WE HOPE YOU ENJOY OUR NEW FORMAT FOR THE TAYOR REPORT – BITCOIN VS GOLD VS ETHEREUM, 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.
8/1/18 Closing Prices:
Bitcoin: $7,600.18 (-$129.07)
Ethereum: $423.35 (-$7.17)
Gold: $1,2217 (+$8)
Dow Jones Industrials: 25,333.82 (-81.37)
S&P 500: 2,813.36 (-2.95)
Nasdaq Composite: 7,707.29 (+35.50)
Trading Summary Notes for Wednesday, 8/1/2018
- Federal Reserve leaves interest rates unchanged, hints at next month for a raise citing strong economy. BTC, ETH and GOLD all sell off
- Do interest rates affect cryptos? Shouldn’t, but is a correlation forming?
- GOLD drops on strong economy references. THAT makes sense IF inflation is ignored
- Seems today’s market moves are just plain summer lack of interest……buyers strike
- ETH looks very weak, BTC still in uptrend BUT softens in ‘crypto sympathy
- Inflation concerns being overlooked by GOLD traders
- GOLD……when there are no reasons to buy………that’s when you buy
- Risk/reward in GOLD………..risking $20 (down to $1,200) to make $200 ($14,000 target)
CURRENT TRADING POSITION: LONG BITCOIN AND GOLD
Bill Taylor is Managing Partner at Fintek Capital & a frequent contributor to FintekNews