Along that vein, gold also bounced and significantly improved its technical picture getting a tailwind from increased geopolitical stress, a dovish fed, and a weaker dollar. The takeaway is that the buy and hold crowd is most at vulnerable and (our) risk management is even more critical as we head into September.
By Holden Milstein
Bitcoin (BTC) started last week with price getting over the $50,000 level on Monday before drawing back down to a weekly low at $46,300 later in the week and finding strong support at the 200-DMA. A Sunday close over $49,300 would have given Bitcoin a positive weekly close for the 6th week in a row, as well as place BTC’s price back within the 2-month range that led to an over $64,000 all-time high earlier in 2021.
Ethereum (ETH) remained relatively flat last week while competing decentralized-finance projects Cardano (ADA) and Solana (SOL) both reached new all-time highs (both of which are top 10 coins by market cap).
NFTs (Non-Fungible Tokens) saw astronomical sales prices, as many within the cryptocurrency community were using these virtual items as new forms for storing value, similarly, to investing in a piece of art or a highly collectible piece of sports memorabilia. This diversification of investment types within the crypto space is indicative of the accelerating rate of adoption to the emerging technologies built on blockchain.