Invesco Launches Physically-backed Bitcoin ETPs, WisdomTree Lists 3 Crypto-Basket ETPs in Europe

Invesco Launches Physically-backed Bitcoin ETPs, WisdomTree Lists Three Crypto-Basket ETPs in Europe

After dropping its plan to launch a Bitcoin futures ETF in the US while pursuing a physically-backed ETF, Invesco launched a physically-backed bitcoin exchange-traded product (ETP) in Europe.

The Invesco Physical Bitcoin ETP (BTIC), which tracks the CoinShares Bitcoin Hourly Reference Rate index, is listed on the Deutsche Boerse. The ETP has a fixed annual fee of 0.99%.

Invesco has chosen the UK-based digital asset manager Zodia Custody for the custody of Bitcoin. The Custodian is registered with the FCA as a crypto asset business under the UK Money Laundering Prevention Regulations. Zodia was incubated by SC Ventures, the innovation arm of Standard Chartered, with Northern Trust as its co-investor, which will also act as the administrator for BTIC.

“We have been working on the product since the middle of 2018,” Gary Buxton, head of EMEA ETFs and indexed strategies at Invesco, told ETF Stream.

“In the last two to three years, we have been trying to structure a product that looked, from an institutional point of view, as close as possible to a traditional ETF like our gold structure, and that has been the driver of BTIC’s timeline.”

Asset manager WisdomTree also launched a trio of crypto basket ETPs in Europe, which are listed on the Swiss stock exchange SIX and Frankfurt-based Börse Xetra.

These ETPs track proprietary indices developed by WisdomTree. One of the indexes is the WisdomTree Crypto Market (BLOC) — which provides exposure to the most established crypto assets such as BTC, ETH, BCH, and LTC, but caps Bitcoin and Ether’s combined allocation to 75% to void overexposure to the top two cryptos.

WisdomTree Crypto Mega Cap Equal Weight (MEGA) meanwhile focuses only on Bitcoin and Ether.

WisdomTree Crypto Altcoins (WALT) is another index that focuses on altcoins like Solana, Cardano, Polkadot, BCH, and Litecoin.

