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 - equities are continuing to grind higher ahead of Thursday’s big inflation figure - the moves aren’t anything to write home about but stocks are up 0.3% again. With stocks in bear territory the market is definitely wary of a low print for inflation causing a big squeeze. Powell still came out yesterday and said the Fed may need to make unpopular decisions to stabilise prices - its going to take a lot to change his mind! Some weird headlines that all US domestic flights are grounded this morning due to a systems outage which is causing airline stocks to fall, elsewhere Microsoft looks like its leading the new round of funding for OpenAI (founder ChatGPT, Dall-E, Vall-E) with $10bn at a $29bn valuation!
CRYPTO - we are just hanging out around the levels from yesterday - ETH opening at 1335 and BTC 17400. Crypto still looks slightly overbought vs recent volatility so I maintain that we might have to come a little lower before we can push higher. Target for me is around 1300 on ETH. Yuga announcement is today - APE is still around 4.9 but all the other coins which ran up massively (GALA, SOL, LIDO) have all dropped 5-15% from their high. Expect large volatility in APE after the announcement. We had Illuvium founder Keiran Warwick on the show two days back - worth listening to for his perspective on building a AAA game supported by blockchain - their token ILV is up 20% this week, while Superare’s RARE token is up 10% even despite it being reported 30% of their employees would be laid off. Interestingly Binance announced they would be increasing hiring by 15-30%, rubbing Coinbase’s nose in it. It also looks increasingly like DCG is trying to distance itself from it’s subsidiary Genesis which could be a very painful situation for Gemini earn depositors - worth reading this article:
https://blockworks.co/news/dcgs-barry-silbert-is-dodging-the-hard-questions-sources-say?nocache
NFTs - very quiet suddenly out there. Most floors down 5-10% and volumes are dwindling given the rise in ETH. I think this is a healthy and expected pull-back given the run-ups we had - I expect we see a period of consolidation until ETH volatility dies down post-Thursday. Still bullish for Q1 given rise in liquidity + perceived low downside in USD terms. Grant Yun is the lastest Meme Card drop by 6529, floor price for the 1,420 collection is 1.6E for a 0.069E mint price! Interestingly Limit Break (DigiDaigaku developer) introduced its own royalty solution: opt-in, backward-compatible, programmable royalties contracts that work on any ERC-721 contract through staking. That could put an end to no-royalty trading on crypto exchanges like Blur. Look out for BAYC assets with the Yuga announcement today - we should get more details on how the mint is going to evolve. Also let us know what you think of the new degenz.finance layout!
GL today!