After President Biden’s executive order was signed, crypto markets are rallying. This is the first step in regulating cryptocurrency. It comes out of concerns for Russia’s potential use of digitally mined coins to bypass economic sanctions during times.
One of Singapore’s most prominent bank executives has compared crypto to gold, noting that he sees it continuing “to grow as a meaningful store-of-value” in the same vein.
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Prices for important commodities have shot up due to crushing sanctions and the conflict in Ukraine.
Yesterday’s announcement by President Biden that he would not import Russian energy, led to a drop in US indices.
Top Cryptocurrencies Performance
It is no surprise that Terra’s valuation has shot up, as it was recently listed on Wirex. The cryptocurrency has seen a significant increase in its current value, adding more than half a percent. It continues to move forward with an aggressive momentum, and may soon surpass $100.
Avalanche, which is up 10%, announced the Multiverse program, to promote subnets growth. This program was supported by around $490 million in AVAX. Bitstamp listed the coin on Tuesday.
Ethereum is on an uptrend, with a recent increase of over 7%. Cardano as well as Solana saw significant gains. They both increased 4% over the previous day. Bitcoin traded above $41,000 in the last 24 hours, an increase of 8%.
The Top Movers of the Day
Monero is one of the most successful coins, with its price increasing rapidly.
Monero, in terms price growth over the years has been the Terra of 100. All privacy coin rankings are rising but not as much compared with what’s seen with Monero.
According to analysts, sanctions against Russia have led to an increase of cybercrime. This is why hackers are looking for Monero cryptocurrencies as a way to make payments. Secret, an additional privacy token, saw a 15% increase in usage over the same period, which suggests that privacy tokens like these are more popular.
NEAR Protocol’s current price is $11.12 with an average daily trading volume of $750 million. In the past 24 hours, NEAR protocol has experienced a 12% increase in market capital.
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Current market activity is high, with several coins posting double-digit gains. Waves added another 12% today, and other notable ones include privacy coin Oasis, which has seen an increase in value by 16%, THORChain’s 11%. Arweave experienced 18% growth and Anchor, 13%.
Featured image from Pixabay Chart from Tradingview.com