First Mover Asia: Metaverse ETFs Are Underperforming Gaming ETFs; Cryptos Return to the Red

Public interest continues to grow about the metaverse, but not as much in metaverse ETFs. Does crypto belong in everything?

Good morning. Here’s what’s happening:

Prices: Bitcoin and most other cryptos return to the red.

Insights: Metaverse ETFs are struggling to keep pace with gaming ETFs.

Technician’s take: BTC’s upside appears limited despite short-term support.

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Bitcoin (BTC): $29,982 -3.4%

Ether (ETH): $2,030 -4.7%

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Bitcoin and other cryptos falter

That didn’t last long.

A day after bitcoin broke a week-long losing streak, the largest cryptocurrency by market cap and other major cryptos were in the red again on Monday.

Bitcoin was recently down over 3% over the previous 24 hours and has fallen seven consecutive weeks. Still, it spent much of the day near or above the psychologically important $30,000 level. “As far as the last 24 hours, we’ve seen a consolidation from six to eight weeks of sell-off,” 3iQ Digital Asset’s Head of Research Mark Connors told CoinDesk.

Bitcoin and other cryptos’ performances dovetailed with equity markets, which dropped slightly on Monday and have been tumbling since last fall as inflation and supply chain issues continued to surge and investors became more risk averse. The tech-heavy Nasdaq dropped more than a percentage point on Monday.