Gold, stocks and Bitcoin: Weekly overview – July 14

by James · July 14, 2022

Be[In]Crypto analyzes this week’s price movements for Bitcoin (BTC), gold and our wildcard – Ark Invest Innovation ETF.

Table of Contents

Bitcoin

Bitcoin has struggled to maintain a price level above $ 20,000 over the past two weeks. On July 1, BTC rose to nearly $ 21,000, before falling just over $ 19,000 the next day. BTC rose from this point on July 4th and reached almost $ 20,500 on July 5th. Except for a fall later that day, BTC continued to rise the next day, reaching $ 22,000 by July 8. Lowered slightly the next day, BTC continued to fall below $ 21,000 on July 10 and then $ 20,000 on July 12. Aside from a brief bump on the last day, BTC is currently trading just under $ 20,000.

Bitcoin was able to regain the central psychological level of $ 20,000 despite red-hot US inflation data. This will pressure the Federal Reserve to become more aggressive in tightening monetary conditions in order to curb consumer price increases. Bitcoin prices fell after the release of the CPI data, according to Charles Tan, CMO, Atato. “In an interesting but long-awaited development, US inflation rose to a 41-year high as indicated by the last CPI day,” he said.

Gold

Gold has fallen slightly in the last two weeks. On July 1, the price of gold was about $ 1805. Despite going down from there, it reached $ 1,810 by July 4, which it kept until the next day.

Gold, however, continued to see two dinner falls in a row to $ 1770, then $ 1740 on July 6th. There it traded almost continuously until it fell to $ 1730 on July 12th. After rising back to $ 1740 on July 13, gold fell again and is now trading around $ 1,705.

Gold prices are nearing a one-year low, as the dollar extended its rise after a warm US inflation report confirmed expectations of an aggressive rise in interest rates from the Federal Reserve. Gold tends to be squeezed when interest rates rise, as this increases the opportunity cost of holding bullion since it does not yield any interest rates. “Gold is lower in the midst of new attempts to send the dollar higher, especially against the yen while the EUR / USD stays above parity,” said Saxo Bank analyst Ole Hansen.

ARKK

Like the cryptocurrency markets, the Ark Invest Innovation ETF has gained a hit in recent months. In early April, ARKK traded for around $ 70. From there, it continued to fall linearly for the rest of the month, reaching around $ 47 on May 1st. Despite a slight increase, it fell further during a period of greater volume to a low of $ 35 on May 12. From there it pumped up again to around $ 45, where it largely continued into June. On June 13, ARKK went down to $ 37, and then rose back to $ 46 by June 27. After a new drop to $ 40 and a rise to $ 46, ARKK is currently trading around $ 43.

Earlier this week, the Securities and Exchange Commission (SEC) delayed a decision on the ARK 21Shares spot Bitcoin Exchange-traded Fund (ETF) application, using the same gamebook it used before rejecting Grayscale last month. The SEC has extended the window to decide whether to approve the ARK 21Shares spot Bitcoin ETF application, and postpones the date of a decision by 45 days to 30 August.

According to a submission, the SEC stated through Matthew DeLesDernier, its assistant secretary, that postponing the decision was appropriate to “earn enough time to consider” the proposals before it.

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