The Taylor Report-Bitcoin vs Gold vs Ethereum (8/23/18)

SEC Says No to ETF, BITCOIN & ETH Drop; GOLD Sinks Hard, Off $11


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.

8/23/18 Closing Prices:

Bitcoin: $6,447.74 (-$205.42) 
Ethereum: $273.90 (-$10.22)
Gold: $1,185 (-$11) 
Dow Jones Industrials: 25,656.98 (-76.62)
S&P 500: 2,856.98 (-4.84)
Nasdaq Composite: 7,878.46 (-10.64)

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, 8/23/2018

  • The US SEC rejects applications for BITCOIN ETF (see FintekNews article)
  • Decision dampens buyers enthusiasm. Further downside possible
  • CRYPTO PANIC MAY NOT BE OVER YET!  BITCOIN could break down under $6,000 in a panic. Target $4,500-$5,000. ETH $200.
  • GOLD sells off sharply after testing $1,200
  • Dollar rallies on fears of more interest rate hikes causing GOLD selloff
  • Rumors again of some central banks selling GOLD are back. Selling GOLD to raise dollars to support local fiat currency?
  • GOLD holding $1,175-$1,180 so far
  • Long term bullish on BITCOIN and GOLD. Neutral on ETH.

CURRENT TRADING POSITION:  LONG GOLD



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