Gold, Stocks, & Bitcoin: Weekly Overview — September 2
This week’s price movements for Bitcoin (BTC), gold, and our stock pick, Nike.
Bitcoin trended downwards over the course of last month. On August 21, BTC was trading at $24,000. After rising by $800 by the next day, the original cryptocurrency proceeded in its downward trend, dropping suddenly below $22,000 during a surge in volume on August 19. Trading just above $21,000 over the following days, the price dropped sharply again during another volume spike, dropping below $20,000 by August 29. Since then BTC has been struggling with support at $20,000.
Over the past day, cryptocurrency markets largely recovered, with Bitcoin, Ethereum, and other major crypto coins making minor gains. The global cryptocurrency market was trading marginally higher by 1.32%. “The surge in the crypto assets value was led by crypto heavyweights like Bitcoin and Ether which recovered from the hawkish stance taken by the Fed chief to tackle growing inflationary concerns, said Tarusha Mittal, COO, and co-founder of UniFarm. “The crypto market seems to have digested the anticipated rate hike and strict monetary policy indicated by Federal Reserve.”
The price of gold has also trended downwards over the course of August. After a brief bump to $1,800 on August 15, gold then slipped to $1,780. From there it trickled down, eventually hitting $1,730 on August 22. Recovering a bit, gold rose to $1,750 on August 23 and above $1,760 on August 25. A volume surge the next day saw it then drop to $1,720. Despite a brief recovery on August 29, gold proceeded to topple over the next few days, sinking below $1,700 on September 1. Since then, a brief recovery has brought it back to $1,715.
Gold rose above that important psychological level of $1,700, as the dollar struggled while investors awaited key U.S. jobs data, amid expectations the Federal Reserve would keep steeply hiking interest rates. “The dollar is somewhat lower this morning which is helping gold regain lost ground after yesterday’s decline. There might also be some bargain hunting in the market after prices dropped to $1,700,” said Carsten Menke, an analyst with Julius Baer.
Over the last month of the summer, Nike stock did not perform particularly well. Trading around $115 on August 1, NKE dipped to $113 in the following days. Then despite achieving its former level, NKE dipped again on August 9, but recovered the next day then proceeded to rise again hitting $117 on August 16. From there it fell again, hitting $110 on August 22. While it recovered a bit the following days by August 29, NKE had reached $107. Since falling as low as $104 yesterday, it is currently back around $107.
Last month, America’s most iconic sports brand was revealed to be the world’s biggest-earning brand from sales of non-fungible tokens (NFTs). The brand topped the list of highest-earning brands from NFTs sales, with sales of $185 million, according to data from Dune Analytics. In addition to total revenue being seven times higher than the next on the list, Nike also topped total transactions at over 67,000.
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