The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - Nothing to really add today with markets closed for 4th July and there being a half day yesterday. Equities closed a small amount in the green yesterday while interest rates climbed back to their local highs ahead of Friday's payrolls number.
CRYPTO - We saw BTC breach 31K yesterday but it has certainly proved to be a resistance point and we were not third-time lucky here as we settled back lower at around 30.9K...certainly knocking on the door still. ETH went as high as 1970 and dropped back down to the 1955-1960 area...2K obviously is the big psychological level there. It was interesting to see some good action in altcoins and indeed bitcoin dominance does seem to be dropping and has fallen to 51.2% from 52%...IMO there's a decent chance that can keep going as ETH and other altcoins continue to catch up with this BTC move...but we need the "crypto is back" narrative to hold. IMO we may need a positive headline out of the ETF stuff as our catalyst.
NFTs - Well...don't call it a comeback....NFTs have bounced to the tune of 15-30% overnight as we finally saw the bleeding stop and participants step in to buy the dip. BAYC is back up to 30ETH, MAYC to 6, Azuki almost to 7 among many more. Just like nothing is ever up in a straight line, things aren't also down in a straight line and the question here will be is this just a dead cat bounce or have we truly seen the bottom. IMO we are close to the bottom but a meaningful rebound to 2021 or 2022 highs may be a long way away for NFTs where value is governed by teams executing roadmaps (as opposed to NFTs where their value derives purely from the art or cultural significance). We are set for an interesting few days...
GL today
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