POKKET: Today’s Market Commentary (January 23)

After a wild ride down, Bitcoin & Ethereum have stabilized, $32500 & $1210, both off only -2% on a 24h basis. Movers are MANA +13%, rest of Pokket universe is within +/-5%. DeFi TVL shrugs off the recent selloff and is back to $23.5B.

In ‘wtf?’ headlines this morning, a software firm sold $4M worth of their BTC on the back of the ‘double-spend’ FUD (yes, a software firm…). Russia’s largest bank, Sberbank, has applied to BofR to release its own stablecoin pegged to the RUB. Tether’s bank Deltec says the stablecoin is fully backed by reserves, in an effort to thwart off more FUD – though the YouTube comment section says otherwise (https://bit.ly/2Y5jVlF).

Traditional markets were unchanged , SPX -0.3% & FAANGs +0.1%. DXY @ 90.2, Gold zzz and USDJPY 103.70.

Lots of criticism circulating around the new ‘stimmy’ and calls for a 1929 like market crash were made by value-investor legends. The stock market is looking more and more like crypto, with the latest saga in Gamestop – one of the biggest short squeezes in history, orchestrated by Wall Street Bets subreddit and crushing Citron research in the process. Rumor is Michael Burry also made out like a bandit in the process. YOLO trades anyone?

Check out today’s interest rates at POKKET.

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