The markets traded in a mixed fashion, just like yesterday, but today in the opposite direction. The Dow was down 109 points and closed at 24,180, while the Nasdaq traded up most of the day, but ended up losing 13 points. The big tech companies, like Facebook, Amazon, Goog, and Microsoft, rebounded after being heavily sold the last couple of days. The markets have shown their responsiveness to the tax bill, and considering the differences between the House and Senate proposals, it will be interesting to see what gets left in and what gets taken out as they continue to debate the details.
The Senate Banking Committee meets today, and it’s expected that two major announcements will be made. First, it’s anticipated that Jerome Powell will be approved as the Federal Reserve Chairman, a role he will assume in February 2018. Secondly, the committee will put forth a bipartisan bill to change some of the provisions of the Dodd-Frank Act. The bill looks to raise the limit for “systemically important financial institutions” (SIFI) from $50 billion to $250 billion, and all banks under $100 billion would be exempt from federal oversight. This would provide some regulatory relief for small and medium-sized banks.
So we’ve known that Bitcoin has been extremely profitable this year, but we didn’t know it could also heat your home! With temperatures in the 30’s, a North Carolina Bitcoin miner has turned the heater OFF in his home and is using the heat created from his mining machines to keep his home warm during the winter. While his energy bill is roughly $250 a month higher because of the mining machines, he has more than covered his cost with the digital currency that he mines, and that is becoming increasingly more true as the price of Bitcoin continues to rise. Bitcoin has exceeded $11,000 per “coin”, and its market cap is now larger than companies such as Disney, McDonalds, Coke, Ford, Goldman Sachs, and IBM. If you click on the blue hyperlink above, you can read the story which also includes a video showing how he does it! Disclosure: Bitcoin mining is not easy, and it can be expensive, so you may not want to try it at home – but the article is still cool!