POKKET: Today’s Market Commentary (January 9)
Bitcoin made new highs once again yesterday, touching $41950 and now relaxed to $40500. ETH is -3% overnight trading $1200. Movers are BQX +38%, ENJ +32%, WABI +21%, SNM SRM +15%, AST -14%, POLY -10%.
Bitcoin traded a record $99B in one day, not inclusive of all OTC flow. BofA’s strategists called Bitcoin the ‘Mother of All Bubbles’, completely forgetting the mess they created in housing leading up to 2008, or the dot-com bubble driven by easy IPOs, or Black Monday or… we digress. The rapper Meek Mill encouraged his 10M fans on twitter to buy stonks and cryptocurrecy, and even tagging Mike Novogratz in one tweet asking him to hold a seminar.
Traditional markets grind up, SPX & FAANGs both up +0.6%. Gold falls below 1900 again, now at $1850 as DXY desperate to keep from drowning below 90. If the VIX can stay above 20 to the end of Feb, it will mark one year above the ‘fear’ hurdle. At this point, its clear everything isn’t increasing in value, but rather the deterioration of the USD and exit pumps as Biden’s reign comes near. Many analysts believe Biden’s first move will be another stimmy in the form of $2000 checks and spending for a package worth $3T – this would bring the US debt to $30T.
Check out today’s interest rates at POKKET.