Bitcoin explodes above $37,500, Ethereum reclaims $2,000, and Solana rallies beyond $50. This week has been all about prices, hence the title. It appears that there is tremendous anticipation for the approval of spot Bitcoin ETF, which seems to be one of the main explanations given by many experts of the ongoing rally.
Stocks also climbed higher to finish the week on a positive note despite the latest round of economic data showing that the American consumer is less confident about the state of the U.S. economy and expects inflation to continue to rise.
Gold prices need to see weak inflation as prices drop nearly 3% this week, headed for a second straight weekly decline since hitting levels above $2,000 last week on escalating tensions in the Middle East. Federal Reserve Chair Jerome Powell signalled that the central bank will not signal an end to its historic interest rate increases until there is stronger evidence that inflation is subsiding.
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Gold falls after a hawkish speech from the Federal Reserve’s Chairman. Gold closed sharply lower on Friday following a hawkish Thursday speech from Federal Reserve Chairman Jerome Powell. Still, the dollar fell, with the ICE dollar index last seen down 0.06 points to 105.85, making Gold more affordable for international buyers. At the same time, some analysts have noted that lower oil prices could work in gold’s favour as it helps to cool inflation fears, giving the Federal Reserve room to ease back on its hawkish rhetoric. A major festival boosted demand for physical gold in India, but purchases were reported to be slightly lower compared with last year as higher prices put off some customers.
Bitcoin currently trading above $37,000, charting an increase of some 7.5% in the past seven days. The price of Bitcoin has surged by more than 120% so far this year. Daily Bitcoin investors are up 40% in the last two years; recent data shows that those who have been buying BTC daily since November 10th, 2021, are now at a 40% profit; this is mainly caused by the recent uptick in Bitcoin price. During late November and December, most likely, we’ll see more hype in the markets as the odds of a potential approval of the spot Bitcoin ETF is going to provide more momentum towards the markets, hence why the expectations are that we are likely going to see $45,000-50,000.
Ethereum Price Propels To 52-Week High. Ethereum is up a whopping 16% over the past week, The asset reached its 52-week high of $2,137 on Thursday, November 9. This comes on the back of news that the world’s largest asset manager- BlackRock- will be filing an application for a Spot ETH ETF with the US SEC. Ethereum Daily Revenue Soars to a 4-Month High Of $10 Million. According to data, Ethereum generated $10 million in daily revenue, extending gains registered on the previous day and pushing the metric to the highest point since July.
Elsewhere, Solana (SOL) is also off the charts. Cryptocurrency has skyrocketed by another 28% over the past seven days. BNB, XRP, ADA, DOGE, LINK, – all of these are also performing well, which is the primary reason why BTC’s dominance is on the decline. FTT, the token for the FTX cryptocurrency exchange, saw its price catapult 146% higher on news that the SEC may allow it to reopen its trading desk.