Discover more from Degenz Crypto/NFT Morning Update
Morning Update: Wed 25th Jan
ETH continues to underperform
The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
MACRO - Yesterday was a quiet day in equities which closed pretty much unchanged, but that's changed today with futures pointing 1 and 1.6% lower on both SPX and NDQ. Corporate earnings are now starting to hit the tape and we saw some post-market weakness after Microsoft revenues came in lower than expected, while the often volatile company Tesla is to report today. I think earnings season is def important as it's another economic indicator the Fed will be watching closely wrt their decision-making. Interest rates are fairly stable still with 10Y and 345bps while oil remains around $80, certainly a far less volatile start here compared to what we saw last year.
CRYPTO - We saw crypto finally sell off a bit yesterday with BTC now down to 22.5K, ETH once again underperforming dropping to 1542, with most altcoins down about 5% or so. I continue to be confused at ETH's underperformance here. $APE price action continues to be strong and its actually currently one of the only coins that are green on my screen today, up 5% back to a price of $5.7. We seem to have lost a bit of correlation to macro here and I suppose it may just prove to be a natural profit-taking point for many.
NFTs - Unsurprisingly SewerPasses continue to lead volumes with another 1.4K ETH overnight and I have to say it's rather impressive that the floor has remained steady at 2.8ETH. BAKC and MAYC see about 400ETH of volumes in the last 24H with a notable 20% increase in BAKC as I am sure there is some speculation surrounding their part in the next stages of Yuga's story. Elsewhere it does seem like most things are in the green with there being some renewed activity in Doodles finally; I think it's the first time I've see the Dooplicator and Genesis Box appear in the top 30 charts for about 6 months, after Doodles founder confirmed that only those would grant you entry into Doodles 2, not the OG pfps. On the whole, not a lot of action outside Yuga but things continue to tick along.