Morning Update: Thu 26th Jan
The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - Despite a weak start yesterday, we saw equities rally off the lows to close the day pretty much unchanged. Futures this morning are pointing higher, with SPX and NDQ up 0.3% and 0.7% respectively. Interest rates remain stable and not much to really mention here to the point where I might just stop talking about them until we see a big move. Same thing for oil which remains at around $80. But then again if I stop talking about them I don't have a lot more to talk about sometimes so at least it kills a few lines for me. Elsewhere TSLA earning actually came in ahead of expectations and the stock is up about 7% pre market so sentiment today could be a little bit stronger on the whole.
CRYPTO - After the dip the other day we've seen crypto once again rally back with a vengeance with BTC once again knocking on the door of 23K while ETH continues to underperform, barely clinging onto 1600. The big mover yesterday was $APE which climbed a further 12% and now sits at a whopping $6.1. That takes it to the highest level it's been since August 2022. Given what I've been writing for the past few sessions the move doesn't come as a surprise to me (especially with the rally in Sewer Passes and the rest of the Yuga ecosystem). I think there remains a short base here so I'm curious to see if we can see more squeezy price action.
NFTs - Really impressive to see SewerPass volumes maintain with another 1K ETH of volumes and the floor holding in at 2.8ETH. BAYC and MAYC follow in the volume charts with steady price increases while Otherdeed seems to be getting a bit more love. We've seen a strong comeback in NFT Worlds as well which now sit at a 1.9ETH floor marking a considerable rally in the last couple of days after seeing a tough few months with the Microsoft news. It appears Doodles failed to hold their recent rally with the Dooplicator down 12%, OG Doodles down 7% and Genesis Boxes down 27%. Every day that passes is a day closer to the $BLUR airdrop which I still thing is going to be the next big thing for the NFT market. Also, was gutted to see that Kevin Rose's wallet got compromised yesterday...just goes to show no one is safe but it is a good reminder to make sure you are practicing appropriate security measures:
GL today!