The crypto market turned red over the past 24 hours, with most of the top 10 cryptocurrencies registering declines this morning.
U.S. stocks fell yesterday as the Russia-Ukraine war entered its eighth day. Beyond the conflict in Europe, Wall Street may react to the U.S. nonfarm payrolls (NFP) report and other employment data scheduled for release today at 13:30 GMT.
Prices for several metals rose amid concerns that the Russia-Ukraine conflict could disrupt supply. Gold (+0.42%), copper (+2.29%), palladium (+3.65%), aluminum (+5.46%), platinum (+0.51%), and nickel (+4.89%) all moved higher.
Top Cryptos
Bitcoin is down more than 4% at the time of writing, trading just above $41,000. Other notable declines include Ethereum, which fell roughly 6%, and Solana, which dropped more than 7%.
Cosmos is currently priced at $33.55 with 24-hour trading volume of about $1.8 billion. The coin, ranked 20th by market capitalization, has gained roughly 4% over the past day.
Top Movers
Most of the top 100 coins lost between 2% and 5% today. The more pronounced declines included Internet Computer (-8%), VeChain (-9%), Theta Network and Dash (both -7%), and Helium (-9%).
Convex Finance, which began to rise sharply a couple of days ago and recorded gains of over 40%, is down 8% today.
Waves, a token that originated in Ukraine, has continued to climb and is up about 3% today.
The biggest token proposal of the day is UMA (Universal Market Access), a protocol for creating synthetic assets on the Ethereum blockchain. UMA launched in December 2018.
UMA surged 73% on Tuesday and has now entered the top 100, sitting at rank 97. It is up about 14.89% today and has more than doubled in price over the past seven days.
Rising Stars
Kasta, an ecosystem designed for fast and free crypto transfers, rose 46% today following the announcement that Kasta launched a beta test of its app.
WadzPay Token (WTK), part of an ecosystem that facilitates on-chain fund disbursements via smart contracts, gained 36% over 24 hours. WTK moved toward the $0.10 mark, likely boosted by news that the company is hiring 200 staff for a new office in Singapore, which opened last month.
GFI, the native token of Goldfinch—a decentralized lending protocol for unsecured crypto loans—rose about 22%, trading around $3.78 at the time of writing.