Over the last two days, Bloomberg Intelligence commodity analyst Mike McGlone published the firm’s commodity and crypto outlook reports, and McGlone’s latest analysis details that the price of gold could resume its rally after a foundation similar to 1999 is constructed. Moreover, as far as bitcoin and ethereum are concerned, the analyst argues that the two leading crypto assets will “outperform most major assets” when the “economic tide turns.”
The senior commodity strategist at Bloomberg Intelligence (BI), Mike McGlone, believes gold, bitcoin (BTC), and ethereum (ETH) are currently forming price bottoms, and when the economy shifts back to better standings, all three will likely rally. While gold is down from the precious metal’s all-time price high ($2,070), for now, it’s held above the 1,700 nominal U.S. dollars per troy ounce range. McGlone says that gold is currently forming a foundation akin to the market performance it saw in 1999.
At the time, the price of gold was 250 nominal U.S. dollars per troy ounce and it never went below $250 an ounce again. BI’s senior commodity strategist thinks there’s a possibility this trend could happen again. “The disparity in dollar-denominated gold vs. euro-based is nearing levels that formed a lasting foundation for the metals price in 1999,” McGlone’s report explains. “Down about 10% in 2022 to Sept. 28, dollar gold compares with respective gains of 5% and 10% for the euro and yen.”
The commodity strategist added:
Aggressive Fed tightening to address inflation and elevated asset prices — which is buoying the greenback, as the rest of the world tries to catch up — echoes trends about two decades ago. Underpinnings are firming for the price of gold to resume the rally that started with that base.
McGlone further remarked that rising gold on a non-dollar basis is “showing the kind of stress that may break the Federal Reserve’s rate-hike trajectory.” If the Fed happens to halt monetary tightening policy, McGlone suspects it could be the catalyst for the rally to resume. “The relative discount in the dollar vs. euro gold spread is showing currency distress and suggests a potential catalyst for a gold bottom — an easing of Fed rate-hike expectations,” the BI report asserts.
In addition to the October metals outlook, McGlone and fellow market strategist Jamie Douglas Coutts published BI’s crypto outlook for October. McGlone’s crypto analysis says that when the economy shifts, the two analysts see bitcoin and ethereum surpassing most of today’s assets. “When the ebbing economic tide turns, we see the propensity resuming for bitcoin, ethereum, and the Bloomberg Galaxy Crypto Index (BGCI) to outperform most major assets,” the strategist’s latest report highlights.
The crypto report further says that rate hikes could pose a potential threat and send the two leading assets a strong headwind. “But it’s the potential for the benchmark crypto to shift toward becoming a risk-off asset, like gold and U.S. Treasurys, that may play out in 2H,” the October BI report states. Furthermore, McGlone also discussed how October is typically a bullish month for BTC in contrast to September’s dismal price history.
McGlone’s crypto analysis states:
Since 2014, October has been the best month for bitcoin, averaging gains of about 20%, and in 3Q the BGCI advanced about 16% vs. 5% declines for the Nasdaq 100 and S&P 500. Ethereum’s transition to proof-of-stake may be helping it build a base above $1,000 and Bitcoin about $20,000.
What do you think about McGlone’s analysis concerning gold, bitcoin and ethereum? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Fidelity Investments Launches Crypto, Metaverse ETFs — Says 'We Continue to See Demand'
Fidelity Investments, one of the largest financial services firms with more than $11 trillion under administration, is launching exchange-traded funds (ETFs) focusing on the crypto ecosystem and the metaverse. "We continue to see demand, particularly from young investors, for access ... read more.
Over the last two days, Bloomberg Intelligence commodity analyst Mike McGlone published the firm’s commodity and crypto outlook reports, and McGlone’s latest analysis details that the price of gold could resume its rally after a foundation similar to 1999 is constructed. Moreover, as far as bitcoin and ethereum are concerned, the analyst argues that the two leading crypto assets will “outperform most major assets” when the “economic tide turns.”
The senior commodity strategist at Bloomberg Intelligence (BI), Mike McGlone, believes gold, bitcoin (BTC), and ethereum (ETH) are currently forming price bottoms, and when the economy shifts back to better standings, all three will likely rally. While gold is down from the precious metal’s all-time price high ($2,070), for now, it’s held above the 1,700 nominal U.S. dollars per troy ounce range. McGlone says that gold is currently forming a foundation akin to the market performance it saw in 1999.
