World Cup brings a handful of cryptocurrencies to the forefront

The spirit of the World Cup and the holidays has been in the air for the past few weeks. With the market starting to put the debacle of the FTX exchange and its subsidiary Alameda behind it, cryptocurrencies are breathing a sigh of relief and some are even starting to build their own trends. And it is precisely the World Cup that is having a huge influence on the price of some altcoins.

The strongest movements we are seeing in the market this week involve fan tokens.. A type of cryptocurrency created for fans of sports groups and public figures, such as national soccer teams that compete in multiple matches in Qatar.

For example, teams such as Spain, Argentina, Brazil, and Portugal have their own fan tokens, which have begun to have a excellent week before the start of the World Cup and now, with each defeat on the field, they find themselves sinking deeper and deeper into the red tide. The most drastic case was that of Spain, which after yesterday’s elimination from the World Cup by Morocco, the price of its cryptocurrency took a dramatic behavior.

However, Spain is not alone in suffering the consequences of a bad match. Countries that are still struggling to bring home the cup, such as. Argentina, Brazil y Portugalhave seen their tokens fluctuate in recent days. The market seems to be nervously waiting for how the final games of the event will play out, an outcome that has the potential to affect the price of these assets.

Axie Infinity (AXS): the big winner of the week.

While the World Cup sets the tone for the week with violent downward movements, not everything is bad for the cryptocurrency market. Axie is a case in point, having been buried by a downward trend, a recent announcement is the possibility of change your future.

The new trend comes as a surprise, as Sky Mavis, the company that developed the Axie Infinity game and its AXS token, had been among the names making the rounds. splashed by the FTX case. According to information provided by Fortune, the company had received funding from the group, so there was speculation that it might be hit. However, it seems that these are only rumors.

Stock markets continue to move at the pace of FTX

Although the FTX debacle is relegated to the courts and the waiting for what will happen to users’ money, it is very difficult for the exchange failure not to have its ghosts in the market. More than a few exchange tokens and platforms related to decentralized finance have been affected, positively and negatively, by the case of Sam Bankman-Fried’s empire.

Binance, which was initially among the biggest beneficiaries of its competitor’s downfall, this week began to some indications that might signal a change in the trend. On the other hand, tokens from other companies, such as. Huobi, Aave, and GMX appear to be. trading at the top of the market With juicy returns.

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DOGE falls from his pedestal

Last week, Dogecoin (DOGE), Elon Musk’s favorite meme cryptocurrency, was the big player. With returns surpassing 30 percent over the past 7 days, DOGE has been the market’s top option since rumors spread about the possibility of using this cryptocurrency for Twitter payments.

However, luck did not smile on the canine coin this week. By a fall of more than 7 percent in its value, it seems that NEW NEWS involving Musk and Twitter has deflated enthusiasts’ expectations.

While all this is happening, the cryptocurrency bear market is still in full swing, with Bitcoin hovering between $16,000 and $17,000 per unit. A scenario that gives analysts pause for thought Cryptocurrency analysts, in addition to placing high expectations on what should happen in the market macro level to see 2021 prices again, or at least an easing in the value of cryptocurrencies.