BTC 0.94% Bitcoin / USD BTCUSD $ 57,830.11
$543.600.94%
Volume 32.38 b Change $543.60 Open $57,830.11 Circulating 18.89 m Market Cap 1.09 t
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ETH 3.51% Ethereum / USD ETHUSD $ 4,447.77
$156.123.51%
Volume 19.09 b Change $156.12 Open $4,447.77 Circulating 118.54 m Market Cap 527.25 b
9 h Invesco Launches Physically-backed Bitcoin ETPs, WisdomTree Lists Three Crypto-Basket ETPs in Europe 9 h Brace For A Bear Market or Risk Seeking into Year-End? Bitcoin and Ether Recover from Weekend Sell-Off 5 d “Fear” in The Crypto Market And Bitcoin’s Correlation With S&P 500 Climbs to Highest Level of 2021
SOL 1.70% Solana / USD SOLUSD $ 204.23
$3.471.70%
Volume 2.11 b Change $3.47 Open $204.23 Circulating 304.18 m Market Cap 62.12 b
9 h Invesco Launches Physically-backed Bitcoin ETPs, WisdomTree Lists Three Crypto-Basket ETPs in Europe 6 d Investors Unfazed by Profit-taking as Another Week of Flows Bring YTD Crypto Inflows to $9.2B 1 w Allocate to Cryptocurrencies to “Beat Inflation” And For “Hypergrowth” in Portfolio, says Strategist
ADA 0.26% Cardano / USD ADAUSD $ 1.60
$0.000.26%
Volume 1.8 b Change $0.00 Open $1.60 Circulating 33.31 b Market Cap 53.37 b
9 h Invesco Launches Physically-backed Bitcoin ETPs, WisdomTree Lists Three Crypto-Basket ETPs in Europe 6 d Investors Unfazed by Profit-taking as Another Week of Flows Bring YTD Crypto Inflows to $9.2B 1 w 13 Consecutive Week of Inflows Send Bitcoin AUM to A Record $56B and Ether’s Past $21B For The First Time
DOT 3.67% Polkadot / USD DOTUSD $ 37.13
$1.363.67%
Volume 1.28 b Change $1.36 Open $37.13 Circulating 987.58 m Market Cap 36.67 b
9 h Invesco Launches Physically-backed Bitcoin ETPs, WisdomTree Lists Three Crypto-Basket ETPs in Europe 1 w DeFi Hub Acala Network Secures First Spot In Polkadot’s Parachain Auction 1 w “Ethereum Is The Clear Winner,” says ConsenSys CEO as MetaMask Users Grow 38x in Last Year
BCH 0.91% Bitcoin Cash / USD BCHUSD $ 575.65
$5.240.91%
Volume 1.09 b Change $5.24 Open $575.65 Circulating 18.91 m Market Cap 10.89 b
9 h Invesco Launches Physically-backed Bitcoin ETPs, WisdomTree Lists Three Crypto-Basket ETPs in Europe 2 w “We’re Not Going to Talk About” SHIB Listing, says COO as Robinhood’s Crypto Wallet Waitlist Jumps to 1.6 Million 2 w Cryptocurrencies Are “Providing Another Means Of Payment,” for Criminals and Scammers: BoE Governor
LTC 3.08% Litecoin / USD LTCUSD $ 205.73
$6.343.08%
Volume 1.78 b Change $6.34 Open $205.73 Circulating 69.08 m Market Cap 14.21 b
9 h Invesco Launches Physically-backed Bitcoin ETPs, WisdomTree Lists Three Crypto-Basket ETPs in Europe 2 w $100 Trillion Market Showing Growing Interest in Digital Gold (Bitcoin) and Web 3.0 (Ethereum) 2 w “We’re Not Going to Talk About” SHIB Listing, says COO as Robinhood’s Crypto Wallet Waitlist Jumps to 1.6 Million

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Author: AnTy

Abracadabra.Money’s (MIM) Explosive Growth Sends SPELL to New Highs, Over 8.7 Bln Tokens to be Burned

Much like the MIM’s 38x growth in TVL in the last three months, the SPELL token is also up more than 100x.

Lending protocol Abracadabra money has surpassed $4 billion in total value locked (TVL).

According to DeFi Llama, the $4.15 billion worth of assets amassed by the protocol is spread across different blockchains, including Ethereum (ETH), Arbitrum, Avalanche (AVAX), and Fantom (FTM).

Just two months back, there was only $270 million worth of assets locked on the platform that allows users to produce magic internet money (MIM), a stablecoin that can be swapped for any other traditional stablecoin.

Over the month of October, Abracadabra grew 23% of the original decentralized finance (DeFi) project MakerDao (MKR), which currently has $17.53 bln in TVL.

MIM, the stablecoin, has surpassed $2.36 billion in market cap and is now inching closer to TerraUSD’s (UST) $2.8 bln.

The lending protocol that allows users to borrow a stablecoin (MIM) with interest-bearing assets relies on arbitrage to maintain its peg. And despite a 3x in its monetary supply over just one month, MIM has been able to relatively maintain its peg ever since its launch.

The native token of the protocol, SPELL, thanks to the protocol’s growth, is constantly hitting new all-time highs since the last two months. Today, the $2.27 billion market cap coin rallied to $0.3125 and is up 10,222.2% since early August.

SPELL holders get to stake their tokens to receive 75% of protocol fees. Currently, there are over 7K SPELL holders versus 10K SPELL holders, with this ratio increasing, meaning a higher proportion of SPELL holders are now staking.

This growth has been driven by the higher weekly protocol fees, which recently totaled $1.7 million.

“No Brainer”

On Monday, a total of 8,711,260,380 SPELL tokens will also be burned, announced the team on Twitter.

The new weekly benchmark, the number of SPELL tokens to be allocated to farms every week, will now be moved from the current 1.45 bln SPELL per week to 1.16 bln SPELL.

