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 pretty strong day yesterday for stocks which saw SPX close 0.3% higher and NDQ 0.75% higher, while futures are a tiny amount lower this morning. Not much movement in interest rates which currently sit at 4.86% at the 2Y point. Today is the big day as we will get the Fed's interest rate decision (current market expectation is for an extremely high probability of a 25bp hike) and the press conference after. As I've commented in the past few days I do think thee is some fear going into this and I'm not sure there's yet been enough change for Powell to change his tune despite a 3% inflation print for the month of June. Given where stocks are (just of all-time highs) the Fed has a lot of leeway to be aggressive on hiking or keeping rates elevated for longer, it would be kind of rogue for Powell to come in and say something dovish here and I suspect we'll get a repeat of last month. IMO we may not even see much of a market move either way as he has no real incentive to deviate from the status quo.
CRYPTO - Holding in there on majors with BTC at 29.2K and ETH at 1850 while altcoins seem to be drifting a little which sees BTC dominance climb back to the 50% level. A strong performer recently has been DOGE which is up about 15% in the past week outperforming much of the crypto market. The main reason for this is speculation that Elon might do something with it for Twitter after his rebranding of the app to "X". Interestingly we've seen other meme coins struggle, in particular PEPE has been a weak performer driooubg 18% in the past week back to a market cap of close to $500m. We'll see if the FOMC stuff moves the needle either way today on crypto but it feels like no. I think if macro rallies we'll see a soft sympathy rally but it's slim pickings while this technical overhang on bitcoin continues.
NFTs - Generally more red across the board with BAYC, DeGods, MAYC and a handful of others feeling the brunt. There was yet another Fidenza sale of 79ETH which now takes the floor there to 89ETH - that's up 19% in the last 30 days which is a pretty strong performance for a high-value NFT and is really a testament to how well generative art continues to hold up at current prices...it's just a question of if this can continue or if we see another move lower but in just a delayed fashion as pfps tend to lead the way. Nothing more to report on the NFT front here as it continues to be a repeat of the same story.
Reports - Today we look at Reddit who are releasing their 4th generation of ‘Collectible Avatars’ NFTs under the collection name ‘Retro Reimagined’. Including big names in the space such as Cool Cats and Kristy Glass, we recommend giving it a look, even with the likely marketplace crash which has happened in the past. With over 13Million wallets holding Collectible Avatars, Reddit has propelled the space forward in such a seamless but effective way. Even though many of the floor prices have crashed, their relevance on the app is still ever present.
GL today