BTC and ETH are slightly down while many await information from the U.S. Federal Reserve.
The total cryptocurrency market is down just over half a percent today. BTC is down 1.5% while ETH is mostly flat. Of the handful of altcoins in the green, AVAX is up just over 2%.
Major cryptocurrencies, as well as most altcoins, are mixed as traders anticipate results from the Federal Open Markets Committee meeting coming up on Wednesday. The group is meeting today and tomorrow to decide future rate hikes and the U.S. Federal Reserve’s balance sheet amid growing inflation. Because crypto markets have been closely connected with the traditional markets’ price action, this meeting will provide many with guidance on how potentially tighter monetary policies may affect assets in the coming months.
DeFi Digest: Algorand becomes official blockchain partner for FIFA World Cup
FIFA announced on Sunday its partnership with Algorand as the official blockchain sponsor for the organization. The deal will make Algorand a sponsor and technical partner, with the company providing an official wallet solution. Additionally, Algorand will be a World Cup Qatar regional supporter for North America and Europe later this year, as well as an official sponsor for the Women’s World Cup in 2023.
As part of the deal, the blockchain platform will also guide FIFA on developing its digital asset strategy, with the football governing body assisting in advertising and promotion. From FIFA’s perspective, this partnership will help solidify the sport within the emerging space of crypto while also yielding new revenue and growth opportunities.
NFT Snapshot: VanEck launches Ethereum-based collection
VanEck, the investment management firm that launched a Bitcoin futures exchange-traded fund last year, will release a collection of 1,000 nonfungible tokens. In a press release, the company says its Ethereum-based project is a part of a partnership with global creative agency NUMOMO.
Like many NFT collections, VanEck’s NFTs will focus on art, community and utility. The project will center around Hammy — a character based on Alexander Hamiliton — as he explores monetary policies of the past, present and future. Holders will also have exclusive access to VanEck’s digital asset research, access to in-person and virtual events, and more.
The VanEck NFT will be released this week via airdrop to the first 1,000 people who sign up through its portal page by providing personal information and an Ethereum address.
Top altcoin gainers and losers: ALGO gains on FIFA news
Following the announcement that Algorand will be the official blockchain platform of FIFA, the protocol’s native asset ALGO surged. Meanwhile, FITFI — a move-to-earn token similar to GMT — is down again as traders take profits from the recent narrative push.
BTC technical analysis: Stagnant for now
BTC did not move much over the last 24 hours, establishing a range between the low and high ends of 38,000 USDT. Through this consolidation, traders expect an explosive move soon — though many are unsure where this could lead. On one hand, downside has been held to the mid-37,000 USDT level, with sellers unable to push lower. On the contrary, BTC has been rejected multiple times above 40,000 USDT since last week.
ETH technical analysis: Unable to push higher
ETH has had a couple of green daily candles since developing a local bottom around 2,700 USDT over the weekend. The coin has been mostly pinned within 2,800 USDT, as choppy price action has forced directional traders to take a break. Nevertheless, it could be a decision time soon — with downward impulses fresh in the minds of optimistic buyers.
Altcoin technical analysis: TRX outperforms
Tron’s TRX has shown market outperformance in the last few days. On the heels of an announcement from founder Justin Sun that the blockchain will launch its own version of a decentralized stablecoin, traders have piled into the cryptocurrency to capitalize on a lucrative narrative — which pushed LUNA and NEAR higher more recently.
There has also been a push by some traders that “dino coins” — or assets that have been around for multiple cycles — signal resiliency to the market and are worth investing. Whether the bullish trend for TRX continues remains to be seen, but a firm bottoming structure appears to have developed for now.
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Source: https://www.okx.com/academy/en/crypto-markets-mixed-fed-fomc-meeting-crypto-market-daily