Bitcoin and Ethereum move towards key support lines as the week begins

Algorand and FIFA are teaming up to deliver football NFTs ahead of the World Cup in Qatar.

There are signs of stability in the crypto markets heading into the new week.

Global market cap opened Monday morning at $976 billion US after moving sideways over the weekend.

Bitcoin is trading just below the key $20,000 barrier, having yet to regain lost ground after falling 2% on Friday night.

The same can be said for Ethereum, which spent the weekend trying to regain the $1,600 price point after falling 4.5% on Friday night.

A 3% rise in the past 24 hours has boosted Polkadot’s market capitalization to $8.4 billion, outpacing its peers Cardano, Solana, Polygon, Tron and Avalanche.

The Oracle Chainlink network is among the best performing cryptocurrencies, rising 5% in the past 24 hours to bring its market capitalization to $3.5 billion.

Other safe bets this morning include The Sandbox project, the Internet Computer blockchain, and the DASH payment network.

Play-to-earn game Axie Infinity and decentralized storage project Filecoin were among the biggest losers, losing around 3% each.

In the news, sponsor of English football clubs Everton and Watford, is being sued by its former business partner Christopher Freeman for US$400 million, alleging theft and intimidation. Read also: Why these two cryptocurrencies are booming in 2022, while the price of Bitcoin is in free fall..

According to a Guardian report, Mr Freeman claims the venture was his brainchild, a claim a spokesperson called “contradictory, intentionally misleading and patently untrue”.

FIFA has announced an NFT campaign in conjunction with its blockchain partner Algorand, ahead of the Qatar World Cup.

FIFA+ Collect will launch later this month and feature “affordable, inclusive and accessible” NFTs featuring iconic moments in football history.

Algorand is considered one of the most eco-friendly blockchain networks for minting power-intensive NFTs.

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Thomas E.
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Bitcoin and Ethereum move towards key support lines as the week begins

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