At the time, the price of gold was 250 nominal U.S. dollars per troy ounce and it never went below $250 an ounce again. BI’s senior commodity strategist thinks there’s a possibility this trend could happen again. “The disparity in dollar-denominated gold vs. euro-based is nearing levels that formed a lasting foundation for the metals price in 1999,” McGlone’s report explains. “Down about 10% in 2022 to Sept. 28, dollar gold compares with respective gains of 5% and 10% for the euro and yen.”
The commodity strategist added:
Aggressive Fed tightening to address inflation and elevated asset prices — which is buoying the greenback, as the rest of the world tries to catch up — echoes trends about two decades ago. Underpinnings are firming for the price of gold to resume the rally that started with that base.
McGlone further remarked that rising gold on a non-dollar basis is “showing the kind of stress that may break the Federal Reserve’s rate-hike trajectory.” If the Fed happens to halt monetary tightening policy, McGlone suspects it could be the catalyst for the rally to resume. “The relative discount in the dollar vs. euro gold spread is showing currency distress and suggests a potential catalyst for a gold bottom — an easing of Fed rate-hike expectations,” the BI report asserts.
In addition to the October metals outlook, McGlone and fellow market strategist Jamie Douglas Coutts published BI’s crypto outlook for October. McGlone’s crypto analysis says that when the economy shifts, the two analysts see bitcoin and ethereum surpassing most of today’s assets. “When the ebbing economic tide turns, we see the propensity resuming for bitcoin, ethereum, and the Bloomberg Galaxy Crypto Index (BGCI) to outperform most major assets,” the strategist’s latest report highlights.
The crypto report further says that rate hikes could pose a potential threat and send the two leading assets a strong headwind. “But it’s the potential for the benchmark crypto to shift toward becoming a risk-off asset, like gold and U.S. Treasurys, that may play out in 2H,” the October BI report states. Furthermore, McGlone also discussed how October is typically a bullish month for BTC in contrast to September’s dismal price history.
McGlone’s crypto analysis states:
Since 2014, October has been the best month for bitcoin, averaging gains of about 20%, and in 3Q the BGCI advanced about 16% vs. 5% declines for the Nasdaq 100 and S&P 500. Ethereum’s transition to proof-of-stake may be helping it build a base above $1,000 and Bitcoin about $20,000.
What do you think about McGlone’s analysis concerning gold, bitcoin and ethereum? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Fidelity Investments Launches Crypto, Metaverse ETFs — Says 'We Continue to See Demand'
Fidelity Investments, one of the largest financial services firms with more than $11 trillion under administration, is launching exchange-traded funds (ETFs) focusing on the crypto ecosystem and the metaverse. "We continue to see demand, particularly from young investors, for access ... read more.
Uniswap moved closer to its highest point since late August on Thursday, as the token extended recent gains. Today’s surge is the fourth consecutive day that prices have climbed, leading the token to break out of a key resistance level in the process. Solana was also in the green, recording a seven-day high as a result.
Uniswap (UNI) was one of today’s notable movers, as the token rose for a fourth consecutive day.
UNI/USD raced to an intraday high of $6.99 on Thursday, which comes less than a day after trading at a low of $6.49.
Today’s surge in price sees uniswap break out of its key resistance point of $6.70, hitting its highest point since August 26 in the process.
Looking at the chart, bullish momentum in UNI intensified following another breakout, this time on the 14-day relative strength index (RSI.
The index moved beyond its ceiling of 57.45 during yesterday’s session, and as of writing is tracking at 61.47.
A higher ceiling of 63.00 now awaits UNI bulls, who could opt to secure gains and close positions as the RSI nears this point.
Solana (SOL) climbed to a one-week high on Thursday, as the token collided with a resistance of its own.
The world’s ninth-largest cryptocurrency hit a high of $34.46 in today’s session, which is its highest point since September 30.
Thursday’s high saw solana close in on a long-term ceiling of $34.50, which has historically been the main obstacle preventing prices from moving to $35.00.
As of writing this, earlier gains in SOL have somewhat eased, as bulls moved to secure gains near this point of uncertainty.
The token is currently trading at $34.10, with the 14-day RSI tracking at 53.03, which is marginally above a resistance level of 53.00.
Bearish sentiment appears to be preparing to return, and should we see any further drop in price strength, SOL will likely head below $34.00.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you believe solana can hit $35.00 in the coming days? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
Uniswap moved closer to its highest point since late August on Thursday, as the token extended recent gains. Today’s surge is the fourth consecutive day that prices have climbed, leading the token to break out of a key resistance level in the process. Solana was also in the green, recording a seven-day high as a result.
Uniswap (UNI) was one of today’s notable movers, as the token rose for a fourth consecutive day.
UNI/USD raced to an intraday high of $6.99 on Thursday, which comes less than a day after trading at a low of $6.49.
