In This Issue
- I share my thoughts on the state of the market, the Harmony hack, NFTs still aren’t dead, Crypto stocks & token unlocks.
- Rekt Capital has the latest technical analysis for you on the market.
- Sam has a report for you on Goblintown NFTs.
- Defi Dad has a tutorial for you on how to earn up to 18% vAPR with a Curve PUSd LP on Convex.
- Jesse has a ton of hot new airdrops for you.
- Hot new token sales.
- Rebecca has all of the latest news for you.
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What’s On My Mind by Lark
<h3 id="the-state-of-the-market“>The State of the Market
Well… we are still alive. So that is good!
Overall though a boring week after the terror earlier this month. BUT, don’t get complacent.
July could be rough. And we could still retest those previous lows. All eyes will be on the CPI data coming out in two weeks.
If it is bad… then hold onto your butts!
Bitcoin Monthly RSI
The monthly RSI for Bitcoin has hit its lowest level EVER!!!
Showing once again the truly unprecedented markets that we are in.
Oversold and “bottom” signals are flashing everywhere. But the macro fears are likely to invalidate many of them.
Still though, I am happy to average into positions here regardless of whether we can count on the bottom indicators or not.
Commodities & Russia
Commodity Prices are finally seeing some relief.
Obviously, markets are fragile and these prices can soar again, but it is nice to see oil down by 10% and wheat down by 33%. This could go a long way towards easing price pressures and helping consumer inflation slow down.
BUT, G7 leaders are still looking for ways to punish Russia and have even discussed trying to cap Russian oil prices to limit their profits and thus their ability to wage war.
BUT, such a move would probably cause, at least short term, chaos on global oil markets. And when there is chaos there are price spikes.
Plus, how would Russia, the world’s largest exporter of wheat, react to such a move? Would they retaliate in other areas like limiting wheat flows?
The political class is playing a dangerous game and it will be regular people who quite literally pay the price. Let’s
hope cooler heads prevail.
Recession?
Well it seems that Ark Invest’s Cathie Wood doesn’t want to wait anymore, she has said that she thinks that the USA is already in a recession.
The 2 and 10 year treasury yields have inverted which usually signals a recession is inbound.
The price of copper, sometimes referred to as Dr. Copper for its ability to diagnose markets, is falling and when this happens recessions often follow.
That all being said opinions vary widely with many analysts from major financial firms saying that the odds are low and if one does happen that it will be mild and short.
The question is who do you want to believe?
Inflation
European Inflation is officially out of control with rates in Spain hitting 10.2%.
This has prompted the ECB to take action with their first rate hikes likely coming in July. Not sure why they waited so long, but inflation has gotten…
