Gold, Stocks, and Bitcoin: Weekly Overview, May 13


  • Bitcoin took a nosedive in light of Tesla announcing it would no longer accept it as payment.
  • Gold fared well overall, but has lost most of the gains it’s seen, in the past week.
  • The stock price of Coinbase and MoneyGram were both affected by earnings, while Tesla suffered from its announcement.

This week’s price movements for bitcoin (BTC), gold, and our stock picks Coinbase, MoneyGram, and Tesla.


After a generally steady week, bitcoin took a nosedive, dropping down to around $50,000. From May 6, BTC has mainly been channeling between $55,00 and $58,000, before pushing past $59,000, on May 8. It came back down below $57,000, on May 9, before bouncing back up above $59,000, on May 10.

From there it dropped down to $55,000 by May 11. On May 12 BTC’s price rose to $58,000, then fell to $55,000. However, at the end of the day, the price dropped significantly reaching nearly as low as $47,000, on May 13. BTC is currently trading around $50,000.

BTC’s drastic fall came on the heels of Tesla announcing that it would no longer be accepting bitcoin as payment. CEO Elon Musk tweeted:

“We are concerned about [the] rapidly increasing use of fossil fuels for bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”Despite this decision, Musk added that the electric car company would retain its bitcoin holdings. Musk added, “We intend to use it for transactions as soon as mining transitions to more sustainable energy”.GOLDGold has prospered overall, in the past week. After rising on early May 6, around midday the price of gold jumped above $1,800 for the first time since February. It settled around $1,820, on May 7, before spiking once again around midday, soaring above $1,840.After setting again around $1,830 going into the weekend, on May 10, it pushed up again past $1,844. It stayed in the high $1,830 until noon the next day, when a sharp drop pushed it below $1,820. It bounced up and down again into the next day, before reaching $1,820, by the end of May 12, where it is currently trading.

This recent fall occurred as U.S. Treasury yields rose and the dollar firmed after a rise in U.S. consumer prices boosted bets for early interest rate hikes. “The real yields continue to rise and there is speculation in the market that there would be a surprise tightening by the Federal Reserve,” said Xiao Fu, head of commodities market strategy at Bank of China International.COINCoinbase’s stock (COIN) has had one of its most interesting weeks since debuting last month. After selling off from its initial listing, the price settled around $300, within a few weeks. Towards the beginning of May, it dropped quite a bit, hitting a low of $250, on May 6. However, the past week has seen it rise back up past $300, only to sink again in the past day or so. It is currently trading at around $280.

Recent movements come in light of quarterly results, which will be announced after the market closes. Strategists will be looking for insights on how it manages fees and grows, as competition increases in the nascent crypto space.“While Coinbase has been able to rely on its first mover advantage and brand familiarity so far, margins will continue to compress from competition with both ‘CeFi’ brokerages like BlockFi and ‘DeFi’ alternatives like Uniswap,” wrote Matthew Wheeler, global head of market research at has had an outstanding week in light of its earning report, last week. It began trading at around $6.40, on May 6, until its first quarter earnings were released. This pushed the stock’s price up nearly a dollar in the first hour of trading the following day.From there it continued rising, reaching as high as $8.70, before retracing back to $8.00. It pushed high again, on May 10, before balancing out around $8.40. On May 11, it dropped a bit, before pushing back to the prior day’s level. However its price has been sinking since April 12. It is currently trading at around $7.70.

According to MoneyGram’s latest earning report, the company’s total revenues of $310 million surpassed estimates by 3.3% and were also up 7% year over year. Among revenues, money transfer revenues were $285.4 million, up 12%, driven by double-digit transaction growth. Investment revenues were $2 million, down 80% due to lower prevailing interest rates. This past week, MoneyGram also announced a partnership with Coinme to expand point-of-sales for bitcoin.TSLATesla has had a difficult week overall. Although its stock fell in the first hour of trading, on March 6, it pushed back up past $680 over the next day. However, it gapped down and fell further, on March 10, tumbling for the rest of the trading day down to $630.It gapped down further to $600, on May 11, but the rest of the day it pushed back up to $625. Yet again it gapped down the next day and continued to tumble from there. It is currently trading at around $590. This most recent movement comes in light of the company’s announcement regarding bitcoin mentioned above.


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