BITCOIN Dives, Ethereum Crashes and GOLD Inches Up (5/23/18)


COMING THIS WEEK – A WHOLE NEW FORMAT FOR BITCOIN VS GOLD, INCLUDING A LINK TO THE NEW CME ETHEREUM INDEXES! 

By Bill Taylor, Contributor

We compare the price of Bitcoin, Ethereum, Gold & Major Market Averages on a daily basis, using the CME Bitcoin Indexes (BRR & BRTI) and the CME Ethereum Indexes (ETH_RR_USD) & (ETH_RTI_USD) for reference.

5/23/18 Closing Prices:

Bitcoin:  $7,878.71  (-$346.87) 
Ethereum:  $615.87 (-67.07) 
Gold:  $1,293  (+$1)
Dow Jones Industrials:  24,886.81  (+52.40)
S&P 500:  2,733.29  (+8.85)

Nasdaq Composite:  7,425.96  (+47.50)

CME CF Bitcoin Reference Rate & CME CF Bitcoin Real Time Index
CME ETH_RR_USD Ethereum Reference Rate & CME ETH_RTI_USD Ethereum Real Time Index

Trading Summary Notes for Wednesday, 5/23/2018

  • CRYPTO’s under selling pressure across the board
  • BITCOIN breaking down. Now under $8,000 and even weaker after London price fix
  • So much for support at the $8,000 level. Next stop could be $7,200-$7,400
  • ETH broke solid support at $650. Trading below $600 after London closing fix
  • Regulation fears and SEC, Canadian regulators investigating previous ICOs may be “spooking” all cryptos
  • Crypto story still solid. Buyers may have gone on vacation
  • GOLD tested $1,300 then fell back to basically unchanged
  • Interest rates softened, dollar eased UP higher, gold stayed put
  • Uncertainty causing markets to “waffle” and soften
  • Currently neutral on crypto’s (bitcoin, ethereum) and gold

CURRENT TRADING POSITION:   NO CURRENT POSITIONS




Bill Taylor is Managing Partner at Fintek Capital & a frequent contributor to FintekNews