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Cryptocurrency Market Update: Prices Stabilize Amid Geopolitical Risks
Cryptocurrency prices showed resilience last week, remaining stable despite increased geopolitical risks and the release of strong US consumer inflation data. Bitcoin prices continued to trade below $100,000, while some altcoins, such as Mantra and PancakeSwap, experienced significant gains.
Key Catalysts for the Week Ahead
The main event to watch this week is the release of the Federal Reserve minutes, scheduled for Wednesday. These minutes are expected to provide insight into the last meeting and offer clues about what to expect from the Fed later this year.
Top Cryptocurrencies to Watch
This week, the following cryptocurrencies are expected to be in focus: FTX Token, Tapswap, and Pi Network.
FTX Token: Payouts and Price Pressure
The FTX Token will be under scrutiny this week as the FTX Estate begins distributing over $16 billion to its creditors. Qualified creditors who have completed the pre-distribution requirements will start receiving payouts on Monday, which will be handled by BitGo and Kraken.
Despite the impending payouts, the FTX Token price has remained under pressure, dropping from its year-to-date high of $4.3855 to below $2.40. A bearish flag pattern suggests a potential retreat after the distributions start.
“Keep an eye on [FTT].” – CryptoBull
FTX Token, a utility token for trading fee discounts, collateral for derivatives, and participation in staking and buyback programs, was founded in 2019 by Sam Bankman-Fried and Gary Wang. The token’s value plummeted after FTX’s collapse in November 2022, following revelations of financial mismanagement and misuse of customer funds.
Tapswap: Token Generation Event and Airdrop
Tapswap is another cryptocurrency to watch this week as it launches its token generation event or airdrop on Monday. The airdrop was previously scheduled for February 14 but was delayed due to Telegram’s new rule requiring mini games to use the TON Blockchain.
Tapswap aims to differentiate itself from other tap-to-earn games by offering a skills game, which is expected to provide utility to its token. However, there is a risk that the Tapswap price may fall, as seen in many recent airdrops.
Pi Network: Mainnet Launch and Potential Impact
Pi Network, a pioneer in the tap-to-earn industry, will launch its Open Network or mainnet on February 20. The mainnet launch comes after achieving three pre-listing conditions, including over 10 million pioneers moving their tokens to the mainnet and developers building 100 mainnet-ready applications.
The mainnet launch will allow pioneers to convert their tokens into fiat currencies and provide developers with a larger audience for their applications. Pi Network aims to be a better cryptocurrency than Bitcoin by offering easy mining, a unique ecosystem, and low transaction fees.
Stay up-to-date with the latest cryptocurrency news and trends on Global Crypto News.
