Crypto Market Rebounds As Tech firms Boycott Russia
This morning, the crypto market registered gains, with most top 10 cryptocurrencies registering positive numbers over the past 24 hours.
In a move to support Ukraine Apple has joined other major tech firms in Boycotting Russia. As a result, customers living there can no longer buy any of their products or make purchases via app store– including iPhones.
The markets were in turmoil yesterday as fighting between Russia and Ukraine continued.
The markets will be watching closely today as Chairperson of the Federal Reserve Jerome Powell gives his bi-annual monetary policy update to Congress. The future trajectory for interest rates has been uncertain following recent events. Still, investor expectations may change soon enough, thanks in large part due to an upcoming report from ADP Non-Farm Employment Change.
Top Cryptocurrencies Performance
Bitcoin is up 1%, trading at $44,000. Ethereum’s value has also improved slightly – it was trading around 2% higher than before mid-day hours today. Cardano ranks ninth in terms of market cap right now but may fall outside the top 10 by tomorrow if its performance continues like recent days have shown us will happen.
The leading cryptocurrency, Terra, continues its surge towards success. It has now climbed to #7 by market cap and is displaying impressive gains of 63%. Over the past week, a price spike in LUNA tokens made it the second-largest staked asset among all currencies passing Ethereum.
Top Movers Of The Day
The value of the NEAR token has rebounded sharply in recent days as demand for altcoins increases. At $11.43 per coin, it is trading about 56% higher than its lowest point this year and 22nd on Coinmarketcap rankings. Today’s rise brought its price up 9%, which ranked them inside the top 20.
Today, there are some other gainers, including Fantom with 12% and THORChain at 17%. In addition, convex Finance has been on an impressive rise lately – it’s up 45 percent. The Anchor Protocol shows signs of stability, gaining 13% in just 24 hours.
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The Render Network is a new, decentralized GPU rendering system built on the Ethereum Blockchain that links artists and mining partners who need high-powered graphics cards (GPUs) with those willing to rent them out. This has led it to appreciate by 16% today.
Top Trending Market Update
The crypto community reacts positively to the news that the Dog-themed meme coin Floki Inu will be available on HUOBI. 19.40% in 24 hours.
Huobi’s new listing of FET has caused the price to surge. The crypto is also accepting donations for Ukraine, adding a quarter worth of value since it happened.
The price of Frontier’s token, FRONT, has increased by almost 40% today. The company recently closed a $100K sweepstakes contest and accomplished some high-profile partnerships that led to this success.
Featured image from Pixabay Chart from Tradingview.com