POKKET: Today’s Market Commentary (December 24)

Bitcoin is softer overnight, -2% to $23,395 and ETH is -5.7%, trading right at $600. Movers are EVX -23%, SNM MTH AST -17%, GTO OMG WABI OST OAX -16%, and the rest of the Pokket universe is lower as well.

XRP saga continues with the centralised crypto dropping 39% in the past 24hrs, giving Bitcoin dominance a 2020 high of 68.5%. Continued newsflow of the SEC suit and people reporting on the details of the suit are trickling through cryptwit – the SEC is basically saying to give back all gains, which were all illicit. Galaxy Digital and Jump Trading have cut ties with XRP, while Bitwise has liquidated all XRP from its fund.

FinCEN’s proposed crypto wallet rule was published yesterday, giving only 2wks to members to comment on the proposal (normally this is 4wks).

Traditional markets look unchanged, SPX +0.1% and FAANGs +0.4%. DXY lower to 90.3, Gold still sleeping at $1875 and USDJPY 103.5.

Everyone is still bashing the latest stimulus bill, highlighting all the ridiculous areas funding is going to – the latest update is a oneoff increase of the $600 checks to $2000, which is awaiting GOP approval.

Check out today’s interest rates at POKKET.


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