The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - Yesterday was a quiet day for stocks which ended down 0.3% but we're seeing some substantial weakness in futures this morning, down 0.7% and 1% respectively on SPX and NDQ. Yesterday we saw the USA get downgraded from its AAA rating by Fitch given the debt ceiling standoff we had recently. IMO this is mostly a non event and ratings agencies always act "after the fact", but it might be causing a bit of uncertainty this morning. Interest rates have barely budged with 2Y remaining rooted at 4.87%...honestly it's a real barn burner right now and we still have a couple more days until we get payrolls.
CRYPTO - We staged a pretty solid recovery after the concerns around CRV with BTC climbing back up to 29.4K and ETH up to 1860. Altcoins saw a pretty deep sell-off yesterday and it appears they haven't really recovered with majors. As a result, BTC dominance has once again climbed back over 50%, we actually hit 50.3% last night which shows how much BTC has outperformed on this move back upwards which is interesting to see. There was some recent commentary that hte SEC had asked Coinbase to delist every single crypto token apart from BTC so that's another reason that could have caused this move. Again, just feels like twiddling thumbs here for now, we have some positive catalysts on the horizon and I'm still very bullish, but that road to Valhalla will be a long and bumpy ride.
NFTs - I mean there truly isn't much to talk about in NFTs at the moment and i'm finding myself clutching straws at the slightest bit of news to add here. Prices continue to drift lower but there are very low volumes at the moment and a distinct lack of energy or excitement, with just $11m trading yesterday. The most exciting thing that's happened is Beeple buying a cryptopunk for 113.69ETH, certainly an interesting one as it's a dildo head with clown eyes and clown nose. And that my friends...it pretty much it I think...have a good day!
REPORTS - Today’s project are another fellow NFT loving media company called NFTNOW. These guys are an award-winning web3 digital media platform building the future of tokenized media. Their mission to empower the creators of culture and help drive mainstream adoption of NFTs and web3. They have created industry-leading events such as ‘The Gateway’ and ‘NFT100’, as well as innovative products like the ‘Now Pass’ and ‘Now Network’. In this report we will tell you in depth all of these endeavours and just how well they are pushing the space forward.
GL Today! If you like our newsletter make sure to subscribe below 👇