These Two Altcoins in the Radar of Turks Established Partnership: Price Soared!

The cryptocurrency market started losing ground when it encountered resistance at critical levels. However, Bitcoin and altcoins continue to show strength overall. In this atmosphere, an announcement related to a partnership concerning two altcoin projects that are also on the radar of Turkish crypto investors came. Following this, despite the negative sentiment in the market, the price of one of the tokens soared.

Paris Saint Germain (PSG) has started a new partnership with Socios, and the altcoin has surged!

As you follow on Kriptokoin.com, the market started the new week with a lively movement. However, there are signals that the waves of this movement will increase. Nonetheless, projects continue their path with new partnerships. In a recent development, Paris Saint Germain (PSG) has initiated a blockchain partnership with Socios, which is part of Chiliz (CHZ). Meanwhile, it should be noted that the first partnership between Socios and Paris Saint Germain dates back to 2018.

With this news, Paris Saint Germain Fan Token (PSG) moved. Following the development, PSG Coin price jumped. The altcoin price rose from $3.27, where it fluctuated during the day, to $3.62. This represents an increase of approximately 14% for PSG Coin. However, the token later gave back some of its gains, influenced by the overall market downturn. At the time of writing, PSG Coin was trading at around $3.40, with a daily increase of about 4%.

PSG Coin daily price chart. Source: CoinMarketCapOn the other hand, the partnership news did not have a significant impact on Chiliz (CHZ) price. The altcoin started to decline in parallel with the market.

Important economic data that will affect the cryptocurrency market this week

Experts expect important economic data to be released this week, including US housing market figures and unemployment claims, to impact the cryptocurrency market. Bitcoin is hovering around $67,000 and the leading altcoin Ethereum is around $2,670. Traders anticipate potential price fluctuations due to these reports providing insights into the health of the US economy. Despite some fluctuations, the cryptocurrency market is relatively positive. Another factor that could lead to significant market movements in the coming weeks is the US elections scheduled for November. Crypto analyst The Kobeissi Letter emphasized the importance of this week's economic calendar.

Key Events This Week:

1. Mevcut Ev Satışları verileri – Çarşamba

2. Initial Jobless Claims data - Thursday

3. Yeni Konut Satışları verileri - Perşembe

4. September Durable Goods Orders data – Friday

5. MI Consumer Sentiment data – Friday

6. ~15% of S&P 500 companies report earnings...

— The Kobeissi Letter (@KobeissiLetter) October 20, 2024

The current home sales data, which will be announced on Wednesday, will give an idea of the health of the US housing market. The event will have a limited impact on the Bitcoin and altcoin markets. However, it will be important for the broader US economy. Therefore, it is also likely to affect the market from here.

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