Good morning Here’s what happens:
Prices: Bitcoin lost the mojo it regained on Tuesday and fell below $29,000; Ether fell towards $1.9k.
Insights: The ratings for some Web3 games are higher than the lifetime earnings of some successful, traditional gambling companies, and yet Web3 doesn’t have many games that excite players.
Bitcoin’s Wednesday swoon
What Happened to Bitcoin’s Tuesday Mojo?
The largest cryptocurrency by market cap tumbled early Wednesday, first falling below $30,000 for the second time in three days and hours later below $29,000 for the first time in more than a week. BTC recently traded at around $28,930, about 4.6% lower from the same time Tuesday and a far cry from its highs over the past week, as a moderately encouraging CPI and renewed investor optimism boosted markets.
Investor sentiment took a hit on Wednesday following a sobering UK inflation report and a massive sell order on Binance. “One way or another, the hot UK CPI report we got in today’s European session made the market more vulnerable and may have been the piece of macroeconomic data that caused this big seller to pull the trigger, leading to led to a cascade of sell orders when we fell below $30,000,” Matt Weller, global research director at online brokerage Forex.com, told CoinDesk TV’s “First Mover” program.
Ether continued to mirror BTC this week, falling about 7.1% to trade around $1,945. The second-biggest crypto in market value surpassed $2,100 on Tuesday after falling along with most other major altcoins on Monday. The second-largest crypto by market value has been surging in the days following Ethereum Shanghai’s much-heralded upgrade, the latest step in the platform’s transition from a proof-of-work to a more energy-efficient proof-of-stake protocol.
APT, the token of Layer 1 blockchain Aptos, and ARB, the native crypto of Layer 2 blockchain Arbitrum, are down about 10% and 13%, respectively, recently. The CoinDesk Market Index, a measure of the overall performance of the crypto market, recently fell 6.2%.
Equity markets traded roughly flat for the second straight day, with the tech-heavy Nasdaq Composite up 0.03% but the S&P 500, which has a strong tech component, fell 0.01%. Investors continued to digest stronger-than-expected first-quarter earnings from the financial services sector, although a number of regional banks are yet to report. Their findings will provide additional clarity on the health of the banking sector.
In an email to CoinDesk, Markus Levin, co-founder of XYO Network, a crypto-enabled oracle network that anonymously collects and certifies data with a geographic component, noted “there’s tremendous anxiety in the market right now, especially when it comes to macroeconomic conditions .”
“The higher-than-expected inflation figure in the UK seems a little too close to home, both in the US and elsewhere where monetary policy is tightening and fears of a recession are growing,” Levin wrote. “It seems like all of these macro concerns are finally catching up with Bitcoin.
He added that after Bitcoin’s strong gains over the past few weeks, “it’s not surprising to see a consolidation. Crypto markets have always been particularly vulnerable to price volatility, so don’t panic.”
With all the billions in market share that Web3 Gaming and the Metaverse Command have, one thing is missing: a good game.
The traditional gaming world has tentpole franchises that have not made as much revenue during their lifetime as some Web3 games are worth. However, you can find many people who have played a chapter of Grand Theft Auto or Halo, or participated in a multiplayer battle in PUBG or Call of Duty.
Some of these games are memes of the moment; PUBG seemed to be ubiquitous in 2017-2018 with its fast-paced, mobile-friendly action, but it’s not that big anymore.
But it’s probably harder to find someone who’s done the same for a Web3 game. Mention PUBG around gamers and most will know. Can the same be said about a Web3 game? In a report last week, DappRadar argued that Asia will dominate Web3 gaming. She bases this answer on a survey in which 48.6% of respondents said that blockchain games “appear interesting”.
But what about after they try? Are you still interesting?
However, his fans are not so sold.
Some of the top rated comments on the video are overwhelmingly negative.
“How can I dislike a video more than once,” said J Miki. “At this rate, the next Final Fantasy will be Final Fantasy,” added another.
Bitcoin fell more than 3% in just 15 minutes in the European morning hours and started a slide that sent BTC as low as $29,045.22. Matt Weller, Forex.com’s Global Head of Research, attended “First Mover” to discuss. Plus the reaction to yesterday’s exchange between House Financial Services Committee Chairman Patrick McHenry and SEC Chairman Gary Gensler, who repeatedly declined to answer the Congressman’s question about whether Ether (ETH) is a security. Former SEC Senior Trial Counsel Howard Fischer and Linklater’s US Head of Blockchain and Digital Assets Joshua Ashley Klayman discussed. Blockdaemon CEO Konstantin Richter and Scroll co-founder Sandy Peng also joined First Mover.