FED, TRON and NFT updates

US markets are now closed again. It is a good time for us to see the live Bitcoin price and the prices of the top 25 cryptocurrencies. These are rising sharply as a result of the Fed’s announcements. We analyze why. We also analyze why Tron (TRX) is rising and look at the situation in the NFT market.

Of course, we will start with the live Bitcoin price and the prices of the top 25 cryptocurrencies.

Bitcoin price live and top 25 cryptocurrency prices are rising fast

At the time of writing, the live Bitcoin price is trading at EUR37,681.29 ($39,726.45). This is 5.21% higher than when US markets closed yesterday and also 2.03% higher than during our Bitcoin update this afternoon.

The live prices of the top 25 cryptocurrencies are also increasing rapidly. Apart from some stable coins, we only see green numbers. The biggest gain at the moment is for Tron (TRX) at +18.94%. On the Tradeincrypto.com site you can see all the prices of cryptocurrencies live.

Why do Bitcoin and cryptocurrencies react upwards to the FED’s decisions?

The rise in cryptocurrency prices has a lot to do with the interest rate decision and the phasing out of Corona support for the US economy. As expected, the Fed announced that interest rates will rise by half a point. As we suspected, this risk was included in the price. It was also announced that the phasing out of Corona support will start from June. This is a bit later than previously thought and therefore a positive.

However, the real driver of the crypto market (and other investments) lies in the further musings of FED Chairman Powell. He indicated that currently the FED does not contemplate increases of 75 or 100 percentage points, but that future interventions of 50 percentage points (0.5%) are not ruled out. Given that the Fed indicated during the March announcement that 6 hikes are expected, the market is calm and there is no need to factor in major interest rate hikes at the moment. The market clearly sees this as a relief.

Both Bitcoin and other cryptocurrencies will benefit from the decision.

Why is Tron (TRX) suddenly going up so fast?

Among those ‘other cryptocurrencies’ TRON (TRX) stands out. After some time of rest, we see the coin more frequently in the top 25 and recently it also signed several “higher quotes” as the most profitable cryptocurrency in the top 25. The question is, of course, why.

On the one hand, this is because TRON today launches its own stablecoin, USDD. Algorithmic control over the outstanding USDD stock fixes the value at $1 per USDD and this algorithmic approach is ingenious, especially as it turns USDD into a decentralized stablecoin.

Also, the now fully decentralized Tron (TRX) is working on a DAO. Its purpose is to prevent panic reactions during financial crises and to make other negative risks more manageable. If this DAO works, it may provide a solution for the high vitality (mobility) of cryptocurrency prices. This is important for the development of new user cases. The USDD will also play a role in the DAO. Investors are apparently anxious. Meanwhile, Tron (TRX) live price is $0.0835 and as mentioned, this is over 18% higher than yesterday.

Difficulties for the NFT market

In the NFT market, unlike normal cryptocurrencies, there is cause for concern. The shocking numbers are causing more and more investors to wonder if the NFT market is not currently the biggest bubble in crypto.

For example, the number of sales per day decreased by no less than 92%. Where we recorded 225,000 NFTs sold per day in September 2021, this fell to 19,000. The number of NFT wallets also fell rapidly (by no less than 88%) to 14,000 in that period.

3 causes of the NFT crisis

Three crises can be mentioned for the crisis in the NFT market:

  • Macroeconomic factors cause investors to invest less risk. The market considers NFTs to be riskier than regular cryptocurrencies;
  • Investors are also unsure about the stability of the value of their crypto investments. The fact that the seller of the NFT from Twitter CEO Jack Dorsey’s first Tweet did not receive multi-million dollar offers, but only the prospect of a frighteningly large loss fuels that uncertainty;
  • Finally, the market is simply saturated. The NFT hype is attracting more and more artists who are also releasing NFTs. This means that you can choose from at least 5 NFTs at any time. This automatically prints the price.

Of course, we will continue to monitor developments in the field of cryptocurrencies and NFTs.

Want to stay informed of the latest price changes?

You can always follow the developments yourself with our WANT crypto analyzes or feature articles and previews on the crypto market and Bitcoin. Of course, you can also follow live prices 24 hours a day if you want to stay informed in real time. Are you also interested in other investments besides cryptocurrencies? So our weekly price forecast on Monday morning may be some reading advice. †Note: We never provide financial advice, so you may not interpret our contributions in that way. Always do your own research and make rational decisions about if, when, what and how much you want to invest in.”

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Cryptocurrency Update: BTC and Cryptocurrency Price Rising Rapidly – ​​FED, TRON, and NFT Updates

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