Are Gaming Tokens Decoupling From Bitcoin?

Loopring's LRC Token Challenges Bearish Trendline

The latest moves in crypto markets, in context Edited by Omkar Godbole November 19, 2021 Sponsored by     Bitcoin (BTC) -3.7%  $57,000  Ether (ETH)  -0.7%  $4,150 (Price data as of November 19 @ 12:50 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.  Good morning, and welcome to First Mover. Here's what's happening this morning: Market Moves: Are Gaming Tokens Decoupling From Bitcoin?   Technician's Take: LRC Token Challenges Bearish Trendline And check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Emily Parker and Lawrence Lewitinn at 9:00 a.m. U.S. Eastern time.   – Omkar Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:   Top Gainers: The Graph (GRT): 4.5% Stellar (XLM): 2.6% Filecoin (FIL): 2.2% Top Losers:  Algorand (ALGO): -4.9% Bitcoin (BTC): -3.7% Litecoin (LTC): -2.6% The CoinDesk 20 are 20 digital assets filtered from the larger universe of thousands of cryptocurrencies and constitute roughly 99% of the market by volume at eight of the largest and most trustworthy exchanges. A Message from Bybit We're giving away $5* to all new Bybit users! Just sign up with the referral code ZN5M5.  If you'd like to earn even more, make a deposit of at least $50 in any eligible asset(s) in either your Spot or Derivatives Account, and we'll match* it with a 50 USDT bonus.    Limited redemptions only! *Terms and conditions apply.   Sign up now!   Market Moves by Omkar Godbole It's been a bad week for the crypto market, with bitcoin falling to five-week lows under $56,000 early Friday in a move market participants said was driven by derivatives.    The leading cryptocurrency was trading near $57,300 at press time, representing a weekly decline of over 12%, the biggest percentage loss since May.    One thing I'm looking at today is gaming tokens. Names like SAND, DVI and YGG have stood out this week for several reasons, as discussed in Thursday's edition of First Mover.    It may be too early to say the gaming sector has decoupled from the broader market or evolved as a defensive asset like pharmaceutical stocks. That said, at least in theory, gaming and metaverse have the potential to become the crypto market's defensive sector.    Play-to-earn appears least vulnerable to economic cycles. Gaming giant Axie Infinity boomed during the coronavirus-induced recession. The regulatory stance on gaming is likely to be softer than for privacy coins or decentralized finance. According to Play To Earn Online Magazine, the gaming token enjin (ENJ) found a way through Japanese regulations in January this year, becoming the first gaming-oriented cryptocurrency in the country.    Lastly, a drawdown in the prices of major coins can be a blessing in disguise for gaming. For instance, Axie Infinity requires new players to buy at least three axies (gaming creatures) that are paid for in ether. So, a drop in ether's price eases barriers to entry.    However, for now, everything appears tied to bitcoin's fortunes.  Also read: Bitcoin Attempts Price Recovery After a Derivatives-Led Slide to Sub-$56K Technician's Take by Omkar Godbole Loopring's LRC Token Challenges Bearish Trendline LRC's 4-hour chart (Source: TradingView) LRC traded at $2.58 at press time, representing a 16% gain on the day.  The 4-hour chart relative strength index's violation of the downtrend line and the MACD histogram's positive turn indicate scope for a continued rally.  Above the descending trendline, LRC may face resistance at $2.89 and $3.37.  A move below $2.16 would negate the bullish view.  A Message from Oasis Are you interested in DeFi?   Oasis is the leading privacy-enabled, layer-1 blockchain network. Ideal for DeFi due to its instant finality, 99% lower gas fees versus Ethereum, high throughput,  privacy protection and defense against MEV.  Oasis has many key backers including a16z, Polychain, Pantera, Dragonfly and more and an established partner ecosystem with companies like Genetica, Nebula, BMW, Binance and more.    YuzuSwap, the first DEX built on Oasis will launch soon with major benefits. Stay tuned to learn more here  BOLO Be on the lookout for the following events today: 18:45 UTC (01:45 p.m. ET): ECB President Lagarde Speech ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:   Former CFTC Commissioner Brian Quintenz Shares Insights Into Crypto Regulation, Brave Browser Passes 42M Monthly Users   Former CFTC Commissioner Brian Quintenz joins "First Mover" hosts to look at the crypto regulation landscape. This comes as Quintenz joins the board of the first CFTC-regulated "events market" Kalshi. Co-Managing Director & Member of the Board at Strategic Funds Marc Lopresti provides market insights as bitcoin dips below $60K. Plus, Brave, the crypto-focused web browser, is adding a native wallet and will support Solana and all Ethereum virtual machine-compatible tokens. Brave CEO Brendan Eich explains the move.    A Message from CoinDesk Consensus 2022, the must-attend crypto and blockchain experience of the year, is heading to Austin, Texas, from June 9-12, 2022. This is the only festival showcasing and celebrating all sides of the blockchain and crypto ecosystems, and their wide-reaching effect on commerce, culture and communities. Register now for the lowest price. Latest Headlines ConstitutionDAO Outbid for First Printing of America's Founding Document in Sotheby's Auction The group's $40+ million in ETH wasn't enough to seal the deal. Biden and the Fed: Why Powell or Brainard Won't Change Much for Crypto Both candidates are seen as taking a tough stance on crypto regulation, but they're also both seen as dovish – possibly beneficial for bitcoin's inflation narrative. Chinese Local Government Warns of Digital Yuan Fraud Earlier in November, 11 people were arrested for using the e-CNY to launder money from Cambodia. Binance Fully Integrates Ethereum Scaler Arbitrum One Users can now deposit ether to their Binance accounts via Arbitrum One. Norway Considers Backing Swedish Crypto Mining Ban Proposal, Hints Minister Swedish regulators think crypto mining is impeding the Paris Climate Agreement goals. Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.  First Mover A newsletter from CoinDesk Copyright © 2021 CoinDesk, All rights reserved.  250 Park Avenue South New York, NY 10003, USA Manage your newsletter subscriptions  |  Unsubscribe from all CoinDesk email