Today’s surge in price sees uniswap break out of its key resistance point of $6.70, hitting its highest point since August 26 in the process.
Looking at the chart, bullish momentum in UNI intensified following another breakout, this time on the 14-day relative strength index (RSI.
The index moved beyond its ceiling of 57.45 during yesterday’s session, and as of writing is tracking at 61.47.
A higher ceiling of 63.00 now awaits UNI bulls, who could opt to secure gains and close positions as the RSI nears this point.
Solana (SOL) climbed to a one-week high on Thursday, as the token collided with a resistance of its own.
The world’s ninth-largest cryptocurrency hit a high of $34.46 in today’s session, which is its highest point since September 30.
Thursday’s high saw solana close in on a long-term ceiling of $34.50, which has historically been the main obstacle preventing prices from moving to $35.00.
As of writing this, earlier gains in SOL have somewhat eased, as bulls moved to secure gains near this point of uncertainty.
The token is currently trading at $34.10, with the 14-day RSI tracking at 53.03, which is marginally above a resistance level of 53.00.
Bearish sentiment appears to be preparing to return, and should we see any further drop in price strength, SOL will likely head below $34.00.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you believe solana can hit $35.00 in the coming days? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
Bitcoin.com, a digital ecosystem and secure self-custody platform where users can safely and easily interact with cryptocurrencies and digital assets, has announced that Sale B, or the public sale of the VERSE utility and rewards token, will begin on November 1, 2022. Verse will support people onboarding into Bitcoin and DeFi by rewarding them for buying, selling, storing, using, and learning about cryptocurrency.
Since 2015, Bitcoin.com has been creating opportunities for financial independence on a global scale through its suite of resources, including the Bitcoin.com news site, educational resources, and its low-barrier-to-entry wallet. Through Sale B, Bitcoin.com’s millions of users are able to take full advantage of their time spent engaging with the platform. Rewards will be allocated by interacting with the Verse DEX, staking VERSE, cash back paid in VERSE, and using the VERSE token as collateral in various lending pools. Bitcoin.com plans to release airdrops to spread awareness about Verse and entice current users and newcomers alike to be more involved in DeFi.
“The public sale of VERSE signifies a milestone for the Bitcoin.com ecosystem and allows us to reach a new audience, especially those who want to journey through their first token sale with ease, simplicity, and a trustworthy platform,” said Dennis Jarvis, CEO of Bitcoin.com. “The crypto community is on the cusp of defining the next wave of economic freedom, and Bitcoin.com looks forward to ushering in a new generation of financially independent users through the Verse ecosystem.”
The VERSE token supply is fixed at 210 billion, and will be distributed over the course of seven years. Sale B follows the VERSE private sale, which was completed in May 2022, and sold 10% of the total VERSE supply in exchange for $33.6 million.
“The Verse community has grown to more than 25,000 members across Telegram and Discord, representative of not only crypto-newcomers but also crypto-natives who see the value and are aligned with our mission to deliver a world where economic freedom is at the core of our decision making,” said Vitalik Marincenko, Lead Engineer with Verse. He added, “the Bitcoin.com Wallet boasts over 34 million wallets created, many of which we expect to participate in the sale.”
Lizzie Eng, Lead for the Verse Development Fund noted, “The utility of VERSE expands even further, acting as a cornerstone of the Verse Development Fund, an initiative to accelerate growth and innovation in Bitcoin.com’s Verse ecosystem. Starting in Q1 of 2023 the fund will provide grants to DApps that integrate with the ecosystem. The fund will also sponsor hackathons and incubate tokenized projects through our launchpad service, which will be released next year.”
As a cross-chain token compatible with the ERC-20 standard, VERSE will provide immense value to those interacting with the Verse DEX, Ethereum blockchain, and broader DeFi ecosystem. The Verse team is actively exploring opportunities to expand the token into low-fee Ethereum Virtual Machine-compatible networks to provide an optimal user experience. The public sale of VERSE compliments exciting developments occurring in the Bitcoin.com ecosystem, such as integrations with Avalanche, the official launch of the Verse Development Fund, and security and accessibility upgrades made to Bitcoin.com accounts.
The Verse token sale is not available in the United States, Japan, or other restricted jurisdictions.
Registrations for the public sale are now open at getverse.com.
Since 2015, Bitcoin.com has been a global leader in introducing newcomers to crypto. Featuring accessible educational materials, timely and objective news, and intuitive self-custodial products, we make it easy for anyone to buy, spend, trade, invest, earn, and stay up-to-date on cryptocurrency and the future of finance.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament
A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.
Source From : News