The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
**MACRO** - Stocks ended the day about 0.6% lower, continuing a tough start to the year, although futures are bouncing ever so slightly this morning. Interest rates continue to edge higher here with 10Y now out to 4.09%. We're about 20bps higher on the year now which is rather a significant move as the market starts to become cautious on potential rate cuts. It's been a very tepid start to the year to be honest, in what is going to be a big one with US elections on the horizon. At the moment I'm really looking towards the FOMC at the end of the month which is going to be very important with regard to tone setting...I'm curious to see if the Fed repeats their expectation from December or if they revert back given the data we've had.
**CRYPTO** - BTC holding in strong at 42.5k while ETH sits at 2520 and SOL back down to 99 having had a strong day for most of yesterday. There were moments yesterday where alts really felt like they were going to break out but it seems we've come back lower again this morning, I wonder if the macro environment is starting to weigh in on crypto a bit it's tough to judge. The big winner yesterday was $WIF which was up another 30% or so to a new market cap high of $440m after Binance listed perps, quickly followed by a KuCoin listing. We saw a medley of SOL shitters bounce in sympathy and as I've been mentioning for the last few days I think that part of the market continues to be one to watch out for as it feels like the most popular casino at the moment. The JUP airdrop is confirmed for 31st January, and in general when you have one breakout start like WIF now and BONK last year, it attracts plenty of attention into the ecosystem. The thing to watch out for really is the overall market which sometimes has been feeling a little edgy.
**NFTs** - The meteoric ascent of Pudgy penguins continues as the floor is up by another 36% to get to almost 20ETH. That's up 100% in the space of 30 days while the rest of the Pudgy ecosystem continues to rally. With BAYC at 24ETH, this just puts a 4ETH differential between the two projects and it seems like a forgone conclusion we could see Pudgies flip BAYC very soon. Despite that, it's been a strong performance for most ETH NFTs as MAYC, Azuki, DeGods are all 5-10% higher too, but hard to steal the limelight from the pengus at the moment. On Solana, most things look like they're in the red with CryptoUndeads falling further down to 11 SOL, about 37% off their highs now. It's a good day for Ordinals and this is the first time I think I've seen both NodeMonkes and Bitcoin Puppets rally in the same day as they've climbed to 0.192 BTC and 0.026 BTC respectively.
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GL today!