Visa Cryptocurrency Stock

Gold, Stocks, and Bitcoin: Weekly Overview — December 9

Gold, Stocks, and Bitcoin: Weekly Overview — December 9
Written by publishing team

This week’s price movements for Bitcoin (BTC), gold and Visa our stock pick.

BTC

Bitcoin (BTC) saw a dip at the end of last week, but it has largely stabilized this week. After trading around $57,000 on Dec 2, BTC fell on Dec 3, hit $44,000 on Dec 4, BTC recovered by Dec 5, then hit resistance at $50,000, and fell below $48,000 by Dec 6. Although it surged above $50,000 on December 7, BTC is down again and is now trading around $48,000.

The BTC drop over the weekend was caused by concerns about the Omicron variant of the coronavirus and inflation news from the Federal Reserve to the crypto markets. The uncertainty around these issues has caused investors in traditional markets to withdraw from higher-risk positions, which have moved to more volatile digital assets. The BTC drop represents a drop of about 20% in the past two weeks, which has brought the price of Bitcoin and the amount invested in Bitcoin futures down to what it was in early October.

gold

Despite the spikes that occurred during the week, gold is back in trading where it was a week ago. December 2 began with gold trading around $1,780, before dropping to $1,762 later that day. Buying pressure then hit, whose momentum continued on December 3 over the weekend, and reached nearly $1,788 by December 6. Things calmed down over the next day before replenishing on December 8 to $1,792. However, since then gold has taken some hits and is now trading around $1,780.

Gold prices fell as investors squared off in anticipation of this week’s US inflation data, which could set the tone for the Federal Reserve’s approach to raising interest rates. If the Fed goes into tapering sooner than it announced at the last meeting, the probability of a rate hike will naturally increase and that will be a downside (for gold), said Quantitative Commodity Research Analyst Peter Fertig. “However, gold may see fresh bids if markets again become fearful of pandemic-related developments or an escalation of geopolitical tensions between major economies,” said Han Tan, senior market analyst at Exinity.

Fifth

Although the downtrend has continued since the summer, Visa shares have seen a rally this week. V made an all-time high of just over $250 in July, but has continued to decline since then. A month ago, it was trading around $220, but it continued to drop in fits and starts, dropping to $213 on November 9 and again to $210 on November 11. Although it rose to $215 on November 16, V fell on November 17 to $204, and dropped to $195 by November 22. V largely oscillated between $204 and $190 in the next two weeks, before hitting $206, on Dec. 7. It is currently trading around $210.

Visa’s recovery this week can be attributed to the launch of the global cryptocurrency advisory practice. In addition to allowing customers to use its network for digital offerings, and helping manage back-end operations, Visa’s services will now also include educating organizations about cryptocurrency. “We came to Visa to learn more about crypto and stablecoins and the use cases that are most relevant to our lines of business and trade,” said UMB Bank Executive VP Uma Wilson. Visa decided to offer these services due to the growing interest in cryptocurrencies around the world. Based on data from its most recent studies, nearly one in five could switch to a bank offering crypto services in the next year.

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