Gold and US stocks stole the limelight on Wednesday as Bitcoin failed to gain significantly beyond $64,000.
Bitcoin stayed wedged at $64,000 on Wednesday’s Wall Street open as gold hit six-week highs.
Data from TradingView showed continued BTC price inertia contrasting with upside for both precious metals and US equities.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
Gold gained 2.8% on the day to hit $4,213 per ounce, its highest levels since June 22. Chinese appetite spurred the upside, with Bloomberg reporting 14 consecutive days of inflows for domestic gold-backed exchange-traded funds (ETFs).
China gold ETF inflows data. Source: Bloomberg
These products saw their worst month of outflows on record in June per data from the World Gold Council. The year-to-date inflows to Chinese ETFs fell to 40 billion yuan ($5.6 billion). However, this is still the second-best H1 performance on record.
“Demand for gold ETFs stayed robust amid growing geopolitical and economic uncertainties, while the PBoC’s non-stop gold purchases continued to provide a supportive backdrop for sentiment. Institutional investor participation in Chinese gold ETFs has also risen, supporting demand for these products,” it commented, referencing China’s central bank gold purchases of 82 tonnes over the 20 months through June.
Elsewhere, US stocks were toggling between red and green while the S&P 500 index (SPX) touched a record high above 7,793 before pulling back at last look in early afternoon trading.
S&P 500 one-day chart. Source: Cointelegraph/TradingView
Bloomberg ETF analyst Eric Balchunas noted that 66% of S&P 500 stocks were now above their 50-day moving average, with 57% beating the index’s standard benchmark tracker.
As on the previous day, Bitcoin failed to keep up with the broader risk-asset optimism seen in equities.
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