First Mover Asia: Bitcoin Holds Above $30.5K at the End of a Quiet, Long Weekend
With a continued long weekend in the U.S., and plenty of economic data coming in this week, markets are quiet.
Insights: Animoca's Yat Siu is hurting GameFi's cause by dismissing its Ponzi problems.
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As the U.S. has been off for an extended long weekend, markets are soft as Asia begins its Wednesday trading day.
Bitcoin is down 1.1% to $30,807, while ether is down 0.8% to $1,939. The CoinDesk Market Index (CMI), a measure of crypto markets performance, is down 0.9% to 1,262.
Data from CoinGlass shows that while open interest continues to sustain itself at the $14.38 billion market, trading volume across the board is down, with major exchanges reporting declines between 15-20%. Liquidation volumes reflect this, with only $148,000 in positions liquidated during the last four hours, and $7.2 million liquidated in the last 12 hours.
CoinGlass’ long/short ratio shows that long traders still have a slight edge over shorts, but its polling of trader sentiment reveals a mixed bag, with a large cohort of neutral traders splitting the bullish and bearish crowd.
As CoinDesk has previously reported, liquidity continues to be a going concern, with fiat liquidity on the decline, which might weigh heavily on risk assets like tech stocks and crypto. With plenty of economic data coming down the pipe this week, let’s see how traders react.
The narrative around GameFi as a Ponzi is an American narrative. If you go to Asia or the Middle East, you wouldn’t hear any of that,” Siu said in response to a question from YouTuber A.Cole. “That’s due to a misunderstanding of what GameFi really is.”
Ponzi schemes are investment scams promising high rates of return where old investors are paid by new ones, rather than legitimate sustainable business activities. To its critics, GameFi’s Play to Earn model is a ponzi scheme because of its reliance on a wealth transfer from new to old players rather than legitimately engaging gameplay.
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