Atmos Labs Prepares for P2E Metaverse

Atmos Labs deploys P2E metaverse

Atmos Labs raised $11 million in a seed round aimed at building a “play and earn” metaverse. Atmos will introduce the concept of “metaverse native sports”, striving to “provide AAA quality gameplay and rich narrative experience”, which is relatively rare in today’s metaverse games. Atmos’ first game will be ExoGP, a racing game that “combines F1 racing and flying elements,” and gear will be available in the form of NFTs. The round was led by NFT-focused investment firm Sfermion, with participation from British hedge fund billionaire Alan Howard and many other well-known institutions in the industry.

BTC price hits 18-month low

On Monday, the main cryptocurrency market and U.S. stocks both plunged, sinking into a bear market. It is reported that discussions on raising interest rates by 75 basis points are about to appear at the FOMC meeting on Wednesday, the news intensified investors’ concerns about the Fed’s more aggressive tightening policy. On the other hand, the Celsius liquidity crunch event also contributed to the rising disappointment in the cryptocurrency market, causing the price of BTC to accelerate its decline to an 18-month low. The largest cryptocurrency by market cap has lost 14.5% of its value in the past 24 hours and is now trading below the $22,000 mark and its 100-hour moving average. A bearish trend line is forming on the hourly chart of BTC with resistance near $22,100, a level that is critical to avoid further losses.

The reason why BTC quickly fell below the $25,000 mark this time can be attributed to the lack of sufficient on-chain trading volume to build a support level due to the high volatility in the $2-27,000 range but insufficient support. Other on-chain metrics also reflect bleak fundamentals. The Real Market Cap to Volume Ratio (RVT) is a measure of the daily usage and intrinsic value of the network. This metric shows that the network valuation is 80 times higher than the daily settlement market cap. This indicates very flat on-chain activity, typical of longer bearish cycles. However, the market cap to real market cap (MVRV) ratio is currently below 0.97, the lowest since the liquidity crunch in March 2020, which means a huge buying opportunity for traders.

Similar to BTC, ETH is currently trading near $1,200 after falling 12.4% over the same period. Investors caught in a bearish mood would also weigh on the market, which could send ETH prices further down and test the $1,000 support area. Meanwhile, most major altcoins are still deep in the red, with TRX leading the downward spiral with double-digit percentage losses.

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