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| The latest moves in crypto markets, in context February 16, 2022 Supported by Was this newsletter forwarded to you? Sign up here.
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 ColoradoToday's newsletter was edited by Shaurya Malwa and produced by Bradley Keoun.
Market Moves By Shaurya Malwa 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. Read More: Bitcoin Traders Preparing for Tumultuous March, Glassnode Says
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Crypto Prices Bitcoin (BTC) See the latest price here Ether (ETH) See the latest price here The following are the biggest movers in the CoinDesk 20 digital assets over the past 24 hours: Biggest Gainers:
Biggest Losers:
Sector classifications are provided via the Digital Asset Classification Standard (DACS), developed by CoinDesk Indices to provide a reliable, comprehensive, and standardized classification system for digital assets. The CoinDesk 20 is a ranking of the largest digital assets by volume on trusted exchanges.
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Latest Headlines
Bitcoin Traders Preparing for Tumultuous March, Glassnode Says Avalanche’s AVAX Surges as Bitcoin Rally Stalls Morgan Stanley Says Ethereum Less Decentralized, Ether More Volatile Compared to Bitcoin MicroStrategy Hasn't Bought Any Bitcoins This Month Crypto Custodian Fireblocks Acquires Stablecoin Firm First Digital Red Bull's F1 Team Signs $150M Sponsorship Deal With Crypto Exchange Bybit Chainalysis Says ‘Criminal Whales' Account for 4% of the Overall Pod Crypto Heavyweights Coinbase, Fidelity and Robinhood Back U.S. Anti-Money Laundering Group Berkshire Hathaway Invests $1B in Brazilian Digital Bank Nubank, Reduces Mastercard, Visa Positions Housecat Raises $3.4 Million to Help Bridge DeFi, Investment Management FCA Concerned Over Binance Gaining Access to UK Payment Network: Report Crypto Could Derail Financial Stability, Global Financial Watchdog SaysEthereum’s Rollups Aren’t All Built the Same You May Owe Crypto Taxes on These Surprising Things in 2022
The OGs of NFTs get animated with the biggest stars from around the world in this entertaining new series from CoinDesk TV. Tune in Tuesdays in February at 4 p.m. ET.
ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
"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.
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