[ad_1]
This week, the price movements of Bitcoin (BTC), gold and our stocks select Riot Blockchian and Clean Energy Fuels.
BTC
Bitcoin (BTC) had another hectic week, possibly even more so than the week before. After breaking the price of $ 39,000 on June 3, BTC fell to $ 37,000 the next day. Although it climbed back to $ 38,000 on June 5, it fell again to $ 36,000 where it hovered until June 7.
Around noon, BTC plummeted, falling to nearly $ 31,000 on June 8. However, from there it seemed to pick itself up, hitting $ 37,000 at the end of June 9 and $ 38,000 the next day. It is currently trading around $ 37,000.
Earlier today, the Basel Committee on Banking Supervision released a consultation paper stating that cryptocurrencies should have some of the most stringent capital requirements, due to their risks. Despite the somewhat harsh assessment of the Basel Committee, investors seem to have rather gleaned their relative acceptance of cryptocurrencies.
The consultation demonstrates that regulators are taking the market seriously and preparing the banking industry for widespread adoption. Bitcoin jumped about $ 2,000 with the newspaper’s publication earlier this morning.
GOLD
While not as strong a performance as last week, gold appears to have recovered from the decline it suffered towards the end of last week. After going above $ 1,900 on June 2, the price of gold plunged on June 3, falling to $ 1,860 on June 4. However, later in the day it recovered somewhat, climbing back up to $ 1,890.
After declining a bit, it hit $ 1,900 again on June 8. Despite a small or two spikes, the price of gold fell over the next two days to $ 1,880. But around noon, the price soared, pushing it to $ 1,890 where it is currently trading.
The reversal came after data showed consumer prices in the United States rose more than expected last month. The main takeaway is that this market has a firm belief that the US Federal Reserve will not change positions anytime soon and that the strategy for gold remains, said Edward Moya, senior market analyst at OANDA.
The story continues
While some price pressure remains for gold, soaring inflation, which could trigger a Fed policy tightening, is unlikely to maintain support for gold, Moya said.
RIOT
Riot Blockchain has had a solid June so far. After starting the month around $ 27, the stock climbed to $ 30 over the next few days, before falling back down on the weekend. On June 7, RIOT traded at $ 29 most of the day.
But on June 8, the stock fell to below $ 26. From there, it rebounded, reaching a high of over $ 32 on June 9. It is currently trading around $ 30.
The resumption of riots on Tuesday is due to a recent development. According to a filing with the Securities and Exchange Commission (SEC) this week, Riot Blockchain is selling 2.2 million shares of Coinsquare to Mogo (NASDAQ: MOGO) in exchange for 2.3 million shares of Mogo.
Mogo is a financial technology company, while Coinsquare is a Canada-based cryptocurrency exchange. Although the deal was previously announced, the latest SEC filing revealed that the first payment for Mogo shares took place on June 4.
CLNE
Clean Energy Fuels has also had a good June so far. Starting the month around $ 8, the CLNE jumped to $ 9.50 on June 3. The next two trading days saw its spread even wider before dropping back down to $ 10.50 on June 7. June 9 at over $ 12, the day was rather volatile. It is currently trading around $ 11.50.
Clean Energy Fuels, which collects and transports the natural gas produced by animal waste collected from dairy farms, is the latest to receive meme stockpile treatment. Clean Energy soared 37% on June 9 as the memes trade gained momentum and loud Reddit posters were celebrated. Do you smell the cow poo and the Benjamins this morning? asked a meme. CLNE had already increased by 22% compared to the previous week.
The company doesn’t appear to have released any significant news that would explain the stock movement, but similarly to other stocks memes, the Clean Energys movement appears to be motivated by an attempted short squeeze.
[ad_2]
picture credit