The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - Another lacklustre day yesterday saw equities close 0.16% and 0.49% lower respectively on SPX and NDQ. Futures are looking good this morning, up 0.85% on both SPX and NDQ. Interest rates seem to finally have paused their ascent and we're looking at 404/364/355/377bps across 2/5/10/30y. TBH, once again, there isn't really much to write about traditional markets and I think that's a good thing. We had a sell off in anticipation of there being continued contagion effect from the recent banking blowout, and so far nothing has happened. The longer nothing happens for the higher the propensity for things to go up. Fri 7th April we have payrolls and I think that's the next thing I'm looking forward to here.
CRYPTO - Well, once again, we move past the FUD and just keep surging higher...crypto really does just want to rally. It's been another BTC-led move which sees BTC at 28.4K and ETH at 1820. Honestly I have no idea why we keep pumping other than the things I've mentioned in the past few weeks (banking failures, prospect of lower rates, prospect of inflation) and while those are pretty big things, it's still pretty remarkable to see price action the way we are seeing it. Interesting to see altcoins are participating in the rally and many coins are up about 10-15%. Once thing to note is that the BTC dominance chart has spiked once again and we've moved from 47.1% to 47.7% in the space of a day basically, so it continues to be a BTC led move. One thing to put in your heads is next year is the next BTC halving which often coincides with big BTC rallies, so it could just be that some have deemed this year a good moment to accumulate.
NFTs - Low volume once again yesterday with just $51m of marketplace volumes and Blur holding a 59% market share. The big news yesterday was of course Blur extending this round of airdrop farming by another month, before the launch of some special features. IMO that will be a kick in the teeth to farmers who were awaiting another airdrop next month potentially. Price action seems relatively green though and it does seem like people scooped some projects at good levels in the last week or so. The big mover yesterday was once again Nakamigos which surged back up another 54% to a floor of 0.28ETH as Twitter hype managed to continue. Their launch of "honourary Nakamigos" was a smart touch to get some big influencers on board.
That's it for today, GL out there!
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