The Taylor Report-Bitcoin vs Gold vs Ethereum (8/1/18)

Fed Leaves Rates Unchanged This Time; BITCOIN, ETHEREUM and GOLD All Drop


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)

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, 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