The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm @everyone
MACRO - A solid start for equities which are up 0.3% and 0.6% respectively on SPX and NDQ. I guess the thing to watch out for next couple of weeks will be earnings season and in particular I'm curious as to how a lot of the big tech companies did in the first quarter of this year. I can't help but once again notice the progression of higher interest rates, in particular 2Y, which is now up to 4.2% while the 5/10/30y points are up to 3.69/3.58/3.80% respectively. Not really much more to add here and I suppose we can see how earnings season progresses over the next few days.
CRYPTO - BTC has roared back with a vengeance climbing to 30.3K while ETH has rallied back to north of 2100. The interesting thing is seeing a big rally in alts across the board with plenty of tokens such as $ARB, $APE, $BLUR etc posting like 10-15% rallies overnight. Crypto to me still feels like it wants to kick on higher here and overall there is a lot of bullish price action. Of course, I should probably mention the shitcoin action we've seen over the past 24H with the NFT community latching onto things such as $PEPE, $WOJAK and $CHAD. The three, among some other coins have posted pretty insane returns in the past few days and it feels all too much like the shitcoin szn of 2021. Personally I would say be very careful when dabbling in this market. View it as 100% as a gamble and never put in more than you are happy to lose because this shit can gap to zero very fast, but I suppose many familiar with that feeling given what's been going on in NFTs for a while. Top down though it's interesting to see that part of the market do well in this environment, one with high interest rates.
NFTs - Mixed price action across NFTs which sees Azuki and Beanz gain 7-10% to hit what I think is YTD highs in ETH terms of floor price, and indeed $ price given the rally in ETH. If you're an Azuki whale you've done very well this year and likely outperformed by some margin. After yesterday's talk of capitulation and things feeling gross, it does appear the NFT market has bottomed somewhat and we are seeing some small bounces across a few projects. It seems to me the capitulation may have been directly related to people needing to sell for taxes and perhaps the bulk of that happened yesterday and over the weekend. Something worth noting is that $BLUR is back to 80c which starts to put farmers potentially back in the green or at least less in the red depending on what happens with the airdrop. Given NFT sentiment in the past few days maybe we did truly hit rock bottom and at some point you have to think the wealth effect from rallying ETH will come back in.
GL today!
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