Bitcoin IS the New Gold
In celebration of the Chicago Mercantile Exchange’s (CME) launch of two new bitcoin indexes (BRR & BRTI), FintekNews is comparing the price of bitcoin and gold on a daily basis.
Trading Summary Notes for Thursday, 3/17/17
(HAPPY ST. PATTY’S DAY!!)
- Bitcoin sellers out in force. Volatility rises after SEC decision on ETF’s
- Bitcoin holders getting nervous on next SEC decision on Solid X ETF application
- Expect bitcoin trading range of $1000-$1300-$1350. Aggressive buyers use $1025-$1075 area
- The next SEC decisions on bitcoin ETF’s are already being priced in as a “no”.
- Gold held steady. Resistance at $1250. Bounce from $1195-$1200 looks like short covering and some new longs.
- Not a fan of gold. Over owned and still considered “the safe haven” by ‘establishment’ firms/traders
- No change; LONG Bitcoin/SHORT Gold
(remember, doesn’t work everyday)
Bitcoin vs. Gold Daily Pricing Chart
* Prices are from CME’s BRR index as of 4:15 EST; gold as of 4:15 EST near term future
** Inception began Aug. 17, 2016 (see FintekNews article)
We wrote an article (8/17/16) going on the record saying bitcoin will outperform gold throughout the future. The chart above compares the pricing on that date to the two most recent trading days, as reference. We at FintekNews have written (and are on record) of saying that bitcoin will outperform gold in the future.
Please see following FintekNews articles for reference on pricing in graph: