The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
gm
MACRO - A tough day for risk assets yesterday as we saw SPX and NDQ close 1.5% and 1.2% lower respectively (interesting that we dropped more on SPX than NDQ). Futures are unchanged this morning while interest rates have demonstrated continued volatility moving out to 4% on 10Y and then back down to 3.93% at time of writing. This comes after Powell spoke in front of congress yesterday with comments that were deemed somewhat hawkish. He mentioned that if economic data indicated "that faster tightening is warranted, we would be prepared to increase the pace of rate hikes". IMO there's nothing groundbreaking there and it's really a statement of the obvious. We didn't get much insight into what Powell thinks of the CURRENT situation which is more important but we will get another round of payrolls/CPI before the FOMC on 22nd March which should give some more clarity.
CRYPTO - Pretty grim price action across the board. Majors seem to be holding in ok with BTC at 22K and ETH at 1550, but altcoins are getting absolutely decimated with things down another 5-10% in the last 24H or so. It's wild to see some of the levels where some popular altcoins are now...$APE down to 4.5, $BLUR down to 0.62, CANTO down to 0.31, SAND down to 0.58...kinda ugly. It'll be interesting to see how the next few weeks pan out here and IMO we will regain a bit of correlation to macro once we start hearing from the Fed again etc. 1200 still the level for me to add ETH and I still don't think we get there but if we do I'm ready for it.
NFTs - Another lower volume day in NFTs with just $68m volume and Blur climbing to a 65% market share. This is the third day in a row we've seen lower volumes and I do believe still it's correlated to $BLUR price action and probably the overall crypto/macro picture. Floor prices are mixed but on the whole it does feel like things are still trending a little lower. Interesting but unsurprising to see Owls drop 40% to a floor price of 0.13ETH as the meta to meta hot potato trend continues to be prevalent. Cryptopunks are definitely worth keeping an eye on now here with Wrapped Punks now available to trade on Blur and we have seen some volume tick up there. Not much more to add from me here other than it all feels rather tiring!
GL today
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