POKKET: Today’s Market Commentary (January 20)
Bitcoin looks stable once more after recovering from the Yellen dip overnight, now trading $36450. ETH is making new ATH, crushing it at $1438 and now at $1400, a +12% gain overnight. ETHBTC near term high and resistance is 0.0405, and now at 0.0385 so close to running off. Movers are ENJ +51% (got approval to list in Japan), REN +20%, LRC +16%, SUSHI YFII -11%.
Soulja Boy (of …Superman… youuuuu… fame) was on Twitter asking CT what the best way to buy Bitcoin is, and was seen on a Cameo video giving shout out to Dogecoin. On the contrary, Janet Yellen (of …brrrrr… brrrr… fame) had her confirmation hearing for Treasury secretary, giving her words of wisdom, such as “I will just say outright I am not a fan (of Bitcoin)” and this gem “I think many are used, at least in a transaction sense, mainly for illicit financing.” The winning trade today seems to be ‘buy Rappers / sell Central Bankers’.
Traditional markets were up, SPX +0.8% and FAANGs +1.5% as Netflix beat subscriber number expectations and says ‘it will soon be FCF positive’. Yields are moving, with 30Y breakevens spiking after Yellen says they will explore 50Y bonds(!!!). Speaking of Yellen, did you know she made $7M from speaking fees? Do you also hear the sound of money prrrrrinting?
Check out today’s interest rates at POKKET.