Gold, Stocks and Bitcoin: Weekly Snapshot – December 17
In this article, BeInCrypto takes a look at the price movements of Bitcoin (BTC), Gold, and our selection of Robinhood stocks.
Bitcoin (BTC) continued its downtrend this week. Although BTC traded around $ 52,000 on December 7, it fell below $ 49,000 the next day, before recovering and then falling even further to $ 47,500, where it found support until December 11. From there, BTC rebounded, crossing the $ 50,000 mark again on December 12. .
At this point, the selling pressure returned, causing BTC to drop below $ 47,000. As of December 15th, BTC was back around $ 49,300 and is currently trading at $ 47,800.
BTC prices have surged over the past day following an announcement from the Federal Reserve indicating another accelerated withdrawal of the stimulus in addition to a faster rise in interest rates next year. “The market fell before the Fed’s announcement, so it’s probably correcting now,” said Merav Ozair, professor at Rutgers Business School. “Inflation is coming for sure, and we are seeing it. “
Like the week before, gold is trading roughly where it was the week before. On December 8, the price of gold was $ 1,792, but fell over the next two days, reaching $ 1,770 on December 10. Then around noon, gold jumped to $ 1,784 and continued to climb slowly, reaching $ 1,790 on December 13th.
From there, it rocked before dropping below $ 1,770 on December 14. The next day it fell further, hitting $ 1,752 before rebounding and recovering, reaching $ 1,790 on December 16, where it is currently trading.
Gold has seen a decline due to a weaker US dollar, following the Fed’s announcement of its decision to phase out its pandemic bond purchases over the coming year . To deal with soaring inflation, the central bank also indicated that there will be three interest rate hikes throughout 2022, citing solid jobs figures. “The main driver today is the performance of the US dollar,” said Ricardo Evangelista, senior analyst at ActivTrades. “With the Fed meeting on the sidelines, the real impact of the Omicron coronavirus variant on economic activity is the big question mark for gold,” Evangelista added.
Meanwhile, Robinhood’s shares appeared to have dropped with the temperature for the past two months. In early November, HOOD was trading around $ 34.50. By November 3, it had climbed to $ 37, before peaking at $ 38 on November 8. HOOD, however, fell to $ 33 on December 10 and then continued to fall, hitting $ 26 on November 23. Despite stabilization remaining over the following week, HOOD continued to fall, hitting below $ 21 on December 6. Although a slight rally saw it hit $ 23.50, it fell again and is currently trading just below $ 20.
Last week, it was revealed that Robinhood Markets is developing a feature that will allow users to afford cryptocurrency. These digital gift cards can include a message of up to 180 characters and can be withdrawn before being accepted by the party originally intended. Meanwhile, in order to meet increasingly stringent compliance standards, Robinhood recently partnered with blockchain data platform Chainalysis. The partnership anticipates the launch of Robinhood’s crypto wallets, for which more than 1.6 million people have now signed the waiting list.
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