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 - The markets continue to display rather turbulent volatility as we saw equities close 1-2% lower yesterday in the US..and low and behold futures are clawing back those losses with both SPX and NDQ up about 0.8% this morning. It really is choppy out there and perhaps it will be hard to figure out what the trend is here given the polarising inflation and payrolls numbers but perhaps CPI next Tuesday can steer us in the right direction. I would note that interest rates rallied a bit yesterday which takes 10Y back to 3.6%.
CRYPTO - We saw crypto retreat after bouncing yesterday and the volatility in traditional markets is certainly more than matched by crypto. BTC currently at 22.7k and ETH at 1635. Altcoins are down about 10-15% once again with favourites such as $APE, $CANTO and $MAGIC leading the charge lower...honestly you can really get yourself chopped up in this environment chasing FOMO and you gotta be real careful. I would advise waiting for dips before punting (ie if you fancy a gamble this feels like an OK entry point) rather than buying something that's already up 50% in the last 2-3 days. MATIC has been the main outperformer climbing to a price of 1.3 which takes it back to levels last seem in May 2022.
NFTs - Yesterday was a strong volume day with $57m trading market-wide. We saw large volume in Pudgies, CloneX, SewerPasses, Otherdeed and Checks which all demonstarted 1.2-2.8k ETH worth of volumes although almost all of them were lower in FP, in particular, Checks down to 2ETH. I will sound like a broken record here but I think $BLUR ends up being a bit of a make or break moment for NFTs. Elsewhere there's been a lot of focus on "Ordinals" (dubbed BTC NFTs) as we saw the highest sales yesterday of about $90k or so. Definitely interesting to see it get some traction, especially given the lashback from the BTC community. I'm interested to see if this becomes "just a new meta" or a new big thing.
GL today!
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