The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
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**MACRO** - Not pretty for equities right now which have dropped by 0.7% and 1% respectively as we start the FOMC today (I believe I previously wrote the FOMC would be 20-21st, it's actually 19th-20th, so tomorrow we will get the interest rate decision and also the press conference). In anticipation of it, interest rates have surged higher and now sit at YTD (and multi-decade) highs with 2Y up to 5.07% and 10Y up to 4.33%. It's worth mentioning that the price of oil continues to rise and we are now at $92/barrel on WTI, which doesn't bode well for headline inflation, although this will be offset with shelter alleviation. Regardless, it would seem that markets are anticipating some hawkish commentary from JPow even if the expectation is for rates to stay flat.
**CRYPTO** - We saw a little dip yesterday after BTC's rise, with the price swiftly dropping back down to 26.7K after more binance FUD. It looks like we've recovered overnight but the recovery seems to yet again be predominantly in BTC which is back to 27.2K. This puts the ETH/BTC ratio at 0.06 and Bitcoin dominance level at 50.23% so ever so slightly higher. It feels like its dominance is going to continue to grow which I maintain is a healthy sign, and it'll get to a point (maybe if/when BTC gets back to 30K) that everything else will rebound and catch up. The SEC received another blow yesterday after they were denied immediate access to Binance US Software...it's not completely clear to me why it was denied but it's just another sign to me that the SEC hasn't really got a clue as to what it's doing, even if this is a smaller headline than many of the others.
**NFTs & Misc** - There's really nothing to report in NFTs today. Price action looks flat, volumes slightly elevated to $13m. Weekly price action seems to show that the pfp market continues to be in decline. I went to have a look at some generative art prices as things have been quite and that front, but it appears to have held up very well with Squiggles still at 10ETH, Fidenzas still at 65ETH, Autoglphys still at 199ETH with a 150ETH bid...honestly I think it's pretty impressive how all that stuff has held up despite a very clear decline in the rest of the market. I think that shows you that current holders don't need liquidity/there's already been a lot of consolidation. Especially in the upper end of the market it's quite clear to me a lot of it is held by funds/institutions/whales who continue to be constructive on those stories (with some funds raising more). Generally speaking, the stuff that outperforms in a bear market is also the stuff that outperforms to the upside in a bull market and I think gen art is going to come back roaring when it's time.
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