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BREAKING NEWS
Cristian Espinosa was appointed Ambassador of Ecuador to the United States
Daniel Noboa receives the credentials of the new United States ambassador
40,000 women will receive scholarships in higher education
Julian Assange released from prison, after agreement with the United States
Armed Forces: Criminal gangs have lost USD 1.2 billion due to military operations in Ecuador
Minister of Defense: “It is not fair that some risk their lives, while others play with justice”
How can green banana flour enhance baked goods?
“I’m crazy for wanting to serve my country,” says Daniel Noboa at the presentation of “La Cárcel del Encuentro” in Santa Elena
Construction of the Encuentro maximum-security prison in Santa Elena begins
National blackout in Ecuador due to transmission line failure, confirms the Government

Bitcoin undermines the gold ground

Posted On 17 Jul 2017

Ecuadornews:

 

 

The “yellow metal” exceeded the level of $ 1,300 per ounce in April and June. Its price has risen by about 5.5% so far this year, even though the Federal Reserve has persisted on the normalization of interest rates.
But bad times are yet to come. Renowned agency Citi says that gold must find resistance levels close to $ 1,121 until the end of the year.
Potentially, the limitation of the precious metal has been caused by the increase in cryptocurrencies, such as Bitcoin, according to a report from Plan A Consulting.
According to Tom Lee, Managing Partner and Head of Research at Fundstrat Global Advisors, Bitcoin and Ethereum are “cannibalizing the demand for gold.”
A cryptographic currency is a digital asset designed to function as an exchange medium using cryptography to secure transactions and control the creation of additional currency units. Cryptoconversions are a subset of alternative currencies or specifically digital currencies.
According to CitiFX Technicals, led by Tom Fitzpatrick, a gold fall is looming. Yesterday, August’s future deliveries of the metal in the United States gained 0.84 percent, reaching $ 1,227.50 per ounce. The rest of the year will give answers. (I)

 

Source: http://www.expreso.ec/economia/el-bitcoin-mina-el-terreno-donde-se-mueve-el-oro-XX1550909

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