Cryptocurrencies Gain vs USD, Major Gold Fund to Start Investing in Bitcoin : It’s the Thanksgiving Day holiday here in the US, so you may notice lower trading volume especially in the USD crosses.
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But just to give us a wild sendoff to the holiday, the USD saw sharp declines on Wednesday, helping major cryptocurrencies to see further gains. Ethereum marched up to 12-week highs versus the US dollar, reaching 380.
Dash/USD was able to erase Tuesday’s losses and retest the 600 level. XRP/USD has confirmed above the daily Ichimoku cloud, also erasing Tuesday’slosses. Meanwhile, Bitcoin struggled to reach the all-time-high level of earlier this week, despite showing a mild bullish sentiment.
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Speaking of Bitcoin, the Old Mutual Gold & Silver Fund, which manages $220 million of mostly precious metal equities, is jumping on the bitcoin wagon. The idea is to take profits from bitcoin as it advances to reinvest in gold and silver assets, as he believes that Bitcoin was explicitly designed to be digital gold.
USD declines against the Japanese yen and the Swiss franc
The USD saw sharp declines on Wednesday, touching its lowest level in more than a month against the Japanese yen and the Swiss franc after the release of weaker-than-expected U.S. data and inflation expectations.
On the economic calendar…
On the economic calendar today, we have PMI data out of France, Germany, and the Eurozone between 8-9 AM GMT. at 9:30, UK’s GDP for Q3 will be out, expected to remain unchanged at 1.5% on a YoY basis. At 12:30 PM, ECB account of the monetary policy meeting will take place, and then, SNB’s Thomas Jordan Speaks in Basel at 4:30 PM. Finally, New Zealand’s Trade Balance (OCT) is out at 9:45 PM GMT to end the trading day.