Gold Bid, Bitcoin Coils - Mine Digital
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Gold Bid, Bitcoin Coils

August 6, 2020 • 
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With gold bid strongly and weakness in the U.S. dolllar we are expecting follow-through from bitcoin. The direction of alts may be given by this move.

Morning Traders,

We saw a strong night in gold overnight which traded above $2,050. There is plenty in the tank until contract expiry on the 27th August although this action is more price discovery, of who is holding and wants to sell – bullion banks and miners have likely done any selling they would in swaps and derivatives here.

There have also been official, top-down restrictions in gold supply to non-institutions since as early as April in the U.S., U.K. and China demonstrating that powerful, interested institutions exist and want supply for themselves.

It looks like the digital asset market is looking for a Bitcoin lead, and we suspect that this is where a lot of the action will be moving forward.

Bitcoin

All eyes are on the Bitcoin market, and when it makes a proper break (presuming it is higher) it will be important to watch which assets move with it for a lead on what is moving.

Bitcoin last traded at $11,666

24 hr high: $ 11,800

24 hr low: $ 11,093

Bitcoin USD Chart

Ethereum

Ethereum has been stronger than we anticipated after looking toppy earlier in the week. If Bitcoin does have a run, Eth may or may not go with it or may be more likely to have volatile squeezes.

24 hr high: $ 407.70

24 hr low: $ 383

Ethereum USD Chart

Digital Assets

Most digital assets were muted overnight. It is possible that the entire space is watching bitcoin for the next move before making adjustments.

  • Aave: $ 0.314
  • Algorand: $ 0.33
  • Cardano: $ 0.142
  • Chainlink: $ 9.46
  • Compound: $ 135.28
  • Maker: $ 595.21
  • Ren: $ 0.21
  • Reserve Rights: $ 0.012
  • Stellar: $ 0.1075
  • Synthetix: $ 4.43
  • Tezos: $ 3.10

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