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 - A tough day for US equities as the SPX and NDQ both ended about 1.1% lower, while futures are opening mostly unchanged this morning. After the recent interest rate blowout we've seen treasury yields ratchet back in with the curve now at 491/432/418/431bps across 2/5/10/30y. Interesting to see UK inflation drop to 6.8% for the month of July vs 7.9% in the previous month; this is the lower rate of inflation the UK has seen since February last year....a pretty substantial decline and it appears the UK is finally following the path of the US lower. I do believe this will certainly start to put central banks on alert; at some point they are going to want to think about starting to cut rates before it has too much of an adverse impact; but they just need more clarity that inflation will stay under control.
CRYPTO - The good news is that BTC and ETH are now longer at 29.4k and 1850 but the bad news is they are now at 29.2K and 1830. I got some messages yesterday saying "omg what's happened to ETH" and I looked to see it had moved from 1845 to 1820...and honestly I was just like FFS that is barely even a move, but I suppose it's a testament to how low vol has gotten and some of these moves just feeling much more magnified than justified. BTC dominance remains sturdy at 50.55% and I would repeat what I have been saying for the past few days in that all the focus rn seems to be on low mkt cap alt coins with UNIBOT surging another 10-15% overnight and MOG coin being an outperformer yesterday climbing by 30-40%. Slim pickings right now in crypto and here's hoping we get some more vol. It's funny because I remember saying the same thing this time last year and then FTX happened, so maybe we should be careful what we wish for.
NFTs - It appears that the DeGods saga continues with the floor falling a further 4% to 4.4ETH. I read yesterday that there were something like 350 DeGods loans that are underwater so I think there is a concern there. Elsewhere most other projects continue a similar path of descent with BAYC now down to a 28.6ETH floor. We continue to see impressive action in the world of ArtBlocks and generative art with Squiggles up 4% to a floor price of 10.7ETH after Seedphrase swept a bunch; a lot of these AB projects have really been like stablecoins in the past few weeks and barely budged on FP in ETH terms. Doesn't look like there's been much in the way of large individual sales recently, a few mid-tier apes and punks have been changing hands and IF you are bullish on that stuff now is certainly a good time to pick up rares. Think that's it for today!
REPORTS - Today we look at a project who are trying to achieve something real big in the real world, ‘Making Coffee’. There are very few projects in the space, if any, that can boast a partnership with an entire national ministry. In the case of Making Coffee, they have announced a partnership with the Ministry of Agriculture & Livestock of El Salvador. With El Salvador’s history with cryptocurrency, it is no surprise that that they are looking to jump right into the world of Web3, but what exactly does this partnership involve? Basically, the plan is to use crypto to bring transparency & equity to the coffee industry, creating a global community from farmers, to wholesalers and consumers. It’s so refreshing to see a project of this kind blossom out of the despair of the current market. Look out for more blockchain supply chain partnerships like this being created in the future.
GL Today!