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Gold, Stocks, and Bitcoin: Weekly Overview — June 24

3 mins
Updated by Ryan James
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In Brief

  • Bitcoin (BTC) has had the worst week in its recent rough period.
  • Gold seems to have stabilized after taking a dip last week.
  • Nvidia and Far Peak both seem to be having a prosperous June.
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This week’s price movements for Bitcoin (BTC), gold, and our stock picks Nvidia and Far Peak.


This has probably been the worst week yet, in what has already been a difficult period for Bitcoin (BTC). After hovering around resistance at $40,000 towards the end of last week, BTC began to sink back down, reaching $35,000 by June 19. Although it managed to edge back up to $36,000, even after falling to $34,000 on June 20. But by June 21, BTC’s price had fallen below $33,000, before spending hours below $30,000 for the first time this year. However, selling pressure at that point raised it back up to $34,000 on June 23, where it is currently trading.

New York-based research house Fundstrat said the selling that began on June 21 was “largely driven by regulatory pressures from China”. Michael Saylor, chief executive of MicroStrategy, one of the biggest corporate proponents of bitcoin, agreed that China’s clampdown was a “dominant driver.” “This created a forced and rushed exodus of Chinese capital and mining from the bitcoin network,” he tweeted.


Although the price of gold fell considerably towards the end of last week, it seems to have found support. After falling from $1,860 to $1,810 on June 16, gold fell further the following day to about $1,770. Although it pushed back up to $1,795 by June 18, it was back to $1,770 going into the weekend. However, on June 21 the price of gold rose to roughly $1,790. Over the next couple of days it channeled between that price level and $1,780 where it is currently trading.

The gold market is trying to find a balance between an overly ‘hawkish’ pricing of Fed interest rate hikes if inflation proves to be transitory, which would support gold, and a Fed that would act if inflation persists, TD Securities commodity strategist Daniel Ghali said. If the Fed does step in, it would translate into a more “balanced narrative” from the central bank than in the past, pushing gold into a “broader range,” Ghali added.


Overall, Nvidia (NVDA) has had a good month of June. Starting at around $620 on May 31, NVDA had reached $650 by June 1. One week later, it had risen even further to $700. However, it hovered around this price point for about a week, before rising to $720 by June 14. NVDA then spiked on June 17 to $750, before reaching a new all-time high above $770 on June 18. It quickly fell from there to nearly $710, but as since recovered to its latest high, where it is currently trading.

Nvidia’s graphic processing units (GPU) have strongly been in demand basically since their debut, with a large share of them being bought by cryptocurrency miners. To deter this market base for the sake of its core gamers, Nvidia is creating two different kinds of graphics cards to suit each of the markets. It is also doing this to avoid a boom-and-bust cycle it experienced at the hands of crypto miners a few years ago.


Far Peak Acquisition Company (FPAC) has had a good June overall as well. While trading mostly between $9.75 and $9.80, FPAC spiked on June 23, reaching nearly as high as $10.25. It has since retraced and is now trading around $10. This boon may have been caused by recent news that it is considering merging with crypto exchange Bullish. Far Peak Acquisition Company is a special purpose acquisition company, which are companies listed on a stock exchange that acquire public companies, in practice enabling those acquired companies to go public without undergoing the traditional process. This may also account for its unorthodox trading patterns.

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Nicholas Pongratz
Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage.