One of the first reactions was that of the Argentine icon who lost to Saudi Arabia.
Despite the focus on football, the FTX issue still leaves repercussions in the market.
Altcoin Radar is CriptoNoticias weekly newsletter, where we collect the most important facts on the cryptocurrency market. In this article we cover notable news and price behavior of currencies other than Bitcoin, with a list sponsored by the newspaper.
Although the effects of the FTX collapse did not end in the past, since this weekend, the Qatar 2022 World Cup has taken over the screens of the entire world. Including the cryptocurrency market.
Immediately after the start of the World Cup, on Sunday, November 20, various symbols related to the world of football and even to the teams present in the World Cup began to interact on the market.
But they did not react positively, with the price increase deriving from the start of the most anticipated event of the year in the sport. instead of Fan codes for some of the biggest teams based in Qatar have dropped sharply Even without having debuted yet.
Presumably, it was a “buy the rumour, sell the news” phenomenon, considering soccer tokens had skyrocketed before the World Cup. But the tokens of teams like Argentina dropped between 10% and 15% between Sunday and Monday.
The Argentines fared worse on Tuesday. Not only did they surprisingly lose a match against an opponent no one expected to play the way they did, but the loss to Saudi Arabia was reflected in their Crashed in just 2 hours for ARG code.
Days before the World Cup, one of the biggest stars in the world announced an agreement with the most important cryptocurrency exchange in the market. One predicts what will happen to their team and their token once they start playing.
FTX effect effects
As expected, the FTX case has risen and spread, beyond the bankruptcy of the company and other associated organizations. The hacker, who could have stolen millions of dollars from the platform after the scandal, will exchange the ether (ETH) obtained from the exchange for other cryptocurrencies.
According to the analysts, it wasn’t just that the hacker moved that money to make it more difficult to track. Also, while I’m doing this, Help highlight the market downturnNot only for Bitcoin but for Ethereum and cryptocurrencies in general.
On the other hand, the stablecoins running on the Solana network (also marred by the FTX scandal) have been in a pickle: the biggest exchanges have been announcing the end of support for these coins on their platforms for the past week.
Still linked to the FTX issue, one token profited greatly from the entire scandal. Being a cryptocurrency wallet token, Its soaring market value has been multiplied by the self-preservation campaign From funds undertaken by industry figures to representatives of various well-known stock exchanges.
In fact, Changpeng Zhao himself, the CEO of Binance, has provided support for said wallet, which has contributed to its rise in the market in recent weeks.
One of the cryptocurrencies that has emerged recently is Litecoin. On the one hand, thanks to its new position as one of the most profitable options for mining after Ethereum Merge.
But more specifically, LTC is likely to be triggered by a proximity event written into its code It is directly inherited from Bitcoin, the network from which it was born. Like Bitcoin, Litecoin behaves with market cycles associated with this characteristic, which is also directly related to its monetary policy.
And since we’re with the winning cryptocurrencies, we’ll close this edition of Altcoin Radar with a few highlights, Among the few survivors of the market crash triggered by FTX: The most striking thing on the list, with 5 altcoins in particular, is that there are two tokens. Distinctive interchangeable with modern good performance.
Given the FTX scandal and the loss of trust towards the exchanges, it is strange for the market to reward tokens from the exchanges. after every thing, FTX’s relationship with its FTT token was one of the pillars of the exchange’s failure.