets say $350-$400? Yup!
- GOLD having some big daily moves above and below $1,400. Interest rate perceptions coupled with dollar strength/weakness making for some sharp volatility
- Nothing except this trading “noise” has changed. GOLD still in a strong up trend. Lets say $1,650-$1,700 over a period of time? Yup!
Current trading positions: LONG BITCOIN & GOLD
Bill Taylor is Managing Partner at Fintek Capital & a frequent contributor to FintekNews