While US politicians continue with impeachment proceedings, on the economic front, Powell assures investors that now is not the time to think about reversing the easing measures that are in place. On a shorter term basis, markets were spooked by yet another jump in jobless claims.
The S&P fell about half a percent. Treasuries, yields, the dollar and gold remained unchanged as markets digest the information pouring in.
As it’s been for a while, BTC is marching in a world of its own. After the price rose 5%+ the day before, we’re closing today more than 4% up, currently at $39,000.
Alts are fun to look at as well. ETH is outperforming, up 7%. LINK rose by 11%. DOT which had risen 33% yesterday jumped another 24%, at $13,50.
Some of the older, proof of work coins, aren’t doing as well though, and are pretty much flat on the day. The Bitcoin Dominance Index is flat as well meaning that, overall, BTC and alts as a whole have stayed on par.
We’re at a very interesting juncture, when looking at the BTC chart, just inches away from all-time high. In these past few weeks, we’ve grown accustomed to piercing through those regularly. Will we break through and close the week up? If yes, we could see 50K soon. Or will the weekly candle close down? The RSI has fallen sharply on the daily and if we start a new leg down, the 30K’s or sub 30K’s actually likely.
In the long-run, the enthusiasm has not died down. We just came across this Skew.com table showing Grayscale GBTC inflow as they reopen to new investors. Nice bump up for a start of the year.
Lastly, we spoke of Jerome Powell earlier. He made another comment relevant to crypto, saying the FED is studying the risk of stablecoins as a very high priority. Make of that what you will.