The community is what brought CCC members to downtown LA, ostensibly for the 4/20 launch of the metaverse dispensary. The club’s 6,000-odd members had to acquire a “toker,” an NFT of a brightly colored, stoned-looking character, to get into the group and take advantage of its perks, which include in-person events. The floor price for a toker sits at around 0.15 ETH, or roughly $300 (right now — who knows what the future brings?).
April and Manny Hernandez love the club so much that they flew from New York to LA to attend. Manny owns nine tokers, and April owns just one. The couple traveled to Playa del Carmen, Mexico, in March for another CCC meetup.
“Being ex-military, the camaraderie is something that I look for,” Manny told me. “It’s awesome to have this type of access to these types of events. We all grow together.”
As the couple turned to walk away, I saw Manny’s flashy attire: a lab coat with the words “Crypto Cannabis Club” spelled in rhinestones on the back, which he said he designed and bedazzled himself.
As I weaved my way through the crowd, I spotted Hunter, wearing an embroidered shirt with pot leaves on either shoulder, smiling ear to ear as he greeted excited guests. He pointed me toward the weed.
The front room was shrouded in colorful light, with neon signs of blue, purple and green scattered throughout the walls and ceiling. After guests picked up their party favors, they were greeted with a dab bar, a table lined with devices to smoke different cannabis concentrates, with two employees from cannabis tech brand Dr. Dabber helping people light up. The next table over, three marijuana growers from High Water Farm were giving away baggies of the plant itself. Guests excitedly lined the tables, chatting and laughing and hugging in between inhales. It smelled exactly how you’d expect.
I walked through a brightly lit foyer to a second room: a warehouse with sky-high ceilings bathed in a dim green light and filled with smoke. A bar with two bartenders was set up in the corner, serving both alcoholic and cannabis-infused cocktails. Two guests took turns taking videos of one another in the middle of the venue, blowing clouds of smoke from a comically large joint. Out back was a truck providing free tacos and burritos — by the end of the night, there was nothing left.
From boom to crash
The high of the party just weeks ago is a far cry from the vibe today, though Hunter said Crypto Cannabis Club remains “an oasis in the middle of this crazy desert that we’re going through.” The price of the group’s NFTs dipped slightly last week, with the floor reaching around 0.1 ETH, but has since bounced back by 50%. Other NFT communities have become “ghost towns,” Hunter said, but through their shared Discord and social media channels, the club’s members continue to support each other.
The selling strain in tech stocks amid slowing advancement and climbing desire fees is so brutal that an conclusion has to be in sight, according to one particular tech analyst.
“Our discussions with institutional traders is obviously quite adverse [on Big tech stocks],” Piper Sandler tech analyst Brent Bracelin stated on Yahoo Finance Dwell (online video previously mentioned). “Folks keep on to be extremely worried around expanding worldwide possibility. That said, my personal check out is, it feels like we’re form of nearing peak bear sentiment.”
Tech carnage is anywhere just one appears to be like suitable now.
In general, the Nasdaq Composite has drop 20% so far in 2022 — on Tuesday, the Nasdaq notched its worst session considering that September 2020 — and the S&P has declined 12% calendar year to date.
Bracelin suggests sentiment is so adverse on Major Tech that the point could be nearing where by it will make sense to obtain.
“Anyone is universally bearish,” Bracelin reported. “Generally when you have all buyers on 1 aspect of the boat, that is normally when the boat flips. There is possibly far more possibility for the future two quarters all-around slight alterations to the numbers, factoring in these growing worldwide hazards. But from a sentiment viewpoint, it truly is challenging to see how factors can get more bearish from listed here.”
The Chinese government just had the sort of impact on markets that the Federal Reserve can only dream about.
In fairness to the Fed, it hasn’t spent the best part of a year undermining the stock market through a wide-ranging regulatory crackdown as Beijing has.
Nonetheless the intervention from China and the ensuing moves in Chinese stocks Wednesday are pretty seismic.
China promised to keep its stock markets stable and implement measures to boost its economy, according to a state-run media report of a meeting of the country’s financial stability and development committee. The committee also stressed that regulators should “actively introduce market-friendly policies.”
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Significantly for U.S. investors, the committee said China continues to support companies’ listing of shares overseas and has maintained “good communications” with U.S. regulators, with a cooperation plan in the works. That’s quite the development – just last week the Securities and Exchange Commission named five Chinese companies that could face delisting.
So what’s changed? The pressure on Chinese stocks had ramped up in the past week as regulatory concerns returned and surging Covid cases led Beijing to lock down millions of people. The country’s links to Russia also spooked investors as U.S. officials said the Russian government has asked China for military aid. If it did help Russia, sanctions would surely follow.
Regardless of what’s behind it, China has abruptly changed its tune and it has sparked some huge gains, particularly among tech stocks.
Alibaba’s Hong Kong-listed shares soared close to 30%, while the e-commerce giant’s U.S.-listed stock was 20% higher in premarket trading. It wasn’t the only one –
The Fed is up next, delivering its decision on interest rates later Wednesday. A 25 basis point hike is expected but the forward guidance and Jerome Powell’s comments have the potential to move markets – just not quite as much.
*** Join Quentin Fottrell, managing editor, personal finance at MarketWatch, today at noon as he talks with Andrew Keshner, tax reporter, and Greg Robb, senior Washington correspondent, about Russia’s invasion of Ukraine and the impact on the U.S. Sign up here.
The Fed’s ‘Forward Guidance’ Is Key Today
The Federal Reserve stands poised to begin lifting its short-term interest rates–likely by a quarter-point–and ending emergency bond buying. More important will be Fed Chairman Jerome Powell’s “forward guidance” on how aggressively the central bank will move to rein in surging inflation.
The central bank’s two-day meeting, which concludes later Wednesday, comes amid prices climbing at the fastest pace in 40 years and an uncertain geopolitical picture sparked by Russia’s invasion of Ukraine.
Powell recently told a House panel he expects to start interest-rate liftoff with a 0.25 percentage point increase, bringing the target rate to a range of 0.25% to 0.5%, while
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