Following the decision by the U.S Federal Reserve’s (Fed) Open Markets Committee not to raise interest rates following its two-day meeting, the expectation by the market of an interest rate hike at the end of this year in December is put at 67%. The FOMC has set October for balance sheet reduction.
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Does Bitcoin prices' recent pullback represent a warning or an opportunity?
Bitcoin prices retreated today, approaching $4,500 after surpassing $5,000 for the first time ever. The price of Bitcoin fell to as little as $4,529.37 today, close to 10% below the all-time high of $5,013.91.
"The technical traders were waiting to take profits at $5,000," said Brad Chun, chief investment officer of Shuttle Fund Advisor,
Global uncertainty is rising. Yet, gold isn’t rallying. Bitcoin, the new ‘gold,’ is.
Unlike gold, Bitcoin is a convenient medium of payments around the globe, though for a limited number of transactions.
Then, there’s scarcity. Bitcoin supply is expected to be capped at 21 million. The supply of gold, on the other hand, is expected to increase anytime its price rises, as that provides an incentive for gold miners to mine for gold.
What to watch the week of August 21-25
Monday
- It's business as usual on Wall Street as a partial solar eclipse casts something of a shadow over New York City.
Tuesday
- Salesforce shares quarterly earnings after the bell.
Wednesday
- New home sales in the U.S. are out for July.
- Lowe's and American Eagle report earnings in the morning.
- Hewlett-Packard and Williams-Sonoma share results in the afternoon.
- Whole
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