Earlier last month, the team proposed implementing a 20% reduction across all farms, starting from November 1st.

“Given the depth of the protocol reserve, we do not feel the need to use these tokens for any particular marketing effort, team reward, or other actions,” said the team. As such, the emissions that were intended to be used are now burned.

As such, for this week, the protocol will release only 624,188,139 SPELL tokens across all pools.

Additionally, last week, the proposal to deploy Cauldrons and Degenbox on Binance Smart Chain (BSC) was also passed with 99.88% votes.

With BSC currently seeing 1.6 mln daily active addresses, $20 bln of TVL being on-chain, and Binance announcing a $1 billion fund to increase BSC adoption, the multi-chain project Abracadabra.money sees this as a “no brainer” opportunity to deploy on BSC.

“With Abracadabra moving to BSC, we could capture more TVL, new assets, and completely new users,” it said.

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Author: AnTy

Binance.US CEO Brian Brooks Steps Down Just After Three Months Due to “Differences over Strategic Direction”

Binance.US CEO Brian Brooks Steps Down Just After Three Months Due to “Differences over Strategic Direction”

Binance.US CEO Brian Brooks is already stepping down from his position just three months after taking up the role.

Brooks announced his resignation on Friday in a tweet saying, “Despite differences over strategic direction, I wish my former colleagues much success. Exciting new things to come!”

His resignation came amidst a series of compliance setbacks and regulatory scrutiny from all over the globe tied to the cryptocurrency exchange Binance. Binance CEO Changpeng Zhao said in a statement,

“I remain confident in Binance.US’s business and its commitment to serve its customers and innovate. As one of the largest cryptocurrency exchanges in the United States, Binance.US is poised to continue to grow and empower the future of finance. This transition will not impact Binance.US customers in any way as the company will continue to deliver best-in-class products and services.”

In a separate tweet, CZ wished Brooks the “very best in his future endeavors,” saying his work at its US-based entity has been “invaluable.”

Brooks was the acting Comptroller of the Currency during the Trump administration from May 2020 to January 2021, where he led efforts to provide regulatory clarity for stablecoin and digital asset custody. Brooks joined Binance.US in May, and before joining the regulator, he was the Chief Legal Officer at the competing exchange Coinbase.

“This reminds me of so many other stories of foreigners taking executive-level positions at Chinese companies. Just as an empirical fact, it frequently ends in disaster,” said Matthew Graham, CEO at VC Sino Global Capital, last month regarding the disappearance of Catherine Coley from the social media after Brooks replaced her as the CEO of Binance.US.

“Don’t be surprised if/when the Brian Brooks era ends in similar fashion,” Graham had said at the time.

Amidst this, the latest round of speculation in the market around Binance has been that it is “planning the ultimate rug pull” based on the fact that someone other than CZ is the beneficial owner of Binance, as narrated by a former Binance user who lost his funds on the platform during the May 19 crash when about $10 billion worth liquidation happened during which Binance went down.

But it seems more to do with how things work in China than the nefarious plan in action as claimed by Binance victim Francis Kim, whose Twitter bio says he’s here to expose the truth about the exchange.

Kim’s tweet about Binance “fundamentally misunderstands how business is done in China, where it’s quite common to have assets under other people’s names,” Graham said of the tweet.

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Author: AnTy

NYDIG CEO: We’ll See an ‘Explosion’ in Bitcoin-Driven Financial Innovation in Banking & Insurance

Ross Stevens also revealed that he had a meeting with the heads of three of the world’s largest central banks about Bitcoin and inflation. He believes that we could see a central bank adopting the bitcoin standard or purchasing BTC as a reserve asset in the next 12 months.

“Bitcoin is life insurance” is how Ross Stevens, founder, and CEO of NYDIG, a Bitcoin management company, which is the subsidiary of $10 billion asset manager Stone Ridge, defined the cryptocurrency in his latest interview.

Bitcoin, according to him, is a payout in the form of freedom and dignity. And when one is poor, and all they have is fiat, then “that’s a melting ice cube of value” as the Federal Reserve continues to print money.

