The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - Stocks had a softish day yesterday closing 0.5-1% lower, with futures unchanged this morning. Rates are pretty much unch'd vs yesterday, as is oil. So not a lot of price action ahead of the conclusion of the FOMC today. We get the interest rate decision at 2PM EST, the expectation is another 0.75% hike which would take the Fed funds rate to 4% from 3.25%. The press conference is then at 2.30PM EST which is the more important part as we find out what the Fed is thinking, if any of the recent data has changed their path and if there are any talks of slowing down or possibly even pivoting. I think it's certainly gonna be an interesting one, it would have been better if we had got more economic data earlier as we have payrolls and inflation just days after this FOMC meeting, but we'll have to see what happens.
CRYPTO - Majors are holding in relatively well albeit a touch lower, with BTC sub 20.5K and ETH hovering around 1550. There's certainly a bit of weakness in the altcoin market today with stuff generally down 5-10%, giving back a lot of recent gains. In particular, $APE coin has been the heat of discussions with a staking delay expected and confirmed. Our resident member @liamherbst_ I think wrote a good thread about this which is worth a read:
. For me personally, it doesn't change the underlying thesis of demand being created for $APE coin into any successful staking implementation, but I think it's worth being cautious about entry levels and adding given the reduction in morale (for me I'm looking at 3 handle).
NFTs - Art Gobblers still topping the charts, stabilising at a 14.75E floor and posting a whopping 2K ETH of volumes in the last 24H. Something that I think is worth noting is the domination of Blur as a marketplace, which for the first time did more ETH volume than OpenSea yesterday (9700ETH vs 9600ETH)
. We saw two large Fidenza sales as well totalling 400ETH which takes the second place in the volume charts, while I think it's worth noting a decent uptick in Meebits sales (42 trades and a 15% floor price increase in the last 24H). All in all I think NFTs have done well to maintain most floors and keep volumes given the recent ETH pump.
GL today!
-OSF