Be[In]Crypto brings you this week’s price movements for gold, stocks, and Bitcoin (BTC) – our stock pick this week is Goldman Sachs.
This past week Bitcoin climbed to its highest price point in the past month.
On March 9, BTC experienced a spike to $42,500, but fell back below $40,000 by the next day. It continued trading there, apart from mild dips and spikes, until March 16, when BTC pushed up to $41,000.
By March 19, it had continued to $42,000, before falling again on March 21. From there BTC rose to $43,000 on March 22, its highest level since the beginning of the month.
Despite dipping again, BTC is back trading around $44,000.
In reaching its highest point in almost three weeks, BTC added to its gains since Russia’s invasion of Ukraine, which have also pulled up other smaller digital coins such as Ethereum.
BTC has added more than 26% since its intra-day low of $34,324 on February 24, the day Russia invaded Ukraine. Analysts cited no specific news as a catalyst for the appreciation, besides a tentative appetite for riskier assets.
Despite BTC’s gains, crypto investment products and funds showed net outflows for a second straight week, according to the latest report from digital asset manager CoinShares.
Gold seems to have cooled off from peaks earlier this month. On March 9, the price of gold was just shy of $2,060, before falling to $1,970 by the following day.
Despite bumping back up to $2,010, it proceeded to trend downwards, hitting as low as $1,894 on March 16. Since then, gold has been channeling between $1,950 and $1,910, but broke through in the past day and is currently trading around $1,962.
Gold prices rose to a more than one-week high as its safe-haven appeal was bolstered by concerns over rising inflation and uncertainty over the war in Ukraine.
“The very strong underlying inflationary pressures continue to be the main supportive fundamental factor driving the gold price. There are other ancillary factors, most notably, the war in Ukraine,” said David Meger, director of metals trading at High Ridge Futures.
Goldman Sachs has been mostly trending downwards for the past month and a half. On February 9, GS was trading at roughly $376, falling down to $340 by February 16.
It continued trending downwards from there reaching $340 by February 23. Between February 24-25 GS seemed to gap down, appreciate, then gap back down again upon opening on February 28. It continued swinging down from there, hitting $328 on March 4, bumping up again, then falling further to $320 on March 8.
Since then GS has recovered somewhat, having risen to $345 by March 20, but is currently trading around $335.
Earlier this week, Goldman Sachs made its first-ever over-the-counter crypto trade alongside digital-asset financial company Galaxy Digital, where the company described it as a “bitcoin non-deliverable option” – a type of cash-settled cryptocurrency options trade.
Goldman Sachs made the first-ever over-the-counter crypto trade by a major U.S. bank earlier this week, meaning it used an over-the-counter market for a private transaction, rather than trading over an exchange.
The transaction, described in the statement as a bitcoin non-deliverable option, a type of cash-settled cryptocurrency options trade, was conducted with digital-asset financial company Galaxy Digital. Damien Vanderwilt, co-president and head of global markets at Galaxy, said in an interview that the trade will “open the door for other banks considering OTC as a conduit for trading digital assets.”
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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.