The US markets are now closed again. A good time for us to see the live Bitcoin price and the prices of the 25 best crypto. These are rising sharply as a result of Fed announcements. We analyze why. We are also analyzing why Tron (TRX) is rising and we are looking at the situation in the NFT market.
Of course, we start with the live Bitcoin price and the prices of the 25 best crypto.
Live Bitcoin price and top 25 cryptocurrencies are rising fast
At the time of writing, the live Bitcoin price is trading at EUR 37,681.29 ($ 39,726.45). This is 5.21% higher than when the US markets closed yesterday and also 2.03% higher than during our Bitcoin update this afternoon.
Live prices on the top 25 crypto are also rising rapidly. Besides some stable coins, we only see green numbers. The biggest gain at the moment is for Tron (TRX) with + 18.94%. On Tradeincrypto.com’s page you can see all the live crypto prices.
Why do Bitcoin and crypto respond positively to Fed decisions?
The rise in cryptocurrencies has everything 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 percent. As we suspected, this risk was actually priced. It was also announced that the phasing out of Corona support will start from June. This is a little later than previously assumed and therefore positive.
However, the real driving force for the crypto market (and other investments) lay in the further considerations of Fed Chairman Powell. He indicated that the Fed is not currently considering increases of 75 or 100 percentage points, but that future interventions of 50 percentage points (0.5%) should not be ruled out. As the Fed indicated in the March announcement that 6 rate hikes are expected, the market is calm and no major rate hikes are to be taken into account at the moment. The market clearly sees this as a relief.
Both Bitcoin and other crypto will benefit from the decision.
Why Tron (TRX) suddenly rises so fast
Among these ‘other crypto’, TRON (TRX) stands out. After a while of rest, we more often see the coin in the top 25, and it recently also acknowledged several ‘highest quotes’ as the most profitable crypto from the top 25. The question, of course, is why that is.
On the one hand, this is due to the fact that TRON is today launching its own stable currency, the USDD. Algorithmic control of the USDD stock in circulation sets the value at $ 1 per share. USDD, and this algorithmic approach is inventive, especially because it makes USDD a decentralized stable currency.
In addition, 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 can provide a solution to the high vitality (mobility) of cryptocurrencies. This is important for the development of new user cases. USDD will also play a role in DAO. Investors are apparently eager. Meanwhile, the live Tron (TRX) price is $ 0.0835, and as mentioned, this is more than 18% higher than yesterday.
Difficulties for NFT Market
In the NFT market, unlike ordinary crypto, there is cause for concern. Shocking numbers are causing more and more investors to question whether the NFT market is not currently the biggest bubble in crypto.
For example, the number of sales per day by not less than 92%. Where we recorded 225,000 NFTs sold per day in September 2021, this dropped to 19,000. The number of NFT wallets also dropped rapidly (by no less than 88%) to 14,000 during that period.
3 causes of NFT crisis
Three crises can be mentioned for the crisis in the NFT market:
- Macroeconomic factors make investors less risky to invest. The market sees NFTs as more risky than regular crypto;
- Investors are also uncertain about the value stability of their investments in crypto. The fact that the seller of the NFT of the first Tweet from Twitter CEO Jack Dorsey did not receive millions of offers, but only the prospect of an awful big loss, fuels this uncertainty;
- Finally, the market is simply saturated. The NFT hype is attracting more and more artists who are also launching NFTs. This means that you can choose from at least 5 NFTs at any one time. This automatically prints the price.
We will of course continue to follow developments in crypto and NFT.
Do you want to stay informed about the latest price developments?
You can always follow the development yourself with our WANTED cryptanalyses or the background articles and previews on the crypto market and Bitcoin. Of course, you can also follow the live prices 24 hours a day if you want to stay informed in real time. Are you also interested in other investments besides crypto? Then our weekly price outlook on Monday morning could be a reading tip. †Note: We never provide financial advice, so you can not interpret our contribution that way. Always do your own research and make rational decisions about whether, when, in what and how much you want to invest. ”
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