And this has been through the thoughts of “exacerbation of wealth inequality, profound unfairness of central bank activities,” that Stevens “saw the awesome power of bitcoin.”

NYDIG bought a bunch of bitcoin way back when no one knew about it and held it all the way through. But in 2020, they bought more bitcoin than the previous five years combined and are “on a pace to buy even more this year.”

This is because the company sees Bitcoin as a “peaceful weapon of choice against central bank driven time theft.”

The firm basically went all-in in 2017, and “it had profound effects on our company,” said Stevens adding,

“if you think about that denominator of fiat money just never-ending and expanding, that means necessarily that bitcoin gets more and more valuable.”

Bitcoin is the “first store of value in human history whose supply is completely impervious to any amount of increased demand,” he said.

Cash No Longer An Asset But A Liability

As we have been since last year, ever since the Fed implemented ultra-loose monetary policy, the value of the currency took a hit, propelling companies to see Bitcoin as a treasury asset, a replacement to the cash.

“Cash is no longer an asset; it is a liability,” said Stevens, and as such, companies have to decide what to do with their reserves.

“For companies like Stone Ridge and others that have adopted the bitcoin standard versus companies in their industries that have not, the results are profound, and part of the key is a shift in mindset,” which is that “bitcoin is not vulnerable,” like fiat and not subject to the whims of human frailties like decision making, he added.

This means, if you are not long bitcoin, you are short bitcoin, which is “not going away.”

Others also realize it, and that’s why NYDIG is “seeing uptake from kind of all spectrums of financial services, all spectrum of investors.”

“We’re At A Time Of Great Transition”

Amidst the growing interest for bitcoin, the strangest pairing in the most active folks is millennials and life insurers. What they have in common is that “they have the longest fiat denominated liabilities basically in the world,” said Stevens.

“What you will see over the next 12 to 24 months is nothing short of an explosion in bitcoin-driven financial innovation in the banking sector and the insurance sector.”

The problem is that people don’t feel safe with trusting their financial solution, and NYDIG is partnering with them to solve this. And the beginning of the baby steps of a rollout would be seen in Q4 with 2022 as “the year of bank after bank after bank enabling their customers to buy bitcoin,” get BTC rewards on credit cards and receive interest in it as well.

As for fear and opposition from central banks on bitcoin, Stevens revealed that he is meeting with the top officials who want to understand this asset class. “We’re at a time of great transition,” he said.

Steven didn’t share the name of the officials but said that they had a four-hour-long discussion:

“This past Saturday, the heads of three of the largest central banks in the world wanted to talk about inflation and bitcoin with me.”

But one topic he thinks about is when a country will change their legal tender laws to adopt the bitcoin standard, or a central bank would purchase bitcoin as a reserve asset. According to him, there is a 50-50 chance this would happen, and his contemplation is that it will happen in the next 12 months, he said.

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Author: AnTy

China FUD: Three Self-Regulating Bodies Reiterate Country’s Anti-Speculation Stance on Crypto

China FUD Back into Effect as Three Self-Regulating Bodies Reiterate Country’s Anti-Speculation Stand on Crypto

Affecting the cryptocurrency prices since 2013, China banning Bitcoin FUD is back amidst the ongoing market volatility, sending BTC price back in the 42k-46k range.

The price of Bitcoin went back under $42,700 and is yet again at the center of the inner $42k-$46k range, thanks to the same old China FUD permeating the cryptocurrency market.

Despite being as old as nine years, China banning Bitcoin never fails to induce a market sell-off. And that’s exactly what happened after Reuters reported that China is banning financial institutions and payment companies from providing services to crypto-related transactions.

As Qiao Wang of DeFi Alliance noted, “China didn’t just ban crypto. It’s reiterating an anti-speculation law from years ago.”

Three Chinese organizations viz. The National Internet Finance Association of China (NIFA), the China Banking Association (CBA), and the Payment and Clearing Association of China (PCAC) jointly issued a note where it reiterates the country’s previous stance on crypto businesses.

