POKKET: Today’s Market Commentary (January 22)
BTC & ETH had a brutal session with Bitcoin dropping -15% to $30050, and ETH down -20% to $1090. Movers are BQX -29%, SUSHI REN ENJ SNX -21%, RSR LRC AAVE BAL -18%, and rest of the Pokket universe is mostly down.
Smells like Jan 2018 all over again, but a quick glance at the stock-to-flow chart just places BTC on-pace. One of the reasons cited for the plunge was due to Cointelegraph’s FUD piece on BTC double-spend, which was incorrect and demonstrates the general lack of understanding of the technology behind blockchain – read the @aantonop Twitter thread for more info.
CFTC Chair Heath Tarbert, who is an advocate for crypto and called ETH a commodity, will step down but remain one of five commissioners until Apr2024.
DeFi TVL comes off a touch to $21.6B.
Traditional markets were relaxed, SPX +0.1% and FAANGs +1.4%. DXY flirting with 90 again, while Gold zzz.
Check out today’s interest rates at POKKET.