Doubts on SEC ETF Approval Cause Bitcoin Selloff

 

Bitcoin vs Gold CME
Bitcoin IS the New Gold
In celebration of the Chicago Mercantile Exchange’s (CME) launch of two new bitcoin indexes (BRR & BRTI), FintekNews is comparing the price of bitcoin and gold on a daily basis.

Trading Notes for Tuesday, 3/7/17:

  • Bitcoin selloff due to nervousness over SEC decision on bitcoin ETF; due March 11
  • Near term price target of $1300-$1350 met; now resistance
  • On further weakness, buy $1050-$$1100; long term upside intact
  • Gold makes good hedge with big downside expected; gold price action terrible
  • LONG Bitcoin/SHORT Gold
  • Spread working perfectly, stay the course

Bitcoin vs. Gold Daily Pricing Chart
3/7/2017

* Prices are from CME’s BRR index as of 4:15 EST; gold as of 4:15 EST near term future
**  Inception began Aug. 17, 2016 (see FintekNews article)

CME CF Bitcoin Reference Rate & CME CF Bitcoin Real Time Index

We wrote an article (8/17/16) going on the record saying bitcoin will outperform gold throughout the future. The chart above compares the pricing on that date to the two most recent trading days, as reference.  We at FintekNews have written (and are on record) of saying that bitcoin will outperform gold in the future.

Please see following FintekNews articles for reference on pricing in graph:

BITCOIN-GOLD UPDATE (Published 10/26/16)
BITCOIN-GOLD: $2K $3K? Published 8/17/16)