POKKET: Today’s Market Commentary (January 7)

Bitcoin made a new high, touching $37,287 and now trading $36,800 an 8% increase in 24h. ETH is also rallying, +12% overnight and now trading $1,200. Movers are KNC +35%, MATIC +24%, AST BQX +25%, RLC +20%, BAND +19%, MKR +16%, and the rest are mostly up. Only one down is LRC -13%.

Google search results for Bitcoin has exploded, not quite at the 2017 levels but close to the level of interest. The amount of Bitcoin locked on ETH blockchain is close to $5B now as DeFi continues to climb – $21.6B TVL.

Bitcoin Lightning network wallet Zap Inc. is rolling out native support for Euro, Pound and Swiss franc, making “transaction finality from one point to another for free” to 200 countries. Bill Miller, a chad whose flagship mutual fund has outperformed the S&P two years straight, has said Bitcoin could be the poison while USD is the rat – in reference to Warren Buffet’s comment “Bitcoin is rat poison”.

In traditional markets, SPX +0.6%, FAANGs -2.8%. DXY still below 90 at 89.4, with USD taking a slight breather as USDJPY back to 103. News is dominated by the Trump rally takeover of the Capitol, as protesters reach the Senate floor. This marks the second time in US history such an event has taken place.

Check out today’s interest rates at POKKET.


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