Events in Russia have dominated market sentiment. Prices initially rose on optimism after reports of official recognition of crypto in Russia, but later fell back amid concerns about the conflict in Ukraine.
Elsewhere, volatility was spurred by hotter-than-expected U.S. inflation figures of 7.5% and by the U.S. Department of Justice seizing $3.6 billion in hacked Bitcoin.
Reports indicate that BlackRock, which manages over $10 trillion in assets for pensions, endowments and sovereign wealth funds, is preparing a crypto trading service for its clients.
Big Four accounting firm KPMG Canada announced purchases of Bitcoin and Ethereum for its corporate treasury, stating that “institutional adoption of crypto assets and blockchain technology will continue to grow 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 local governments to invest in crypto assets.
Top cryptocurrencies
Bitcoin retreated amid fears of war and uncertainty around inflation. The flagship crypto reached nearly $46,000 early last week after local media reported that Russian authorities would introduce new legislation recognizing crypto assets as a form of currency.
The move would mark a major shift for the Russian central bank, which had previously proposed a broad ban on crypto.
In response to the news, some market analysts speculated that Russia could have even larger plans—such as accepting Bitcoin as payment for natural gas.
Avalanche was the biggest gainer among the top 20, rising 8% on the day. The self-styled “Ethereum killer” continued to climb after its recent listing on eToro.
Another altcoin that managed to buck market turbulence was Shiba Inu, which finished the seven-day period up 3% following the announcement of a mysterious new metaverse project.
Top movers
The standout mover in the top 100 was Rally (RLY), a social token–focused protocol that lets creators launch their own tokens and build a digital economy around their work.
Streamers, artists, musicians, gamers, athletes and other creators can leverage their communities and offer perks to recruit, retain and monetize followers. Rally surged into the top 100 today and currently sits at #87, gaining 65% in 24 hours.
Neo, a fast-growing ecosystem aiming to underpin the next generation of the internet—a new economy where digitized payments, identities and assets converge—rose 11% today. Qtum also gained 11%.
Algorand, the 26th-largest crypto by market cap, is approaching $1 after a 7% rise in the past 24 hours. It was also a strong day for metaverse tokens, with Decentraland and Axie Infinity each adding 8%.
Bitfinex’s token UNUS SED LEO continued to reverse earlier gains, falling 7% today.
Trending
Today’s biggest winner was Catcoin, a community-driven meme token created for cat enthusiasts by an individual or group using the playful name Miaoshi Nekomoto.
Catcoin is developing applications to provide the community with various tools and to simplify the crypto world for new investors. It surged 838% in the last 24 hours.
Another popular token was ALICE, the native token of My Neighbor Alice, a farm-themed play-to-earn game built on Chromia.
The game brands itself as a place where “players can buy and own virtual islands and collect and build exciting things while making new friends.” ALICE added 11% to its value today.