Market bites: Bitcoin bums, Ethereum 2.0 and Yellen returns
Direct from the desk of Dane Williams.
Morning team,
Let's get straight into today's easily digested market bites.
Bitcoin Bites
After briefly correcting just below $18,000 on the weekend, bitcoin starts the week with all time highs in the scope of bulls.
BTC/USD Daily:
Some of the most respected names in the world of old finance, have been completely wrong on cryptocurrency. Here’s a list of names that have said not to buy bitcoin:
- JPMorgan CEO, Jamie Dimon
- Berkshire Hathaway CEO, Warren Buffett
- Bridgewater Associates CEO, Ray Dalio
Each of these dinosaurs who are firmly entrenched in the world of old finance, publicly advised investors to stay away from bitcoin throughout the 150% price explosion we’ve seen in the back half of 2020.
I'll let you stew on why intelligent men such as these, may do such a thing.
Ethereum Bites
Ethereum bulls smashed through daily resistance at $550 and have now taken the $600 level.
ETH/USD Daily:
This came on the back of news that users have now deposited over half the amount of Ethereum (ETH) required to launch the Ethereum 2.0 network.
The update starts the process of switching from a proof of work to a proof of stake consensus mechanism and is still no certainty of reaching the ETH required to launch.
There’s still a long way to go.
Political Bites
It now seems that President-elect Joe Biden will nominate former Federal Reserve Chair Janet Yellen to serve as his Treasury secretary.
With the lingering COVID-19 pandemic threatening to reverse the already stagnated US recover, Yellen is an intriguing choice.
She’s certainly highly experienced after previously serving as the head of the Federal Reserve, overseeing the economy as it emerged from the GFC.
“I've been collecting rocks since I was 8 and have over 200 different specimens.” Janet Yellen.
That quote has zero context, but it's real.
Lol.
Best of probabilities to you,
Dane.
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