The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm from Indianapolis
MACRO - A strong day for equities yesterday which saw both the SPX and NDQ close 1.2% higher. More alarmingly, we saw quite a surge in interest rates which now sees 2Y treasury yields all the way to 4.17%, close to the highest it's been in the last 3 months or so. It's funny because the debt ceiling talks sound constructive with Biden proclaiming yesterday that he was confident in reaching a budget agreement. So markets are pricing in greater risk, somewhat counter to what is saying and all the commentary out there. Nonetheless, stocks were buoyed by the headlines and proceeded to grind higher, with futures marginally adding to their gains this morning.
CRYPTO - We saw a little rally in BTC which has risen to 27.4K while ETH still lingers at around 1830. Not much movement in altcoins and it's interesting to see BTC dominance once again steadily rise back to 48.15%, up from a recent low of about 47.2% a few days ago. The shitcoin market seems to have become a lot quieter with $PEPE clinging onto a sub $700m market cap but it feels like all the attention there is on ben.eth's upcoming $PSYOP coin for which he raised a staggering $7m presale for - I think that's something that could potentially really break the shitcoin market if he fucks it up, given the quantum of money that has been contributed there.
NFTs - $24m of marketplace volumes yesterday as price action is somewhat mixed across the board. We saw a recovery in HVY-MTL to the tune of 19% which takes it back above a 1ETH floor, while there seems to be a lot of random (or not so) buying in 0N1 Force which has seen that climb 27% to a floor price of 1.5ETH. Elsewhere Milday has given up recent gains but still stands at an FP of 4.69ETH which makes it one of this year's strongest performers. From today onwards I believe we start to see some of the auctions start for the 3AC/Sotheby's auction so I think it's worth keeping an eye out for how the market reacts there at the upper end as IMO it has implications for the rest of NFTs. BTW if anyone is at VeeCon I'm speaking at 2.30PM tomorrow, and will be at the field day thing today!
GL today!
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