This week’s price movements for Bitcoin (BTC), gold and Visa our stock pick.
Bitcoin (BTC) has had a really bad start to the new year. As January approaches, BTC is trading around $46,500 before hitting $48,000 by January 2. From there it fell to $45,500 by January 4 before dropping sharply on January 5, reaching $42,500 by January 6. on January 12th where it is currently trading.
Despite its bleak start, experts are still relying on BTC’s infamous volatility, with some predicting a near doubling in price. According to Guido Buehler, CEO of Swiss bank Ciba, the price of bitcoin could nearly double to $75,000 this year due to increased interest from institutional investors. “We think the price is going up,” Buehler told CNBC at the Crypto Finance conference in St. Moritz, Switzerland. “Our internal valuation models suggest a price now between $50,000 and $75,000,” he said. “I am absolutely confident we will see that level. The question is always timing.”
Similar to the past weeks, gold has been up and down during the new year so far. Gold started the new year trading around $1,830 before dropping sharply to around $1,800 by January 3. Gold recovered a bit from there, reaching $1,815 on January 4 and returning to $1,830 the next day. However, another drop soon followed, this time reaching $1,790 more sharply by January 6th. Seeing some bullish momentum at that point, the price of gold reached $1,800 by January 10, and then back above $1,820 by the end of the next day. Despite pulling back near $1,830, gold is currently trading around $1,815.
Gold prices settled in a tight range last day as investors anticipated economic cues and clarity regarding the Federal Reserve’s plans to raise interest rates. However, prices were still close to the highest levels since January 5, after data showed that US inflation was within expectations, prompting investors to buy from investors who appeared to be pricing the Fed’s plans for “disappointing performance of gold to the To an extent, taking into account independent analyst Ross Norman said: “Nice seismic crash in the US dollar…Gold may have performed as one would expect, but it didn’t hit the big figure of $1,835 an ounce, given the inflation data.”
Visa has been trending somewhat positively since December. It started the month around $190, and by December 2nd it started its upward trajectory, reaching $214 by December 10th. Although V dropped from there, reaching $208 by December 20, it rose again the next day to $218 as it traded until the end of the year. In the new year, the V rose to $224 by January 4. Although it has fallen below $208 since then, V has recovered a bit and is currently trading under $220.
According to a recent survey by Visa, nearly a quarter of small businesses from nine countries said they have plans to accept digital currencies as a form of payment in 2022. On the other hand, three quarters of businesses surveyed by Visa described accepting new forms of payments as “essential.” for growth. Meanwhile, 13% of consumers from those countries said they expect more retail outlets to accept crypto this year. Last month, Visa began offering crypto advisory services as part of its advisory and analytics.
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