All three of these bodies are self-regulatory organizations and not regulatory agencies. They are reiterating the same old stance because they deem speculative crypto trading in the country amidst ongoing market volatility to be “seriously infringing on the safety of people’s property and disrupting the normal economic and financial order.” The statement reads,

“Financial and payment member institutions shall not provide insurance services that relate to virtual currencies or directly and indirectly offer crypto-related services for their clients, including but not exclusive to crypto-related trading, custody, lending, and settlement; accepting virtual currencies as a payment tool; exchanging virtual currencies with the Renminbi.”

The statement echoes China’s stance towards crypto space in 2017 when they prohibited ICO activities and banned crypto exchanges from offering fiat-to-crypto services, and at the time, they had the same requirements in place for financial institutions to not be involved directly or indirectly with crypto.

Interestingly, just last month, the vice governor of the People’s Bank of China (PBoC) called Bitcoin and stablecoinsinvestment alternatives” as opposed to currencies.

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Author: AnTy

Ireland Adopts AMLD5; Virtual Asset Service Providers Given Three Months to Register

Ireland Adopts AMLD5; Virtual Asset Service Providers Given Three Months to Register

  • Ireland is the latest European state to introduce the Fifth Anti-Money Laundering Directive (AMLD5).
  • Cryptocurrency exchanges are required to register with the central bank within 90 days.

In a statement released on Tuesday, the AMLD5 from the Financial Action Task Force (FATF) has been transposed into Irish law on Friday, April 23, 2021. The directive, now Irish law, forces virtual asset service providers (VASPs) to register with the Central bank of Ireland within the next three months and comply with all Know-Your-Customer (KYC) and Anti-Money Laundering (AML) laws.

The directive becomes part of financial laws in Ireland via the Criminal Justice (Money Laundering and Terrorist Financing) Amendment Act 2021.

The report describes VASPs as firms that facilitate the exchange between virtual assets and fiat currencies, an exchange between one or more forms of virtual assets, custodian wallet provider, transfer of virtual assets between digital addresses, and any other activities involving transacting virtual assets.

This starts a new regime in Ireland whereby crypto exchanges must record and keep their users’ KYC/AML information– effectively killing anonymous crypto transactions. As per the guidelines, VASPs operating in the country must comply with these laws or “it will be a criminal offense,” which could result in a fine, imprisonment, or both.

Additionally, VASPs are required to perform due diligence on their clients to find the origin of their funds, destination of transactions and report any suspicious activities to authorities.

As reported last May, the Irish cryptocurrency service providers found it difficult to conduct their business as local banks locked them out as the government delayed implementing the AMLD5. With the new laws, a few crypto companies are looking to restore their partnerships with local banks.

Netherlands became the first European country to charter a cryptocurrency exchange under the new AMLD5 laws in late October 2020. Nederlandsche Bank NV (DNB), the Netherlands’ central bank, approved AMDAX BV as the first digital asset firm to operate under its jurisdiction allowing users to buy and sell crypto through the exchange.

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Author: Lujan Odera

Grayscale Bitcoin Trust (GBTC) Catching Up Fast to Gold’s Largest ETF (GLD)

Bitcoin ETFs are also making waves, with BTCC doing three times more volume than any other ETF in Canada. Meanwhile, Bitcoin price, which is ready to hit $58k, is up 92% YTD compared to gold’s -5.83%.

Grayscale, the world’s largest digital assets manager, has $43.63 billion in assets under management. In less than a month, the asset manager has doubled its AUM as earlier this month it was sitting at $26.4 billion and $20.2 billion at the beginning of the year.

The majority of this AUM belongs to Grayscale’s one product Bitcoin Trust (GBTC), which has $36.57 billion in assets under management. Grayscale Bitcoin Trust currently holds 455.47k BTC, just over 3.5% of Bitcoin’s circulating supply.

This is thanks to the price of Bitcoin hitting a new high above $57,000 today and becoming a trillion-dollar asset.

