Sign Of Good Things To Come

Perhaps the oldest and most used decentralized network in existence today is the file-sharing platform BitTorrent.

After the US Government with the help of Metallica's drummer shut down Napster in March 2001, the idea of file sharing quickly evolved to a more resilient peer to peer model. Today it's estimated that more than 170 million people are actively using BitTorrent and yesterday they launched their very own crypto token. 

The ICO distributed almost 60 billion tokens, worth a total of roughly $7.2 million, in the blink of an eye. The CEO of Binance who hosted the sale summed it up on Twitter...

Personally, I try not to take part in ICOs and IPOs but what I did want to highlight here is the atmosphere surrounding this event. Indeed, the enthusiasm on social media and the ensuing frenzy when the site was overrun with traffic was strongly reminiscent of the exuberance that gripped the crypto market in 2017.

Perhaps this is a sign of good things to come of a market that is willing to take calculated risks on projects that people believe in yet at the same time quick to reject projects that don't add value.

Traditional Markets

A series of votes in the UK Parliament today could very well give us some fresh insight into how Brexit will play out.

Things are getting pretty confusing now and rather than taking three long paragraphs of your time, I'll simply refer you to this video where the BBC gives a surprisingly comprehensive overview of the current situation. 

In any case, we can watch the drama and the market's reaction this evening. There's an increasing feeling that sterling traders have become complacent to Brexit risks, especially now that the government seems to be making contingency plans for a no-deal Brexit.

The GBPUSD is now trading above its 200-day moving average (blue) and near the top of the range that it's been building for the past six months (yellow lines).

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Please note: All data, figures & graphs are valid as of January 29th. All trading carries risk. Only risk capital you can afford to lose.

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