Justice Dept. Looking Into Market Manipulation Sinks BITCOIN & Cryptos; GOLD Leaps On NK Summit Cancellation (5/24/18)


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.

5/24/18 Closing Prices:

Bitcoin:  $7502.85  (-$375.86) 
Ethereum:  $583.46  (-32.41) 
Gold:  $1,305  (+$12)
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 Thursday, 5/24/2018

  • US Dept. of Justice probing market manipulation of BITCOIN, ETHEREUM & other cryptos
  • BOUGHT BITCOIN AT $7,510 ON BUY STOP
  • Regulation, investigations, manipulation rumors have created buying opportunity for BTC & ETH. Fundamentals and long term prospects have not changed
  • Crypto story still solid
  • GOLD jumps up on President Trump cancelling summit with North Korea
  • If gold holds above $1,300 for several more days it would be bullish
  • If gold drops back below $1,300 look for $1,285-$1,290 for support.
  • 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