Good morning Asia, here's what's moving the markets: 1. Bitcoin swooned on Wednesday to dip below $29K for the first time in more than a week. 2. Good Web3 games are hard to find. JPRubin23, TheSamReynolds report
The largest cryptocurrency by market capitalization tripped early Wednesday, falling first 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 was recently trading at about $28,930, down about 4.6% from Tuesday, same time, and far from its heights last week when a moderately encouraging Consumer Price Index and renewed investor optimism buoyed markets.
Ether continued its mirroring of BTC this week, falling around 7.1% to trade at around $1,945. The second largest crypto in market value topped $2,100 on Tuesday after tumbling on Monday along with most other, major altcoins. The second largest crypto in market value had been on an upswing in the days following the much ballyhooed Ethereum Shanghai upgrade, the final step in the platform's shift from a proof-of-work to more energy efficient proof-of-stake protocol.
Equity markets traded roughly flat for a second consecutive day with the tech-heavy Nasdaq Composite rising 0.03%, but the S&P 500, which has a strong technology component dropping 0.01%. Investors have continued to digest unexpectedly strong first quarter earnings from the financial services sector, although a number of regional banks have yet to report. Their results will offer additional clarity on the banking sector's health.
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