BeInCrypto looks at this week’s price movements for Bitcoin (BTC), gold, and stocks: Best Buy and Nvidia.
The Bitcoin (BTC) week was a little less tumultuous than the previous one, although it was still somewhat difficult.
After falling below $ 30,000 and then recovering to $ 40,000 on the same day, on May 19, BTC rose to almost $ 43,000 the next day.
It was above $ 40,000 the next day, before falling to $ 37,000. On May 22, it rose again to $ 39,000, before falling to $ 33,000, over the course of May 23.
However, from there, he managed to get to $ 40,000 the next day.
Since then, It has been funneling between $ 37,000 and $ 40,000 where it is currently trading.
BTC’s rally on May 24 can probably be attributed to another tweet from Elon Musk.
On Monday, he said that he had met with North American Bitcoin miners. to discuss the standardization of energy reports on its mining activities, among other things.
Musk called the meeting “potentially promising.” In the meantime, Billionaire and hedge fund manager Ray Dalio also recently spoke enthusiastically about BTC, which may also have contributed to its stability.
Bitcoin versus Gold
Gold has largely continued its uptrend since recent weeks. After rising to nearly $ 1,890 on May 19 according to Federal Reserve news, the price of gold fell back to $ 1,865.
The price of gold continued to climb through the weekend, opening at approximately $ 1,885 on May 24.
It fell to $ 1,872 the next day, but then rose sharply from there, reaching $ 1,910 on May 26. However, Over the past day and a half it has dropped to around $ 1,890, where it is now trading.
In this recent slide, gold was hit by upbeat US data showing that a recovery in the world’s largest economy was on the way. while rising Treasury yields added pressure.
Kitco Metals Senior Analyst Jim Wyckoff noted:
“The US economy is on a strong growth trajectory and the inflation argument has waned a bit because the Federal Reserve has had some success in convincing the market that it is indeed going to be transitory. […] So it’s just a pause from the recent bullish trends. However, we shouldn’t be surprised to see some bearish hunters step in to buy falling prices later in the session. “
Best Buy (BBY)
Shares of US electronics retailer Best Buy (ABY) They had a good week overall, marked by a sell off of their recent earnings report.
On May 19, it was trading at about $ 113, before climbing to $ 115 at the end of the next day.
It seemed to favor this price point, sinking and floating around it again, after hitting more than $ 116, on May 24.
Perhaps in anticipation of its earnings report, BBY jumped to $ 117.
Finally, after the earnings were announced, BBY traded almost as high as $ 123, before liquidating.
However, it is still trading higher than before, at about $ 118.
Best Buy shares rose 3.8% on the previous market, after electronics retailer reported quarterly earnings of $ 2.23 per share, which beat the consensus estimate of $ 1.39 per share.
Revenue and comparable store sales also beat Wall Street forecasts and Best Buy raised its comparable sales forecast for the full year.
Graphics chip maker Nvidia (NVDA) had a spectacular week. On May 19, NVDA was trading just above $ 540, but by the end of the day it was above $ 560.
It opened even higher the next day, above $ 570, rising to $ 590.
On May 21, it opened above $ 600, around which it hovered for the rest of the day.
Opening after the weekend of May 24, it reopened higher at nearly $ 610, immediately rising to $ 620.
Over the next several days, he funneled between there and $ 630. It is currently trading on the lower end, at roughly $ 620.
Nvidia beat Wall Street targets for its first fiscal quarter on strong sales of data center and gaming processors.
The company earned $ 3.66 per share adjusted on sales of $ 5.66 billion in the quarter ended May 2.
Analysts had expected Nvidia earnings of $ 3.28 a share on sales of $ 5.41 billion.
In one year, Nvidia’s profits soared 103%, while sales increased 84%. According to CEO Jensen Huang:
“We had a fantastic quarter, with strong demand for our products that generated record revenue. […] From games, cloud computing, artificial intelligence, robotics, autonomous cars, to genomics and computational biology, Nvidia continues to do an impressive job inventing a better future. “
The post Bitcoin, Gold and Stocks: Weekly Overview of the Markets was first seen on BeInCrypto.