With this, Bitcoin has achieved 10% of gold’s market cap, with the precious metal’s market cap being around $10 trillion. Price-wise, gold is nowhere near in BTC’s realm. Spot gold is currently trading at $1,783 per ounce, as of writing, down 5.83% YTD compared to Bitcoin’s more than 90% gains in 2021 so far.

Just as the leading digital currency is slowly eating up gold’s market share, the biggest Bitcoin fund GBTC is closing in on the largest gold ETF, SPDR Gold Trust (GLD), which has $64.85 billion in assets under management.

“GBTC ($39.2b+) isn’t that far from flippening the largest gold ETF, GLD ($64b),” tweeted Nic Carter of Coin Metrics.

The gold ETF that provides “physically held” exposure to the precious metal records $1.49 billion in average daily volume.

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While Grayscale clearly dominates the market, an increasing number of funds are now making an appearance. Several organizations are filing for a Bitcoin ETF, allowing institutional investors exposure to the digital asset without actually buying or holding them.

While the US has yet to get one, Canada has already had two. This week, the Ontario Securities Commission (OSC) also approved the Evolve Funds Group’s application for a Bitcoin ETF.

As we reported, the first Bitcoin exchange-traded fund, Purpose Bitcoin ETF (BTCC), was a roaring success, beating the traditional numbers. The two-day AUM is estimated to be $330 million.

On Friday, BTCC traded $350 million, a jump of 40% from its debut day and three times more volume than any other ETF, noted Eric Balchunas, Senior ETF Analyst for Bloomberg. Joe McCann, a Microsoft strategist said,

“ETFs beget liquidity, and liquidity improves price discovery and price ascent. This is historic volume in Canada for its BTC ETF. When, not if, it gets approved in the US, we will see the same thing happen.”

The US Securities and Exchange Commission has shut down all the attempts to offer Bitcoin ETF in America, so far, but there are high expectations for one under the new SEC Chairman, for which President Joe Biden has nominated Gary Gensler, who taught a class on Blockchain at MIT.

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Author: AnTy

DEX Balancer Raises Million Ahead of its V2 Launch Next Month

DeFi protocol, Balancer, has secured an investment of $5 million from Three Arrows Capital and DeFiance Capital, both of which will be key strategic partners in its expansion in Asia.

The popular DEX also has Pantera Capital and Alameda Research as its investors, which directly purchased BAL tokens from the Balancer Labs treasury, bringing its total raised fund in Series A round to $12 million.

The funding is expected to further accelerate the growth of Balancer Labs as it prepares for the launch of Balancer v2.

Earlier last week, Fernando Martinelli, the co-founder and CEO of Balancer Labs, shared that the V2 upgrade, expected to launch in March, will bring the project “closer to Balancer’s vision of being the primary source for DeFi liquidity.”

“The Balancer team has pioneered a great deal of innovation in the DeFi space and is one of the most widely used liquidity protocols. We are excited to help them expand further,” said Su Zhu, Three Arrows Capital, a Singapore-based crypto asset hedge fund.

The protocol that works on building the primary source of liquidity for DeFi has a TVL (total value locked) of $1.25 billion.

In the world of DEX, the protocol recently surpassed $10 billion in total swap volume and did about half a billion dollars worth of volume in the past 7 days compared to $1 billion by Curve, $1.3 billion by 0x, $3.5 billion volume recorded on SushiSwap, and $7.6 billion on Uniswap.

Balancer currently has 3.24% of the DEX market share, as per Dune Analytics.

The native token of the project BAL, which has a market cap of $$332 million, enjoyed the news and jumped 30% to hit $50, up 240% YTD.

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Author: AnTy

Decentralized Exchange (DEX), dYdX, Raises $10 Million Following A Record 2020

Decentralized exchange dYdX has raised $10 million in Series B round led by Three Arrows Capital and DeFiance Capital, which the team calls “an important milestone.”

While a16z, Polychain Capital, Kindred Ventures, 1confirmation, Elad Gil, Fred Ehrsam continued their support, Wintermute, Hashed, GSR, SCP, Scalar Capital, Spartan Group, and RockTree Capital are the new investors in the DEX platform. Arthur Cheong, founder of DeFiance Capital said,

“We have been users since the early days and are excited to back dYdX in the current round to accelerate its mission to build the most powerful decentralized trading platform for cryptoassets.”

