A weekly look at the most important moves and news in crypto and what's on the horizon in digital assets.
Hope you all had a great holiday! Welcome back to Distributed Ledger, our weekly crypto newsletter that reaches your inbox every Thursday. I’m Frances Yue, crypto reporter at MarketWatch, and I’ll walk you through the latest and greatest in digital assets this week so far. Find me on Twitter at @FrancesYue_ to send feedback or chat about crypto.Crypto in a snap Major cryptocurrencies suffered losses the past week. Bitcoin BTCUSD, -0.
After bitcoin dropped below its $46,000 support level, liquidations soon followed — more than $300 million in bitcoin futures positions have been liquidated during the past 24 hours, according to crypto derivatives data site Coinglass. Smaller tokens tend to post outsize losses than bitcoin when under selling pressure, while they usually post more significant gains than bitcoin during bull cycles.
Total users of blockchain games have grown to 1.4 million from about 386,600 in early July, according to data provider DappRadar. The market capitalization of play-to-earn tokens amounted to about $24.7 billion, according to CoinGecko. “It’s not a one-way system where companies take most of the benefit. And because of that, it thrives very quickly,” Yung said.
“The advantage blockchain guys have right now is they’ve integrated gaming with NFTs with DeFi, with the play-to-earn model,” Wu said.
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