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Market Update: Thu 9th Nov
BTC leads the charge in new crypto highs
The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
**MACRO** - Pretty boring really, stocks up smalls today, interest rates have been climbing back higher (particularly in the front end of the curve) while oil seems to have settled at these levels. Today is going to be very quiet as tomorrow is a public holiday for markets (Veteran's Day). Next week we'll see some interesting stuff with CPI but for now nothing more to add macro-wise.
**CRYPTO** - BTC is leading the charge breaching new YTD highs to currently stand at a whopping 37.1K. BTC dominance has increased back up to 53.5% as a result, while ETH/BTC is back down to 0.052. My guess is there's legitimately a lot of spot buying on BTC going on right now and it appears Twitter rumours are intensifying around a spot ETF being approved at some point this month, perhaps even ahead of Thanksgiving. As a result it really is BTC leading the charge right now although I still do believe that changes post approval. ETH appears to be lagging this move while SOL is pumping aggressively once again to also hit new YTD highs of $47. Elsewhere in memeworld $PEPE is up about 15% to reach levels not seen since mid August, prior to the mult-sig wallet supply dump. On the whole, it's looking pretty rosy for crypto and i think it'll continue to do so..just amazed by how quickly these dips keep getting bought.
**NFTs** - Gordon Goner's buying spree has really kicked something off with pretty much all NFTs in the top 20 being in the green today and some by a decent amount. Apes climb to a multi-week high of 32ETH while bigger % moves have occurred in projects such as CoolCats and DeadFellaz which were bought by Gordon. Gordon also did buy a Rektguy but alas we continue to assume stablecoin pricing in the 0.5-0.6ETH band. It's astonishing to see NFTs up AND ETH up and it appears they continue to act as levered bet son ETH. The CryptoPunks floor is also back up to over $100k from I think as low as $50k so those have been a great investment for some depending on timing. On the whole, very impressive price action and long may it continue.
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