POKKET: Today’s Market Commentary (February 2)
Bitcoin steady at $33500, while ETH +3% to $1360. Movers are SUSHI +26%, BAND +21%, SRM OMG +16%, UNI +15%, and rest mostly up in Pokket universe.
Ethereum had a rocket January, as its dominance picked up to 15%, daily transaction volume up to $19B (vs. BTC’s $10B) and continued expansion of DeFi. Next week on Feb8, the CME is launching its Ethereum futures, giving institutional investors a vehicle to trade. Grayscale is also reopening its ETH Trust to investors.
XRP has fallen 40% from the day’s highs as the pump has fazed out; the dynamics of XRP & DOGE just aren’t comparable to $GME or even Silver.
DeFi TVL sits at $27.5B, as DeFi tokens continue the rally and now are 5% of total market cap of crypto, up from 3.5% last week.
In traditional markets SPX +1.7%, FAANGs +2.4%, DXY up to 91 with USDJPY 104.90. Gold zzz as Silver trades around $29.
$GME is off 31% to $225, trading $187 in post😵. Robinhood is said to have raised $3.4B after the rush, while Coinbase has chosen NASDAQ for its direct listing.
Check out today’s interest rates at POKKET.