The most important sporting event in the world is coming to an end, which is causing significant effects on the behavior of the representative tokens of some teams based on the results of the matches held in recent days. You can learn about Bitcoin paper trading whether you’re a cryptocurrency startup or an experienced investor.
The tokens from Spain, Morocco, and Brazil were the ones that had the most impact since they showed a drop in value of almost 50% after being eliminated to opt for the world cup.
The scenario of the Argentine token was different since before being championed, the market already visualized it like this, therefore, many hours before the final, its value had already been maximized.
A French token has also been released, with a significant uptrend, although it is not considered legitimate from the selection.
Many more tokens showed upward trends; soccer is a sport that revolutionizes the world, and cryptocurrencies could not be left behind amid this critical event.
The most relevant digital currencies in the world cup
Currently, many cryptocurrencies exist in the digital market, but there are always some that stand out more than others; in recent days, one, in particular, has captured the eyes of the world despite the circumstances through which the platform has gone through represents.
The FTX token (FTT) has achieved an increase of 30%, demonstrating a positive development, regardless of all the controversy involving this cryptocurrency.
After the arrest of its founder Sam Bankman-Fried, this digital asset fell again due to the negative trends emitted by this fact.
The fall of the FTX platform has caused a great impact in the last week, causing very significant fluctuations in the values of the most popular cryptocurrencies.
The NFTs, Monero, and Bitcoin have also shown an upward trend in their prices in recent days which is also the cause of the great euphoria caused by the world soccer event, where the masses take the opportunity to trade and invest according to trends with a better possibility of showing profitability.
Unlike altcoins, which have registered a less critical benefit than bitcoin in market relations, where it is observed that only a minimum percentage of the most influential altcoins are those that have shown positive behavior than BTC.
The trends between Government, CBDC, and Fiat Money are not far behind
The behavior of the crypto market has developed new government trends and the issuance of digital currencies in different parts of the world.
In Argentina, while its national team is fighting for the world soccer throne, one of its provinces announced the issuance of a genuine stablecoin to allocate the deficit to the value of the American dollar.
In South America, the Venezuelan government has led the country’s economy to extreme collapse with the high inflation rate suffered by the population for almost 20 years without showing any advantageous exchange rate.
The Petro is the cryptocurrency of Venezuela, which is submerged in total collapse since its value is fixed to oil. Therefore, this resource does not have a significant value in the oil markets.
In the European and African continents, many of their governments have decided to promote CBDCs, also known as national central bank currencies; this strategy is very closely related to cryptocurrency technology, but they are only a digital image of physical money that is in circulation, and they depend directly on the state and its regulations for its operation, that is, they are not decentralized like crypto digital currencies.
The cryptocurrency market is highly influenced by events, trends, phenomena, and any circumstance of global interest that involves a significant movement of economic capital, as we have seen in recent weeks that the celebration of the FIFA World Cup has had an impact not only on the market crypto but in the economy in general.
Cryptocurrencies related to the world of soccer are a group that is in high demand, primarily by young users, fans of technology, and this renowned sport, who feel identified with outstanding selections and are preferred by many.
The investments these users make will achieve significant profitability after the world champion is announced; if these investments are successful with the representative token of the winning team, the profitability will be substantial.
The world cup revolutionized the crypto market, which is very convenient after the moment of uncertainty with the failure of the FTX exchange platform, which has not left cryptocurrencies very well.