Good morning, and welcome to First Mover. Here's what's happening this morning:

Market Moves: This week's rally in crypto markets appeared to be cooling as skepticism grew over Russia's pullback from Ukraine.
ALSO: Algorand's ALGO token leads gains among the CoinDesk 20, and the metaverse-related tokens SAND and AXS jumped.

And check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Emily Parker and Lawrence Lewitinn at 9:00 a.m. U.S. Eastern time. Today's show will feature guests:

Lennix Lai, director of financial markets, OKX
Alex Bornyakov, deputy minister, Ukraine Ministry of Digital Transformation
Jared Polis, governor of Colorado

Today's newsletter was edited by Shaurya Malwa and produced by Bradley Keoun.

Bitcoin four-hour price chart showing the latest trading range for the largest cryptocurrency. (TradingView/CoinDesk)

Bitcoin surged past $44,000 late Tuesday, in its biggest gain in more than a week, but on Wednesday appeared to be losing steam.

Crypto markets cooled as major cryptocurrencies hit resistance levels. Bitcoin faced resistance at the $44,300-$45,500 price levels, and low volume indicated weak buying strength.

Algorand's ALGO token was the biggest gainer among the CoinDesk 20 digital assets, with a 6.4% rise. Filecoin's FIL token climbed 5.2%.

Investors in traditional markets grew more cautious as Western officials expressed skepticism over a quick de-escalation of the Russia-Ukraine tensions.

Outside of major cryptocurrencies, metaverse tokens continued to surge on Wednesday. In the past 24 hours Decentraland’s MANA was up 10.5%, The Sandbox’s SAND up 6%, and Axie Infinity’s AXS up 11%. The tokens are used for blockchain-based games in separate virtual worlds broadly referred to as a “metaverse."

Meanwhile, traders said the general outlook for cryptos remained bullish amid improving sentiment for asset classes globally.

"After a strong rebound following January's 7.5% CPI print, cryptocurrencies have pulled back in line with traditional markets,” said Will Hamilton, head of trading at Trovio Capital Management, in an email to CoinDesk.

The digital economy is here and it’s shaping our financial future.

At Grayscale, our products are designed with the future in mind to help investors build stronger financial legacies.

What better way to plan for the future than by investing in it?

Grayscale^® Future of Finance (symbol: GFOF) is an ETF that seeks to invest in the companies and technologies at the intersection of digital assets, technology, and finance. Together, we believe that these are the innovators shaping the “future of finance.”

Backed by an index that combines the expertise of Grayscale, a leader in the digital asset ecosystem, and Bloomberg, a trusted authority in finance, GFOF offers access to the “future of finance” in one thematic ETF.

Type ticker symbol: GFOF into your brokerage account to start investing. Learn more here.

Investing involves risks and the possible loss of principal. GFOF is distributed by Foreside Fund Services, LLC and Grayscale Advisors, LLC is the adviser. For a copy of the latest prospectus, head to the GFOF landing page. Risks: Future of Finance companies rely heavily on the success of the digital currency industry, and other developing technologies that seek to disrupt or displace established financial institutions.

It's never been easier to earn interest on Bitcoin and Tether with BitMEX EARN. Enjoy up to 10% APR on Tether and 4% on Bitcoin, fully backed by the BitMEX Insurance Fund.

With new products, reliable security, and responsive customer service, there’s never been a better time to join BitMEX. Start earning interest today by subscribing to EARN here.

BitMEX products and services are not available to US Persons and in other specified jurisdictions.

In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:

Cryptocurrencies on the Rise as Some Russian Troops Pull Back From Ukraine Border, a Year After the GameStop Mania: Lessons Learned From Meme Investing

"First Mover" hosts speak to The Wall Street Journal "Heard on the Street" Editor Spencer Jakab as he explains the thesis in his latest book "The Revolution That Wasn't: GameStop, Reddit, and the Fleecing of Small Investors." Prices of bitcoin and alts are up on the heels of Russia's partial pullback of troops near the border with Ukraine. Seth Ginns of CoinFund provides his market analysis. Plus, CoinDesk's Nikhilesh De shares the latest news from the hearing of the couple with alleged ties to the 2016 Bitfinex hack.

Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.