Yahoo Finance Bitcoin, oil, gold: Morning price check
Bitcoin (BTC-USD) rose slightly on Monday morning following the much-anticipated halving. Meanwhile, oil (CL=F, BZ=F) and gold (GC=F) prices are trading slightly lower as geopolitical tensions ease.
Yahoo Finance's Madison Mills recaps the latest market action on the full episode of Morning Brief.
This post was written by Stephanie Mikulich.
Video Transcript
MADISON MILLS: We're already seeing a little bit of a rebounding after that record-breaking tech sell off that we saw on Friday here. But I'm going to focus on the commodities space, specifically starting with an alternative asset in the space. We're talking about Bitcoin here.
And the Bitcoin halving that we saw happen over the weekend was highly anticipated, a big question mark as to whether or not that halving was going to have a huge impact on Bitcoin. Not so much. As you can see, up a little over 1.5% in the day here over the weekend. Adding about $1,000 to that top-line number, hitting over 66,000, which is a big deal considering that they went into the halving at 64,000.
The big question being, what will the next catalyst be for Bitcoin moving forward? Because maybe that halving was already sort of priced-in given the record breaking rally we saw in Bitcoin throughout the course of this year. I do want to flip the board over to take a look at oil for a second, because the WTI trade has been highly watched by investors because of the growing tensions in the Middle East.
This is a little bit of a wonky board here, but you can see that oil was hitting closer to 85 bucks a barrel. Then briefly hit over that on Friday, obviously hitting below that 82 trend line. As we start off the week here, WTI, down a little over 1%.
The kind of narratives growing on the street is that maybe there was a mispricing of the geo-- or rather that the geopolitical tensions are easing. But be careful about that because other folks that I've spoken with this morning sources on the street are saying that it's actually about the fundamentals when it comes to oil.
We're seeing OPEC+ cuts than the US, releasing some of the SPR, potentially moving forward. Those fundamentals are what will drive oil moving forward.
Lastly, I want to take a look at gold. Gold also easing. As we enter this week, we're seeing that, potentially, that could be an indication that we're getting a little bit more risk this week, as we see people putting money back into tech ahead of those big earnings.
