The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
**MACRO** - A decent day for stocks yesterday saw SPX and NDQ close 0.75% and 1.2% higher respectively, while futures are opening unch'd this morning. No big moves in interest rates with 2Y still at 4.9% and 10Y at 4.39%, I suppose 10Y is a bit lower than yday and thus the curve flattening a touch. Today we get the Fed minutes I believe but as per yesterday I don't expect mcuh in the way of surprises or market movements from it. I suppose the other big thing is that there'll be a lot of focus on the AI narrative in tech stocks now after everything that happened with Sam Altman and OpenAI; the big advantage OAI had over everyone else is that they had spent much longer with dedicated resources building what they did, with that team now disbanded, I think it levels the playing field once again for everyone out there.
**CRYPTO** - We had a decent pump yesterday but we're back down to levels of 37.2k and 2010 on BTC and ETH which is where I think we were at the time I was writing this early yesterday. We finally got the big DoJ/Binance headline and it was just as I had expected a while back, a massive fine for Binance in order to end its criminal investigation. The "massive fine" is to the tune of $4bn which is certainly massive, and it explains Binance's moves over the past few months to raise capital/cut costs. It sounds like Binance will fight the lawsuit and will attempt to seek a smaller fine is my guess, but on the whole I don't think this headline is as bad as people were fearing...nonetheless I do think we saw crypto pull back on it a bit.
**NFTs** - We got the $BLUR airdrop yesterday and it sounds like this time you're able to effectively stake the $BLUR for points to earn more $BLUR for the third airdrop, otherwise known as a ponzi, but isn't all of crypto such! NFTs didn't really move much on it and I think it appears that most were somewhat disappointed with the airdrop, with some big net losses being posted on Twitter for farmers who lost a lot of capital. It looks like the Blur staking protocol is occurring on a new L2 called BLAST which was also co-created by Pacman, and it sounds like there will be a BLAST token so I anticipate people to start farming that right away too. Tbh, I actually think people will make money on staking $BLUR...if NFTs pick up over the next 6 months $BLUR will rally, and plus you get to farm this $BLAST token. The question is, would you have made more money buying something else...it's about opportunity cost of capital rn.
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GL today!