Bitcoin broke its 2019 tops

Weekly Report - 27/05/2019

Bitcoin Scrapes the $9,000 Mark


On Monday the popular cryptocurrency Bitcoin rose to score a more-than-one-year top. The popular cryptocurrency reached the $9,000 point. Bitcoin went up to an intraday high of $8,937.20.The data numbers are taken from Coindesk’s Bitcoin Price Index. Bitcoin Price Index actually tracks the price of the cryptocurrency over different exchanges. The cryptocurrency appetite increased in the past few weeks and its price went up over 140% so far for 2019. Major corporations testing out many cryptocurrency products. For example, the popular giant social media platform Facebook is reportedly exploring the possibility to create its own cryptocurrency while Phone maker HTC created a phone focused on assisting people to save their digital coins.

The Week that was

On Thursday Oil prices dropped, extending the past session declines. The main causes were the limited interest from industries and the increasing U.S. crude stocks.  Brent crude futures, fell 37 cents to $70.60 per barrel while the U.S. West Texas Intermediate (WTI) crude futures fell by 31 cents, to $61.11 per barrel. On Friday the famous safe-haven yellow metal Gold went up over $1,280 in the last trading session. That was after the weak U.S. data, pushed the greenback off its 2- year highs and crushed the hopes of a rate cut by the FED this year. U.S. gold futures for June fell about 0.2% at 1,283.09


Main Focus This Week

 The Viewpoint regarding the extensive U.S – China trade conflict will continue to hold back the markets in the week ahead while the Bank of Canada will release its May monetary policy decision. Meanwhile, retail sales surprised us last week. Now, what questions the economic possibilities for the near-term are the soft economic data from the Eurozone and the U.S but more importantly the continuing trade conflict between the U.S and China.


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