The major cryptocurrencies were trading lower over the past 24 hours, mirroring weakness across U.S. equity markets.
All three main stock indices fell sharply toward the end of last week despite some intraday gains earlier in the week, as renewed inflation concerns and escalating geopolitical tensions between Ukraine and Russia weighed on sentiment.
Investors are closely watching an interview with Federal Open Market Committee member James Bullard on CNBC at 16:00 GMT, where he is expected to discuss monetary policy and give clues about the Fed’s outlook.
UK100 climbed last week as inflation uncertainty and rising commodity prices supported stocks. Oil prices rose above $92 a barrel amid the conflict between Ukraine and Russia, and analysts warn that a full-scale war could push oil above $120 per barrel.
Top Cryptocurrencies
XRP fell nearly 5%, Solana declined 3%, and BNB, Ethereum and Cardano each lost more than 2%. Bitcoin was trading just under $42,000 at the time of writing.
According to a recent Wells Fargo report, cryptocurrency is in a phase of hyper-adoption and has “followed an adoption pattern similar to other new, developing technologies, such as the Internet.”
Big Movers
Most tokens among the top 100 by market capitalization dropped between 2% and 5% in the last 24 hours. Sandbox’s SAND fell 6%, Theta Network reversed Friday’s gains with a 7% decline, and Helium lost 11% of its value. Flow slid roughly 8%.
Gala continued its losing streak, down 6% over the past day. Quant reversed recent gains with a 9% fall, and Oasis Network declined 11%.
Trending
Ontology Gas (ONG) is trading at $0.86 today with a 24-hour volume of $632.7 million. ONG has risen about 30% in the last 24 hours.
SuperRare’s RARE token, tied to the NFT marketplace, has been gaining traction for some time and interest shows no sign of cooling, with the token rising a further 26% today.