The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
**MACRO** - A powerful day for risk assets yesterday saw equities climb by just over 1% on both the SPX and NDQ. Interest rates continue to leak higher however and it still feels like that's the path of least resistance there with 2Y now back up to 5.1% and 10Y to 4.74%. I guess the market continues to feel very hawkish and rightly so as the Fed refuses to change their stance quite yet. It looks like the probability of a hike next month has dropped to 10% but there is enough time between now and then for those probabilities to move and with the last payrolls number coming in so strong it will certainly be on the Fed's mind. At first glance it appears there's no real major economic data to come this week so we're sort of in a 2-week waiting period here before we get something substantial.
**CRYPTO** - Well lots to talk about here and it's nice to see some volatility return to crypto even if it's for the wrong reasons lol! In any case, we saw BTC wick to 30K yesterday with alts following suit after CoinTelegraph reported a false headline stating that the SEC had approved Blackrock's ETF. That wick was very quickly sold down after it was confirmed it was a false headline and Blackrock refuted the rumours. I think something like $1bn in shorts got liquidated but interestingly BTC still ended the day on a strong note and currently stands at 28.5k. IMO, despite the headline being false, we got a taste of what price action could look like should an ETF get approved, and there is proof there now that it is not yet priced in, and part of me thinks we could have even kicked on from 30K on BTC there. So I think given so many shorts were liquidated they might be a bit scared to re-enter, and those who were not in the game from the long side may see it as an opportunity to have another bite at the apple. There are just 85 days now until the SEC has to decide on the ARK ETF and it's tough for me to see crypto not wanting to rally into that, of course, we have to factor in everything else that's going on in the world too.
**NFTs** - Not a whole lot to write about here as WoY shed 16% to fall to a floor price of 11.44ETH, but they are still up almost 100% on the week. Most other pfps have barely seen much movement either way....it's a weird one it's just like a small turnover on very low volumes with price action generally stable which makes me feel like it's some sort of low stakes hot potato game which is probably the last of the Blur farmers. I wonder what happens when Season 2 ends, the thing is I bet there's probably a Season 3 so this lowish level of liquidity probably continues. Something that's done quite well is Red Bull's Velocity Pass for which there is going to be a SnowFro drop; that's now up 35% overnight to a price ot 1.36ETH which marks an 85% move higher in the last month. NFTs might feel dead but it does appear that there have been plenty of performers that have done OK actually in recent times!
Find all of our charts on Degenz.Finance and make sure to subscribe to the Mando Minutes Newsletter at mandominutes.com for even more news on the Macro, Crypto and NFT landscapes:
GL today!