Bitcoin Slips Below $43K as Ukraine Shadows Financial Markets

Shift toward proof-of-stake blockchains hits graphics-card market
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Crypto Prices

Bitcoin (BTC)

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Ether (ETH

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The following are the biggest movers in the CoinDesk 20 digital assets over the past 24 hours:

Biggest Gainers:

Asset Ticker Returns Sector
Cosmos ATOM +5.0% Smart Contract Platform
Filecoin FIL +1.0% Computing

Biggest Losers

Asset Ticker Returns Sector
Algorand ALGO −5.0% Smart Contract Platform
Litecoin LTC −3.9% Currency
Polkadot DOT −3.5% Smart Contract Platform

Sector classifications are provided via the Digital Asset Classification Standard (DACS), developed by CoinDesk Indices to provide a reliable, comprehensive, and standardized classification system for digital assets. The CoinDesk 20 is a ranking of the largest digital assets by volume on trusted exchanges. 

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Metaverse hangover

By Sam Reynolds

Metaverse tokens are pulling back after a rally fueled by the crypto-heavy Super Bowl, which broke records for viewership ratings with an audience of 112 million. 

 

Yield Guild Games, the eponymous token of the YGG gaming guild, a DAO that generates yield by providing laborers for play-to-earn games, was down 7% on-day, according to CoinGecko.

 

Axie Infinity's AXS token, the largest token for a play-to-earn game, posted losses of nearly 6% by the start of the European business day. 

 

Sandbox's SAND and Decentraland's MANA followed, with losses of 5.8% and 2.5% respectively. 

 

Metaverse stocks fell. Meta (formerly Facebook) is down 2% on the day and 5% for the last week. So far the stock has posted a 31% decline during the last month as confidence wanes in Mark Zuckerberg's ambition to transform Facebook into a metaverse-centric company. 

 

HTC, the Taiwanese producer of virtual reality headsets that are considered an essential tool for VR-based vision of the metaverse was up 1% during the Asia trading hours. During the past half-year the stock is up nearly 80% as retail investors in Taiwan latch on to the idea of it being a proxy for the broader growth of the metaverse.  

GPU Supply Improving as Proof of Stake Shift Continues

By Sam Reynolds

According to analysis by European tech research firm 3D Center, pricing for graphics cards continues to decline as supply improves because of slackening demand from miners preparing to shift towards proof-of-stake protocols. 

 

The report said that while the median price for a graphics card is way above the manufacturer's suggested retail price, it's trending downwards — a 30% decline since December for median pricing of Nvidia cards and 37% for AMD. 

 

During an earnings conference call with stock analysts on Wednesday, Nvidia said its cryptocurrency Mining Processors (CMP) revenue fell to $24 million in its fiscal fourth quarter, down 77% on quarter.   


Chipmaker Intel has also recently announced that it's working on a mining application-specific integrated circuit (ASIC) for mining. Argo Blockchain (ARGO) and Block (SQ) will receive Intel's first ASICs when they are available later this year. 

CoinDesk Presents NFT All-Stars

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In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:

Could Ukraine Be the Crypto Capital of the World? Colorado to Accept Tax Payments in Crypto by End of Summer

 

"First Mover" hosts speak to Ukraine Ministry of Digital Transformation Deputy Minister and Head of Diia City Project Alex Bornyakov, as geopolitical tensions weigh on global markets. Colorado governor Jared Polis (D) takes the hosts behind the scenes of 2022 ETHDenver and shares the state's plan to accept tax payments in crypto by end of the summer. Plus, crypto market analysis from Lennix Lai of OKX.

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. 

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