The crypto market as a whole is rallying today. President Biden is expected to sign an executive order this week which will be a first step in cryptocurrency regulation. It comes now because of concerns that Russia may use crypto assets to circumvent sanctions.
The head of Singapore’s largest bank remarked that he sees crypto like Bitcoin continuing “to grow as a meaningful store of value, in a similar vein to gold”.
The war on Ukrainian soil and crushing sanctions on Russia have led commodities prices to rise to unseen levels in years.
US indices closed lower yesterday after President Joe Biden announced plans to boycott Russian energy imports.
Top cryptos
Terra added more than a fifth to its value today and is trading for just below $100. It was listed on Wirex two days ago, contributing to its surge.
Avalanche was also in the lead, up 10%. It just announced its Multiverse program, funded by 4 million AVAX, worth around $290 million at current prices. It aims to encourage the growth of subnets. AVAX was also listed on Bitstamp two days ago.
Ethereum climbed more than 7%, while Cardano and Solana both rose more than 4%. Bitcoin was trading above $41,000 at time of writing, up close to 8% in the past 24 hours.
Top movers
In terms of price growth, Monero is the Terra of the top 100. While all privacy coins are gaining, Monero is the one that’s rallying the most.
It is believed that sanctions against Russia will lead to more cybercrime, and tokens like Monero are becoming more popular because hackers are likely to demand payments in them. Secret, another privacy token, gained 15% in the last 24 hours.
The live NEAR Protocol price today is $11.12 with a 24-hour trading volume of $750.6 million. The 22nd biggest coin by market cap is up 12.61% in the last 24 hours.
Waves added another 12% today. Other gainers include privacy coins Oasis and Zcash with 12% and 16% respectively, THORChain with 11%, Arweave with 18%, and Anchor and Dash, up 13% each.
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