Week from 12 to 18 April 2021
Coinbase, the largest cryptocurrency exchange in the United States, made its debut on the Nasdaq in direct listing. Its shares closed at $342 on Friday, well above the reference price of $250 set on Tuesday. This closing price valued the company slightly below $90 billion counting all its outstanding shares. In comparison, it is more than ICE, the parent company of the New York Stock Exchange, which is worth less than $70 billion.
At the same time, Bitcoin and other cryptocurrencies fell dramatically, suffering a flash crack over the week-end due to a blackout in the Xinjiang region which powers a lot of bitcoin mining. Last but not least, several countries such as Turkey and India now threaten to ban the use of cryptocurrencies.
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(Reuters) - Gold prices rose to a seven-week high on Friday and were on track for their best week since mid-December as retreating U.S. Treasury yields and a softer dollar bolstered the metal s appeal.
Spot gold jumped 0.9% to $1,779.00 per ounce by 10:26 a.m. EDT (1426 GMT), having earlier hit its highest since Feb. 25 at $1,783.55. It is up over 2% so far this week.
U.S. gold futures rose 0.6% to $1,777.30. The macro argument for gold has also improved. We are poised for a run towards $1,800, said Edward Moya, senior market analyst at OANDA. We ve had many investors abandon some positions because of some extreme technical selling we saw with Treasury yields and that has really provided a strong backdrop here for gold prices to continue to appreciate.
Gold prices rebounded from their lowest in more than a week on Tuesday after data showing a sharp rise in U.S. inflation bolstered gold s appeal as an inflation hedge and weighed on the dollar.. | April 13, 2021
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(Reuters) - Gold fell on Monday as an uptick in U.S. Treasury yields dimmed bullion s appeal, while investors awaited key U.S. inflation and retail sales data for cues on economic health.
Spot gold was 0.5% down at $1,734.31 an ounce by 11:23 a.m. EDT (1523 GMT). U.S. gold futures eased 0.6% to $1,734.60. The bond yields have stabilized right now, but they (elevated yields) are still an underlying negative for the metals markets that produce no dividend or yield, said Kitco Metals senior analyst Jim Wyckoff. The bulls lost a little bit of momentum and that is prompting shorter term technical traders to press the sell side, putting prices under pressure.