Cryptocurrency prices stabilized last week even as geopolitical risks increased and the US published strong consumer inflation data.
Bitcoin (BTC) remained below $100,000, while some altcoins like Mantra (OM) and PancakeSwap (CAKE) surged.
The top catalyst for most cryptocurrencies will be the Federal Reserve minutes scheduled for Wednesday. These minutes will provide more information about the last meeting and what to expect later this year.
The top cryptocurrencies to watch this week will be FTX Token (FTT), Tapswap, and Pi Network.
FTX Token in focus as payouts start
The FTX token will be in the spotlight this week as the FTX Estate starts distributing over $16 billion to its creditors. Qualified creditors who have completed the pre-distribution requirements will start being paid on Monday. They will then receive the payouts within 1 to 3 businesses. BitGo and Kraken will handle these distributions.
The FTX Token price has remained under pressure ahead of these distributions, dropping from the year-to-date high of $4.3855 to below $2.40. It is also consolidating at the 50-day and 100-day Exponential Moving Averages.
A bearish flag pattern points to a potential retreat after the distributions start.
The crypto community on X.com had a lot to say about FTT’s trajectory.
CryptoBull told its 32,000 followers to “keep an eye on [FTT].”
FTT, 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 (SBF) and Gary Wang. FTT was designed as
By November 2022, FTX collapsed after revelations of financial mismanagement and misuse of customer funds, leading to bankruptcy. The FTT token plummeted from around $25 to near zero, as its value was deeply tied to FTX’s solvency.
Bankman-Fried was later convicted of fraud and sentenced to 25 years in prison.
Tapswap
Tapswap is another cryptocurrency to watch this week as it launches its token generation event or airdrop on Monday.
This airdrop was scheduled for February 14, but the developers delayed it again. They cited Telegram’s new rule that all mini games on its ecosystem should use the TON Blockchain.
Tapswap was planning to use the Binance Smart Chain, which is bigger, faster, and more popular than TON.
Tapswap has sought to differentiate itself from other tap-to-earn games like Hamster Kombat (HMSTR), Notcoin (NOT) and Catizen (CATI) that plunged after their airdrop. In addition to its tap-to-earn game, it is working on a skills game, which it expects will give TAPS utility. There is a risk, however, that the Tapswap price will fall as many recent airdrops have done.
Pi Network
Pi Network, the OG of the tap-to-earn industry, will also be a top cryptocurrency to watch this week as it launches the Open Network or its mainnet on Feb. 20. The mainnet launch comes about 6 years after its launch.
Pi Network has achieved the three pre-listing conditions. Over 10 million pioneers have moved their tokens to the mainnet, while developers have built 100 mainnet-ready applications. Also, there have been no major external factor hindering the launch.
Pi Network’s mainnet launch will let pioneers who have been mining the token for years convert them into fiat currencies. It will also benefit its developers as it will let them showcase their applications to a bigger audience.
Pi Network aims to be a better cryptocurrency than Bitcoin by being easy to mine, having its own ecosystem, and having low transaction fees.
