The Great Decoupling

The cryptocurrency market saw a slight retracement today, likely due to the looming news of the Shanghai upgrade that is incoming. However, traditional markets seem to be having a weaker tone today as well. On the other hand, gold dipped off from yesterday's highs, and oil is currently above $80 dollars, which is notable.

The job market has been under scrutiny as the market expects Powell to pivot in case there is any sign of weakness. Bank stocks have continued to get hammered, and the banking system is still in hot water.

In other news, other deeds have dipped since the decoupling, which essentially refers to another 100k NFTs from Yuga. One set has decoupled assets, another has artifacts, and one has a set of 10k Kodas. This increase in supply does increase the market's supply, but there is also a splitting effect.

The job market has been under close watch as the Fed considers raising interest rates. The lowest labor market number since 2021 was reported recently, indicating that things may be slowing down. This gives more power to the Fed to raise rates, which is a factor that could affect the crypto market as well.

Interestingly, crypto feels like it is more correlated to gold and interest rates as opposed to the actual stock market. The correlation is even stronger considering the recent retracement in the crypto market due to the looming news of the Shanghai upgrade.

Bank stocks have been hit hard in the market, with the banking system still in hot water. If there is any indication of the job market showing weakness, the market expects Powell to pivot. The scrutiny is evident in the ongoing monitoring of bank stocks.

The decoupling of other deeds has led to a dip in the NFT market, but it has also led to an increase in supply. Yuga has released another 100k NFTs, one set of which has decoupled assets, another has artifacts, and one has a set of 10k Kodas. While this does increase the supply, it also splits the market and causes a dip in the NFT market.

Gold dipped off from yesterday's highs, while oil is currently above $80 dollars, which is notable. Traditional markets seem to be having a weaker tone today, while the crypto market saw a slight retracement. The looming news of the Shanghai upgrade is likely the cause of the retracement in the crypto market.

We also had Gmoney pop up and grace us with some input and info on his recent merch drop with Admit one.

GM

Hosted on Acast. See acast.com/privacy for more information.

https://linktr.ee/rugradio