GOLD Softens on US/NK Summit Hopes; BITCOIN/ETHEREUM Die on Lack of Interest (5/25/18)


NEW 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, using the CME Bitcoin Indexes (BRR & BRTI) and the CME Ethereum Indexes (ETH_RR_USD) & (ETH_RTI_USD) for reference.

5/25/18 Closing Prices:

Bitcoin:  $7,493.94  (-$8.91) 
Ethereum:  $600.48  (-17.02) 
Gold:  $1,302  (-$3)
Dow Jones Industrials:  24,811.76  (-75.05)
S&P 500:  2,727.76  (-5.53)

Nasdaq Composite:  7,424.43  (-1.53)

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 Friday, 5/25/2018

  • BITCOIN basically unchanged. Lower after London close
  • ETHEREUM drops more than bitcoin. More longs in ETH so more sellers are around
  • Regulation, investigations, manipulation rumors have created buying opportunity for BTC & ETH. Fundamentals and long term prospects have not changed
  • Very quiet trading ahead of three day weekend in U.S.
  • GOLD moves up and tests $1,310, falls back to finish lower on the day
  • If gold drops back below $1,300 look for $1,285-$1,290 for support
  • UNCERTAINTY abounds and is ruling the markets. Summit talks on/off, interest rates up/down, dollar rallies/weakens. UNCERTAINTY causes dull uninspiring markets
  • Currently neutral on gold, long term bullish on BTC & ETH

CURRENT TRADING POSITION:  LONG BITCOIN




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