There are pressures in the financial system that are keeping economic activity pressured but the Central Banks continue to signal higher rates which could lead to a faster and deeper contraction in the economy that many suspect and surely what the market is pricing in. This is why I remain cautious as capital and cash will be valuable once there is a clear picture of where the economy is headed and if the job to tame inflation has been successful or not.
Crypto, including the Splinterlands ecosystem, has benefited from this jump this month. While I wish I can say it was related to the continued development of the game, I would be fooling myself. The fact is that Splinterlands remains highly correlated to financial markets and cryptocurrencies. However, the fact the ecosystem continues to build despite the downward market is encouraging. This type of activity has always been an indicator of future value creation as things turn positive.
We are probably due for continued volatility which could very well end higher or lower. However, my bet is that we will likely be in for an extended phase of just flat valuations given how volatile metrics will likely remain and the uncertainty on geopolitical impacts to economies around the world. Now that people have gotten the taste of the pain of inflation, it will likely lead to more hesitation on investments until a better picture emerges. My experience is that things never play out as we expect!
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