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This week, the price movements of Bitcoin (BTC), gold, and our AMC and Canoo stock selections.
BTC
Bitcoin (BTC) performed much better this week than in the last month. After recovering somewhat towards the end of last week, the price of BTC climbed back to $ 38,000 on June 10. From there, it fumbled a bit before the weekend, coming in to $ 35,000 on June 13.
However, BTC climbed to $ 39,000. The next day, it even went over the price of $ 40,000. Although on June 16 it fell back to $ 39,000, where it is currently trading.
Bitcoin saw this increase earlier this week, due to another tweet from Elon Musk. The tweet was in response to a news article, which Elon called misleading. He also reaffirmed that Tesla would accept Bitcoin as a payment method again once it was mined with mostly clean energy.
Although Musk previously included this caveat in his initial announcement, Bitcoin has seen a rebound in the face of this statement.
GOLD
While digital gold has had a good week overall, the price of physical gold appears to have fallen. By the end of last week, gold had surpassed $ 1,900 but was floating just below on June 9 and 10. Then on June 11 gold rallied, then appeared to hit resistance at $ 1,900, falling during the day to $ 1,870.
The decline continued on June 14 to $ 1,850, before rising to $ 1,870. On June 15, it fell to $ 1,860, then at the end of June 16, the price of gold bottomed out, falling to $ 1,810.
Although it momentarily recovered the next day, the price fell further on June 17 to $ 1,780, where it is currently trading.
The reason gold slipped below the $ 1,800 level is because the Federal Reserve signaled interest rate hikes earlier than expected. A majority of 11 Fed officials have forecast at least two quarter-point rate hikes for 2023, despite pledging to maintain a supportive policy for now to encourage employment recovery.
Additionally, higher interest rates in the United States as other major central banks are likely to wait longer with the change in monetary policy have strengthened the dollar. So it’s a double whammy for gold, said Peter Fertig, analyst at Quantitative Commodity Research.
The story continues
AMC
During this time, AMC Theaters (AMC) had a good week overall. Although AMC broke above $ 70 earlier this month, towards the end of last week it was trading at $ 52. From there, it fell a bit to $ 42 on June 10, but seemed to regain some bullish momentum the next day. On June 14, the stock price rose to $ 52 and rose again, reaching $ 63 on June 15.
However, the selling pressure returned at that point, bringing it down to $ 52. It is currently trading around $ 56.
One of the preferred meme stocks by the Reddit trading group WallStreeBets, AMC has recently seen a lot more volume and volatility. In some of the memes stocks we’ve seen, or stocks that have a high level of retail involvement, the vast majority of order flows can be traded for trades, which is problematic, said Stacey Cunningham, president of ‘Intercontinental Exchange.
GOEV
Having recently joined the ranks of meme stocks, the electric vehicle maker and competitor Tesla, Canoo (GOEV) also had a volatile week. Starting at just over $ 9 on June 8, the price climbed to nearly $ 12 before dropping back down. The next day, it managed to hit $ 12 before dropping even more, hitting around $ 9.50 on June 10. Although it increased a bit later in the day, it largely stayed around that price the following week.
However, on June 15, GOEV saw another spike, this time above $ 11, before falling and settling around the $ 10 where it is currently trading.
Canoo went public at the end of December, but has lost almost 50% of its value since then. A comment Tuesday on r / wallstreetbets that Canoo can be a terrific game for long and short term winnings likely got the ball rolling. This was accompanied by an announcement from the company that it would host an investor day on Thursday.
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