The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
**MACRO** - An OK day for stocks yesterday which saw the SPX and NDQ close 0.25 and 0.4% higher while interest rates stayed pretty stable for the most part. It's worth noting that the descent in oil price continues with WTI back down to $79, the lowest level since the end of August. I'm not a commodities or geopolitical expert but it's kind of interesting how those tensions haven't really impacted oil in the way we saw it did with Russia/Ukraine last year. Wrt data there's not really much to look out for this week IMO, and we will get CPI next week which will be the big one. My guess is we're in for a quietish few days. Post CPI we're probably in for a quietish couple of weeks with various public holidays and festivities etc taking precedent.
**CRYPTO** - Sadly we were unable to hold onto yesterday's gains and thus BTC has receded back to 34.6K and ETH back to 1870. The ETH/BTC ratio holds firm at 0.054 which is good to see. It's a tough one to decide what to do for shot-term traders here in crypto; on the one hand it feels like a prime profit-taking opportunity given the recent run up but on the other hand we could get a majorly positive headline any day now which could really send the market. I think if you have spot longs you're basically chilling here, but for leveraged positions it's definitely a tough one. There seems to be this theory that every time memecoins and $DOGE pumps it signals the end of a local rally, which for me anecdotally is usually true lol. I suppose as we get nearer to ETF news at some point that is going to change and we will have a true alt season, but I think trying to trade these moves and chopping and changing is definitely a tough strategy and I would advocate for having your largest positions as spot longs in conviction trades.
**NFTs** - Well well well...are NFTs back? I think we're seeing some of the biggest moves I've seen in a long time across the board with many projects posting quite large returns in the last 24H to the tune of anywhere between 10-90%! It appears there is a bid for some "older" projects, with CrypToadz up a whopping 140% in the past 7 days to a floor price of 1.44ETH, especially after XCOPY bought a couple yesterday. Elsewhere a bunch of On-Chain Monkey was swept causing the floor price to almost double to 2.4ETH, while even Cool Cats are up 60% to an FP of 1.1ETH. Elsewhere we saw BAYC founder Gordon Goner splash 600ETH on a Zombie CryptoPunk and as a result the Punks floor has been on the move, swiftly approaching 50ETH. The big question of course will be if these prices will hold and most of me wants to treat it with caution. I suppose the trade is to look for some older projects that are "yet to pump" but I am still wary of liquidity on NFTs for now.
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!