Weekend in the USA, Dogecoin Exodus and Oil Rise

Monday was a day off in the United States, so it wasn’t overly busy. Nevertheless, there were some interesting movements in Dogecoin cryptocurrency, for instance. Musk struggled to catch up with the hype around it. As a result, even this cryptocurrency’s creator began to twist his finger at his temple with no understanding what was happening. He just can’t get how a token he made in just a couple of hours just for fun can cost more than a company with billions of dollars in turnover like Boeing.

Dogecoin is another testament to how much everyone has lost touch with reality now. However, this did not stop the largest Dogecoin holders from capitalizing on this madness and fixing in the highs area. The funny thing is that after losing several dozen (!) percent on Monday, Dogecoin even went into plus by the start of the American session.

So, the crazy feast continues. This is supported by the dynamics of the Fear Index updated its annual lows on Friday.

Against this backdrop, commodity markets continued to grow. Oil prices were especially good, which continued to enjoy increased demand amid expectations of a speedy global economic recovery. Also, there was some news that another potential escalation of the Middle East conflict is associated with the interception of a drone armed with explosives by coalition forces led by Saudi Arabia released by forces. Iran-related.

The oil growth was also facilitated by the 30-year record cold in the Permian Basin (Texas, New Mexico, and Oklahoma). Because of this, oil production in the Permian Basin decreased by 1 million bbl/d.

Market optimism was also enhanced by data on Japanese GDP for the fourth quarter. The numbers came out much higher than forecasts. GDP grew at a double-digit pace (compared to the same quarter last year). As a result, Japan’s economy ended 2020, shrinking by 4.8%. But who cares now that this is the maximum drop since the global financial crisis, when about 2 trillion US stimulus looms on the horizon.