June 16, 2021 -Gold Metal at monthly low while Bitcoin remains positive after Elon Musk’s tweet on the cryptocurrency this week.
Investors’ Bitcoin Sentiment Remains Positive Despite Price Correction
Previous = 40,281.1
Actual = 40,117.2 -34.8 -0.09%
It’s worth noting that institutional investors are not the only ones that are increasingly seeing bitcoin (BTC) in a positive light despite its shortcomings.
According to Voyager Digital’s Q2, 2021 retail investment survey involving 3,671k high-frequency traders on its platform, an impressive 81 percent of respondents said they still believe in the long-term potential of cryptocurrencies.
Interestingly, 39% of participants said they see the price of bitcoin hovering between $56,000 and $70,000 by the end of Q3, 2021, 28 percent said they see bitcoin trading between $41k and $55k, while just 18% predicted that BTC would hit $71,000 by that time.
Gold See Muted Trade on Tuesday After Ending At Monthly Low
P = $ 1,869.15 -10.02
A = $ 1,859.13 -1.04%
Gold’s gotten beaten up ahead of the FOMC policy decision as investors are pricing in a major pivot from the Fed
*The Fed will finally start to talk about tapering, but that probably won’t actually happen until the very end of this year if not early next.
Gold volatility will remain elevated throughout the initial reaction and days post-Fed. The Fed will likely remain in wait-and-see mode with both inflation and the labor market recovery for the next few months and that should be supportive for inflows into gold.
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