The funds raised will be used to add new assets and features, partnerships, strategically invest in international growth markets such as Asia, and further expand the team, which recently added six new members across engineering, design, & growth.

The DEX runs on smart contracts on the second-largest network, Ethereum, eliminating the need for a central exchange. The infrastructure of the decentralized exchange combines non-custodial, the on-chain settlement with an off-chain low-latency matching engine to deliver an institutional-grade, liquid, and low slippage trading experience.

The investment came after a “record” 2020 that saw the total cumulative trade volume across the perpetual, margin, and spot trading increasing 40x, reaching $2.5 billion in 2020, up from $63 million in 2019. Also, loan originations registered $17.4+ billion from dYdX lending pools.

In 2021, total cumulative trade volume has surpassed $3.5 billion, with the team preparing to launch Layer 2 solution with StarkWare for cross-margined perpetuals to scale lower cost in February.

Besides these metrics, dYdX users also jumped 4.8x with 38,588 unique wallets depositing funds into the exchange’s smart contracts.

dYdX, however, accounts for only 2.37% of total DEX volume, recording just over $5 million in volume in the last 24 hours. The majority of the DEX volume share is captured by Uniswap at 47.7%, followed by SushiSwap at 21.3%, and Curve and 0x at 11..21% and 9.69%, respectively, as per Dune Analytics.

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Author: AnTy

Gold Is Trashed As USD Regains Strength; Will Bitcoin Hold Onto its Gains?

The traditional safe-haven asset has lost 5.6% of its value in three straight days of losses. The digital gold is still strong above $41k but the market needs to pay attention to the macro environment to see if USD gains take its toll.

Today, gold lost 3.14% of its value while USD gained some strength to move above 90 and Treasury yields made some recovery.

The yellow metal had a good couple of days entering into 2021 as it jumped back above $1,900, but it hasn’t been long that the bullion went down again.

Today the third day in a row that the precious metal has been going down, losing 5.6% of its value since Wednesday.

“It is the first week of January and the staying power for positions tends to be low so moves can get exaggerated,” Tom Fitzpatrick, a Citigroup’s technical strategist, told Bloomberg. Fitzpatrick has been the one that predicted a $318,000 BTC target.

The weakness in gold coincides with the greenback bottoming at 89.2 on Jan. 6 to find its way back above 90 after 10 days.

“Gold and metals getting trashed. The dollar incredibly bottomed on the elections … should have gone down, but didn’t. Rates behaved as expected, but the dollar turned,” noted trader and economist Alex Kruger.

Pay Attention

Unlike gold, the stock market continued its uptrend amidst the growing speculation on further stimulus but despite a sharp slowdown in US hiring.

With the U.S. President-elect Joe Biden getting full control of Congress after the two Democratic wins in Georgia’s Senate runoffs this week, the expectation for more stimulus and higher spending on economic reconstruction has been bolstered.

Bitcoin has also been making strong moves, with this week being yet another wild one for BTC in which the cryptocurrency went from $29,000 on Monday to nearly $42,000 today.

However, trader TheCryptoDog suggests to “pay attention to the macro environment,” adding, “Is the Fed really going to continue such wanton debasement of the dollar?”

Kruger also feels that “If this dollar trend were to continue for much longer it will likely take its toll on bitcoin.”

“This parabolic move upwards, with normally staid Wall Street firms including JP Morgan calling $146,000 as their price target for Bitcoin, and Guggenheim called $400,000, feels like it has a long way to go before exhausting,” is what Guy Hirsch, managing director for the U.S. at eToro believes. “It wouldn’t be all that surprising to see $100,000 at some point this year, given the current momentum.”

While making these new highs every day, Bitcoin has been time and again giving small pullbacks, only to make these daily tops support the very next day for another push higher.

But the market believes that despite being in this new paradigm, “brutal retracements are still possible.”

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Author: AnTy