The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - A softer day for equities sees both the SPX and NDQ down 0.6% and 0.9% respectively to start the day. Interest rates, once again, continue to progress higher and it puts us at 425/372/361/380bps across 2/5/10/30y. It would seem my dreams of a quiet Spring grind higher may so far be in vain as markets drift lower. One thing to note is that inflation in the UK remains incredibly sticky as we once again hit 10.1% for last month. While it is lower than the 10.4% of last month, the expectations were for it to drop down to 9.8%. That is certainly a stark contrast to what's been happening in the US and a gentle reminder we may not be fully in the clear.
CRYPTO - We saw a pretty hefty sell-off overnight with BTC back down to 29.3K and ETH down to 1980, below the psychological level of 2K. I'm not quite sure what caused it, maybe UK inflation numbers played a part, but we also saw altcoins drop about 10-15% alongside. As a result, the BTC dominance % has climbed ever so slightly to 47.6%. Memecoins continue to be all the range here as $PEPE hit as high as 0.0000004 which I think implied a market cap of almost $200m, before dropping back lower to the tune of about 50%. Very wild and aggressive price action, and indeed there are a few more memecoins such as $WOJAK, $COPE, $HOPE, $BOBO which all look like copy pastas of the same thing. Personally I think it's fun to dabble, but I want to keep reiterating caution and to be careful. Treat it as a gamble, treat it as a bit of fun, because at some point the odds are this shit is going to zero and you don't want to be left holding the bag with money you don't want to lose.
NFTs - Honestly it's getting tougher and tougher writing about NFTs each day. We saw Azuki/Beanz's pump get sold and it seems most projects are in the red, while Milady seems to yet again be the rose in the bush climbing by 14% to an FP of 2.3ETH. I find that very impressive and to me that's the sort of thing we aspire to for rektguy, keep the community strong, alive and thriving and it just goes to show you can obtain amazing value build just by making people want to feel a part of something. The other big piece of news is Trump trading cards falling by a whopping 64% after a series 2 (ie more supply) was announced. Yikes lol. Finally, I still think I feel like NFTs are near bottoming but I think it's a bottom that could last for a while rather than a V-shaped recovery. Remember, when the fun factor leaves, people just go and do other things and we are now soon approaching summer months which are typically a lull period. Just something to bear in mind.
GL today!
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