Events in Russia have affected the market sentiment. Prices rose on optimism over the official recognition of crypto in the country, before going back to concerns about the Ukraine conflict.
Elsewhere, more volatility was catalyzed by hot US inflation data coming in at 7.5% and the seizure of $3.6 billion in hacked bitcoin by the US Department of Justice.
BlackRock, which manages more than $10 trillion in assets for pension plans, endowments and sovereign wealth funds, is reported to have rolled out a crypto trading service for its clients.
Big Four accounting firm KPMG Canada announced the purchase of bitcoin and ethereum for its corporate treasury, saying that “institutional adoption of crypto assets and blockchain technology will continue and become a regular part of the asset mix.”
Tennessee has followed Arizona by drafting its own bitcoin bill that would allow the state and other municipalities to invest in crypto assets.
top cryptos
Bitcoin has retreated amid fears of war and uncertainty surrounding inflation. The flagship crypto peaked at around $46K early last week after local media reported that Russian authorities would introduce new legislation recognizing crypto assets as currency.
The move is a major change of direction for the Russian Central Bank, which previously proposed a complete ban on crypto.
In response to the news, some market analysts are now speculating that Russia may have even bigger plans for the future – such as accepting bitcoin as a form of payment for natural gas.
Avalanche is top 20 biggest gainer today, up 8%. The self-proclaimed Ethereum killer is still on the rise since its recent listing on eToro.
Another altcoin that managed to avert the market turmoil was Shiba Inu, ending its 7-day period with a 3% gain after the announcement of a mysterious new Metaverse project.
top movers
The top mover in the top 100 is undoubtedly Rally (RLY), a social token-oriented protocol that allows creators to launch their own tokens and build a digital economy around their work.
Streamers, artists, musicians, gamers, athletes or general content creators can tap into their communities and deliver benefits to seamlessly recruit, retain and monetize their following. The rally entered the top 100 today and is currently at #87. It has increased its value by 65% in 24 hours.
Neo is a rapidly growing ecosystem that aims to be the foundation for the next generation of the Internet, a new economy where digital payments, identity and assets come together. It gained 11 per cent today. Qtum is also up 11%.
Algorand, the 26th largest cryptocurrency by market cap, is about to break $1. It has gained 7% in the last 24 hours. It’s also a good day for the Metaverse token. Decentraland and Axie Infinity increased their value by 8% today.
Bitfinex’s token UNUS SED LEO continues to gain momentum. It’s down 7% today.
trends
The biggest gainer of the day is Catcoin, a community-powered meme token created for the cat community by an individual or group of people with the tongue-in-cheek name Miyoshi Nekomoto.
Catcoin develops applications to provide the community with various tools and simplify the crypto world for new investors. It has gained 838% in the last 24 hours.
Another trending coin is Alice, the native token of My Neighbor Alice, a farm-themed play-to-earn game on Chromia.
The game touts itself as a place where “players can purchase and own virtual islands and collect and build exciting items while making new friends.” It has increased its value by 11% today.