Mixed signals are being displayed by the cryptocurrency market as Russia takes control. The official recognition was a catalyst for optimism, but prices plummeted when there were concerns over Ukraine.
Elsewhere, the news of hot US inflation figures coming in at 7.5% and a seizure of $3 billion from hacked Bitcoin by the United States’ Justice Department sparked more volatility for traders around the world.
Similar Reading| Bitcoin fails to test $45K; Why could Dips be Attractive?
The world’s largest asset management firm is preparing to offer cryptocurrency trading services for its clients. BlackRock manages more than $10 trillion in assets, which includes pension plans and endowments as well as sovereign wealth funds. According to the company, they’re currently working on an innovative project which will enable these individuals to use an online platform that allows them access to various cryptocurrency without having any of their own.
“We see increasing institutional adoption of crypto assets and blockchain technology, which will continue to grow in future.” The big four accounting firm KPMG Canada has announced its purchase of Ethereum and Bitcoin for its corporate treasury. As more businesses start to pay attention to cryptocurrency, this is only the tip of the iceberg.
Tennessee is following Arizona in adopting a Bitcoin bill, which allows state and municipalities to use the currency to make investments.
Top Cryptocurrencies Performance
Bitcoin continues to recover from its peak despite positive Russian regulations. Local media reported last week that the Russian authorities had created new legislation to allow crypto assets to be recognized as currencies. The price of the coin has fallen to $43,600 on Wednesday (February 16), however.
Russian Central Bank finally has an answer for Bitcoin. They are moving to regulate cryptocurrency instead of banning it as a blanket policy, which they had previously proposed.
Analysts are now wondering if Russia will accept Bitcoin to purchase natural gas. This could be a step towards cryptocurrency adoption and trading.
The last 24 hours saw all the favorite cryptocurrency rise in spirits. Ethereum increased almost 4% and Cardano and Solana gained nearly 2%.
It is now back to the track that Avalanche has been the largest gainer among top 20. After being listed as an asset by eToro, Avalanche’s price rise has continued. The price of Avalanche rose by around 8% today.
You are the right time to make an investment in Shiba Inu. The coin finished its seventh day with gains of 3% thanks to the announcement from their mysterious metaverse project.
The Day’s Top Gainers
The leader Top 100Rally (RLY), is the most popular cryptocurrency. This revolutionary social token-oriented protocol allows creators the opportunity to create their own cryptocurrency and develop digital economies.
Rally is now at number 87. This is one of the most popular cryptocurrency projects this year, having increased its value by 65% in just 24 hours.
Today, the Neo ecosystem grew 11% as it continues to grow and builds upon its role in developing for tomorrow’s Internet. Qtum saw an additional 11% growth, attracting even greater attention from investors around the world.
Algorand is the 26th most valuable cryptocurrency according to market capitalization. It will soon surpass $1. The cryptocurrency has seen a 7% increase in value over the past 24 hours. It’s also a good day for metaverse tokens like Decentraland (which rose 8%) or Axie Infinity, which added another 8%.
The exchange token, Bitfinex’s UNUS SED LEO, is down 7% today.
Similar Reading| Bitcoin Sentiment Reaches Local High, But Can’t Shake Recent Fear
Top Trending Market Update
Catcoin is the most lucrative coin. Catcoin is a community-driven mem token that was created by Miaoshi Nekomoto, a tongue-in-cheek nickname.
Catcoin is an emerging cryptocurrency that’s making waves within the crypto community. The idea behind Catcoin was to make things easier for investors by giving them various tools. It gained 838% in 24 hours.
ALICE, the native token of My Neighbor Alice is a farming-themed play to-earn game on Chromia. ALICE is another popular token.
Imagine living in a virtual world that allows you to buy and control virtual islands. That’s the idea behind a game called ‘The Game Bills.’ It has added 11% onto its value today.
Featured image taken from Pixabay. Chart taken from TradingView.com