June 7, 2023

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We still miss the good Web3 games;  Bitcoin BTC price swings below $29K

We still miss the good Web3 games; Bitcoin BTC price swings below $29K

Good morning. Here’s what happens:

the prices: Bitcoin lost its mojo it regained on Tuesday, falling below $29K; Ether fell about $1.9 thousand.

ideas: The ratings of some Web3 games are higher than the lifetime revenue of some successful traditional game companies, yet Web3 does not have many games that make players excited.

Swoon Wednesday Bitcoin

What happened to Bitcoin on Tuesday Mojo?

The largest cryptocurrency by market cap faltered 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, down about 4.6% from Tuesday, at the same time, and off its highs last week when a mildly encouraging consumer price index and renewed investor optimism led the markets to rebound.

Investors’ mood soured on Wednesday after the UK inflation report and huge sell orders on Binance. “One way or another, the hot UK CPI report we got in today’s European session made the market more vulnerable and it may have been part of the macro data that caused this big seller to pull the trigger, triggering a series of sell orders. Our price fell below $30,000,” Matt Wheeler, global head of research at an online brokerage. Forex.comfor “First Mover” on CoinDesk TV.

Ether continued to reverse Bitcoin this week, dropping around 7.1% to trade around $1,945. The second-largest cryptocurrency by market cap topped $2,100 on Tuesday after falling on Monday along with most other major altcoins. The second-largest cryptocurrency by market cap has been on the rise in the days following Ethereum Shanghai’s high-profile upgrade, the latest step in the platform’s shift from Proof-of-Work to the more energy-efficient Proof-of-Stake protocol.

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

Equity markets traded almost flat for the second day in a row, with the heavy Nasdaq Composite up 0.03% while the S&P 500, which has a strong technical component, was down 0.01%. Investors continued to absorb unexpectedly strong first-quarter earnings from the financial services sector, although a number of regional banks have yet to report it. Their results will provide additional clarity on the health of the banking sector.

In an email to CoinDesk, Marcus Levine, co-founder of XYO Network, a crypto-powered oracle network that collects data anonymously and verifies it with a geocomponent, noted, “We’ve noticed an enormous amount of anxiety in the market right now, particularly when it comes to macroeconomic conditions.” “.

“The higher-than-expected UK inflation numbers appear to be a little too close to home, both in the US and in other countries where monetary policy is tightening and recession fears are mounting,” Levine wrote. “It looks as if all of these macro concerns may finally catch up with Bitcoin.

He added that after bitcoin’s strong gains in recent weeks, “it’s not surprising to see consolidation. Cryptocurrency markets have always been particularly vulnerable to price volatility, so none of this should be a cause for panic.”

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

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The traditional gaming world has prop franchises that have not made as much revenue over their lifetime as some Web3 games deserve. However, you can find a lot of people who have played a part of Grand Theft Auto or Halo or joined multiplayer skirmishes in PUBG or Call of Duty.

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

But it’s probably hard to find someone who has done the same thing with a Web3 game. Mention PUBG around the players, and most of them will know it. Can the same be said of a Web3 game? In a report from last week, DappRadar argued that Asia will dominate Web3 games. This response is based on a survey where 48.6% of respondents said that blockchain games “sound interesting.”

But what after they try it? Is it still interesting?

Her fans though are not sold.

Some of the highest rated comments in response to the video are very negative.

How I hate a video more than once, said J. Mickey. Another added “At this rate, the next Final Fantasy will be Final Fantasy.”

Bitcoin fell more than 3% in just 15 minutes in the European morning hours, as it kicked off a decline that sent BTC to $29,045.22. Forex.com Matt Wheeler, Global Head of Research, joins “First Mover” for the discussion. Additionally, the reaction to yesterday’s exchange between House Financial Services Committee Chairman Patrick McHenry and Securities and Exchange Commission Chairman Gary Gensler, who repeatedly refused to answer a congressman’s question about whether ether (ETH) is a security. Former SEC Chief Attorney Howard Fisher and President of US Blockchain and Digital Assets firm Linklaters, Joshua Ashley Clayman, discussed. Blockdaemon CEO Konstantin Richter and Scroll co-founder Sandy Bing also joined the First Mover.

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