POKKET: Today’s Market Commentary (January 6)
BTC & ETH continue higher, both up 6% overnight continuing the ‘Sell in the East, buy in the West’ theme. Bitcoin trading at $33900, Ethereum now just shy of $1100. Movers are LRC +62%, RSR +33%, AST +30%, 1INCH +18%, UNI +17%, SRM +15%, ZRX +13%.
Lots of bullish headlines this morning – One River has worked with Coinbase to invest ‘one of the largest digital asset trades in history’; the Kimchi spread (SKorea exchange BTC vs. normal BTC) is about 5% as retail hype starts up; Jamie Dimon says anyone ‘buying Bitcoin is stupid’ as his own analysts say Bitcoin could rise over $146k in the near future.
On the flipside, Ripple’s fall continues, as Grayscale sells all their XRP in the Large Cap Fund in favor of BTC and ETH, while a major shareholder Tetragon Financial is suing Ripple. Blockchain.com is also dropping XRP next week.
$2.3B is now staked in Ethereum 2.0, reaching a high of 2.2M ETH.
Traditional markets are (does anyone care?) relatively stable, SPX +0.7%, FAANGs +0.8%. Bloomberg has an article out saying the younger generations are planning to use the $600 ‘stimmy’ to YOLO into stocks and diversify into Bitcoin. While MSM is focused on headlines around the ‘rona and overall bullish tone, cryptwit is fast becoming a dooms-day oracle, with many pointing to the coming Blue wave as a catalyst for a myriad of negativity. DXY rolling downhill, 89.4 while USDJPY crashing now at 102.65.
Check out today’s interest rates at POKKET.