This week’s price movements for (BTC) and gold -and our stock pick is Robinhood.
Bitcoin (BTC) has struggled a bit over the past two weeks, trading at roughly $43,500 on April 7 – and falling by $1,000 by April 9.
Despite rising to $43,250 the next day, BTC dropped further to $39,500 on April 11.
After some spikes it rose again to $41,500 by April 14, only to fall back down later in the day. Rising above $40,000 the next few days, it dropped again to nearly $35,750 on April 18, before shooting up later in the day, reaching $41,500 by April 20.
It is currently trading around $42,500, as of press time.
Over the first four months of the year, BTC has largely been trading between the $35,000 to $45,000 range. “We’ve seen weakness in crypto, largely in line with the selloff in equities and other risk assets,” Joshua Lim, head of derivatives at Genesis Global Trading.
While Bitcoin prices have edged higher recently, the wider cryptocurrency space has moved little as digital assets face headwinds from a complex macro picture. “The digital currency market is experiencing a mix of both upswing and downswings,” Alexander Mamasidikov, co-founder of digital bank Mineplex.
“Bitcoin is trading in a positive zone…the positive growth momentum in the digital currency is a continuation of the rejuvenation recorded yesterday when bitcoin printed its highest price in more than seven days.”
Over the past two weeks GOLD has stayed within the $1,900-2,000 range. Trading around $1,925 on April 7, the of gold kept a mostly upwards trend, hitting $1,960 and $1,975 on April 11 and 12, respectively.
After reaching $1,980 on April 13, gold dipped a bit, nearly hitting $1,960 on April 14. However, after the Easter weekend, gold jumped again, passing $1,996 on April 18.
Since then, gold has fallen somewhat, back down to $1,975 and $1,940 on April 19 and 20, respectively.
It is currently trading around $1,945, as of press time.
This fall was caused by rising U.S. Treasury yields, while an increased appetite for risk dented the appeal of the safe-haven metal.
“We are seeing a decent pickup in equity markets in recent days so that is an indication that risk-on attitudes are back into the market and may be detracting a little bit from gold,” WisdomTree analyst Nitesh Shah.
Robinhood has dipped somewhat over the course of April. On March 30, HOOD was trading at $15.50, falling to $13.50 by the beginning of April.
While picking up a bit on April 5 to nearly $14, it continued to sink from there hitting $11 by April 11. Despite rising over the next few days, it hit $11 again on April 18, and has dipped a bit further since.
It is currently trading around $10.50, as of press time.
Robinhood recently announced its plans to acquire U.K. crypto company Ziglu, for an undisclosed figure. Its eventual plans to integrate Ziglu marks the expansion of its operations into Europe, as well as its second attempt at entering the U.K. market, following a botched attempt in July 2020.
In addition to renewing its efforts in the U.K., the purchase also demonstrates a further willingness to invest in its cryptocurrency offerings. Just over two months ago, the trading platform had said that its pandemic-driven crypto trading boom was cooling, which Robinhood shares showed, having dipped up to 30% this year.
However, earlier this month, it rolled out its long-anticipated crypto wallet to two million waitlisted users, but with some notable limitations.
