Gaming tokens take hit from Bitcoin’s dip to $40k

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The cryptocurrency market lately skilled a downturn, with vital declines in gaming tokens as Bitcoin’s worth approached $40,000.

The cryptocurrency market declined on Monday, notably impacting gaming tokens. As Bitcoin (BTC) approached the $40,000 mark, gaming tokens skilled bigger drops, in response to CoinGecko.

Immutable’s IMX token decreased by 8% to $1.80, as Beam (BEAM) and Gala Video games (GALA) noticed round a 7% decline. Axie Infinity’s AXS governance token fell over 6%, and its in-game SLP reward token dropped by 7%. The one token not experiencing a dip is Ronin (RON), which has elevated by 34% up to now week, reaching a value of $2.32, and is now among the many prime 100 cryptocurrencies. It peaked at $2.52 on Sunday, marking its highest worth since February 2022.

Gaming tokens take hit from Bitcoin’s dip to $40k - 1

These market actions inside gaming tokens mirror broader developments within the cryptocurrency sector. A latest CoinShares report signifies a modest outflow from digital asset funding merchandise, totaling $21 million final week. Concurrently, Bitcoin buying and selling volumes surged to $11.8 billion, seven instances the typical weekly quantity noticed in 2023.

Such vital buying and selling volumes in Bitcoin affect the wider cryptocurrency market, together with gaming tokens. Moreover, funding patterns are shifting geographically. The USA recorded capital inflows of $263 million, whereas Canada and Europe skilled mixed outflows of $297 million.

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