There was still a lack of good Web3 games; Bitcoin BTC Price Falls Below $29,000

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Good morning. Here is what happens:

Price: Bitcoin lost the mojo it regained on Tuesday, falling below $29,000; ether fell towards $1.9K.

Insights: Ratings of some Web3 games are higher than the lifetime earnings of some successful traditional game companies, yet Web3 doesn’t have many games that players are excited about.

Bitcoin’s Wednesday Fading

What Happened to Bitcoin’s Tuesday Mojo?

The largest cryptocurrency by market capitalization stumbled early Wednesday, first falling below $30,000 for the second time in three days, and a few hours later falling below $29,000 for the first time more. of a week. BTC was recently trading at around $28,930, down around 4.6% from the same time on Tuesday, and far from its highs last week when a moderately encouraging consumer price index and a renewed investor optimism boosted the markets.

Investor sentiment soured on Wednesday after a sobering UK inflation report and a massive sell order on Binance. “Somehow the scorching UK CPI report we got in today’s European session made the market more vulnerable and may have been the macro data that has pushed this big seller to pull the trigger, which led to a cascade of sell orders as we fell below $30,000,” said Matt Weller, global head of research at the brokerage. Forex.com line, to CoinDesk TV’s “First Mover” program.

Ether continued its BTC mirroring this week, dropping around 7.1% to trade at around $1,945. The second-largest crypto by market value rose above $2,100 on Tuesday after falling along with most other major altcoins on Monday. The second-largest crypto by market value had seen a rally in the days following Ethereum Shanghai’s high-profile upgrade, the latest step in the platform’s move from proof-of-work to a proof-of-proof protocol. more energy-efficient participation. .

APT, the Aptos layer-1 blockchain token, and ARB, the Arbitrum layer-2 blockchain native crypto, have recently plunged around 10% and 13%, respectively. The CoinDesk Market Index, a measure of overall crypto market performance, recently fell 6.2%.

Stock markets traded roughly flat for a second straight day, with the tech-heavy Nasdaq Composite rising 0.03%, but the tech-heavy S&P 500 falling 0.01% . Investors continued to digest surprisingly strong first-quarter financial services earnings, although a number of regional banks have yet to report. Their findings will shed further light on the health of the banking sector.

In an email to CoinDesk, Markus Levin, co-founder of XYO Network, a crypto-based oracle network that anonymously collects and certifies data with a geographic component, noted “tremendous market anxiety in this time, particularly with respect to macroeconomic conditions.

“The higher than expected UK inflation numbers seem to be hitting a little too close to home, both in the US and in other countries where monetary policy is tightening and fears of a recession are growing. “, wrote Levin. “It looks like all of these macro concerns might finally catch up with Bitcoin.

He added that after bitcoin’s strong gains in recent weeks, “it’s no surprise to see consolidation. Crypto markets have always been particularly sensitive to price swings, so none of this should be a cause for panic.

For all the billions in market share that Web3 games and the metaverse command, one thing is missing: a good game.

The traditional gaming world has flagship franchises that have failed to generate revenue over their lifetime compared to some Web3 games. Still, you can find plenty of people who have played a chapter of Grand Theft Auto, Halo, or joined a multiplayer skirmish in PUBG or Call of Duty.

Some of these games are memes of the moment; PUBG seemed ubiquitous in 2017-2018 with its fast-paced, mobile-friendly action, but isn’t that big anymore.

But it’s probably harder to find someone who’s done the same for a Web3 game. Mention PUBG around players, and most will know it. Can the same be said of a Web3 game? In a report last week, DappRadar argued that Asia will dominate Web3 games. He bases this answer on a survey where 48.6% of respondents said blockchain games sound interesting.

But what about after they try them? Are they still interesting?

Its fans are not as sold.

Some of the top rated comments in response to the video are overwhelmingly negative.

How can I not like a video more than once said J Miki. With this pace, the next Final Fantasy will be Final Fantasy, added another.

Bitcoin fell more than 3% in just 15 minutes in the morning in Europe, triggering a plunge that sent BTC as low as $29,045.22. Forex.com’s global head of research, Matt Weller, joined “First Mover” to discuss it. Additionally, a reaction to yesterday’s exchange between House Financial Services Committee Chairman Patrick McHenry and SEC Chairman Gary Gensler, who repeatedly declined to answer the member’s question. Congress on whether ether (ETH) is a security. Former SEC Senior Counsel Howard Fischer and Linklaters U.S. Head of Blockchain and Digital Assets Joshua Ashley Klayman chatted. Blockdaemon CEO Konstantin Richter and Scroll co-founder Sandy Peng have also joined “First Mover”.

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