Thread by @DegenzNFT

'Has Crypto Bottomed Out?'

Degenz Morning Update: Everything you need to know across Crypto, NFTs and the general market🧵

1/6 MACRO - Equities closed benignly on Friday, with SPX down 0.16% and NDQ down 0.37%. Futures are in the green this morning, up about +0.3%. Volatility in interest rates and shifting sentiment around big macro numbers have been interesting, 2Y is back to 3.98%.

2/6 MACRO - This week's data is not very exciting. US retail sales on Tues might offer insights on consumption, but it tends to be a lower vol event for markets. We're cruising into summer mode, with the next FOMC on 13-14th June. Expect some illiquidity ahead.

3/6 CRYPTO - After struggling, we're seeing a nice bounce today. BTC is back up to 27.4K and ETH to 1830. Altcoins are also bouncing with 5-7% moves. The recent crypto weakness might be subsiding, forming support. Shitcoin market is interesting, with PEPE climbing on Elon's tweet

4/6 CRYPTO - TURBO is up 5% this morning. Watch out for Ben.ETH's "$PSYOP" shitcoin, raising almost $7m in a presale. It's a staggering amount of money, and whether it's a scam or not, it'll be a massive market event that regulators can't ignore.

5/6 NFTs - Volume has been around $20-30m for a couple of weeks, feeling like the new normal. Some floor prices are rebounding, and attention is slowly returning to NFTs. Sothebys' auction of the 3AC portfolio starts on 18th, a bellwether for the upper end of the market

6/6 NFTs - Special shoutout to Rektguy, climbing the rankings with a 30% increase in floor price to 0.69ETH. We're a week away from our 1-year anniversary, "still alive" thanks to our amazing community. Your support is greatly appreciated! #NFTs #CryptoCommunity

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