$98,298.00
5.64%$3,448.36
10.49%$2.31
15.92%$678.19
8.82%$193.40
9.15%$0.336027
25.13%$1.00
0.19%$0.960064
23.30%$3,441.85
10.02%$0.251527
10.74%$40.60
19.14%$23.87
17.60%$4,095.22
9.90%$5.51
14.51%$4.76
34.96%$0.00002302
21.43%$98,033.00
5.55%$0.376325
19.13%$7.46
20.67%$33.51
43.29%$0.268927
12.81%$3,446.54
10.29%$468.53
18.78%$9.29
1.14%$13.95
23.31%$0.00001887
27.19%$103.98
18.49%$3,639.84
9.88%$5.40
16.46%$4.34
17.69%$0.999883
0.38%$10.60
4.69%$10.93
20.54%$1.00
-0.28%$321.95
16.88%$0.167754
16.45%$0.503326
19.21%$27.45
14.24%$1.22
21.17%$7.63
23.11%$0.04862072
23.98%$3.92
13.25%$486.11
20.57%$1.36
19.90%$192.21
13.94%$24.56
0.71%$1.18
37.87%$0.804877
17.78%$5.25
18.79%$0.125527
12.45%$1.066
23.53%$0.355652
23.28%$46.21
9.96%$7.04
18.86%$2.70
29.35%$1.79
11.84%$1.82
22.08%$1.90
16.20%$0.00003341
31.87%$1.47
16.86%$5.38
21.45%$1.031
48.84%$2.28
28.97%$22.31
18.27%$2.16
21.93%$0.223651
18.99%$3,446.36
9.41%$98,286.00
5.41%$0.456674
21.26%$0.03014991
30.40%$2.37
21.37%$5.35
16.29%$3,574.38
10.05%$3,867.99
10.32%$0.00017955
21.22%$1.003
0.64%$0.03570051
23.64%$118.02
22.68%$13.25
11.67%$0.03861182
28.61%$3,631.69
10.54%$1.78
25.88%$0.02826809
12.28%$18.96
11.06%$0.02882258
30.69%$98,333.00
5.62%$1,676.04
10.54%$0.598458
23.93%$3.33
-0.16%$0.391526
19.53%$1.00
-0.08%$1.36
22.71%$1.38
12.53%$0.235109
23.75%$98,129.00
4.91%$0.137889
23.14%$11.32
10.00%$4.63
20.38%$0.857898
19.59%$3,543.29
10.29%$7.12
15.52%$197.45
8.60%$37.10
15.58%$0.885841
17.15%$1.65
25.50%$0.754348
18.51%$0.078148
18.09%$0.50351
16.31%$17.28
17.72%$0.315556
21.78%$1.57
20.72%$56.25
13.66%$0.970078
27.57%$0.872444
24.93%$0.00000111
13.60%$1.15
16.59%$239.83
8.42%$14.83
16.51%$6.60
22.65%$36.82
22.48%$0.503727
20.28%$0.505159
18.32%$3,455.67
11.77%$97,344.00
4.67%$1.23
21.23%$5.37
28.28%$0.87698
-9.82%$97,733.00
5.71%$54.16
26.31%$0.00000219
9.00%$4.04
13.78%$3.12
11.72%$0.090744
20.63%$3.35
18.38%$0.28731
19.60%$0.168902
18.55%$0.811143
22.83%$0.715742
30.37%$0.64642
18.97%$3,446.46
10.58%$205.38
8.81%$85.27
21.79%$0.998612
0.31%$1.99
16.89%$2.51
20.03%$1.64
30.22%$0.794405
46.87%$2.15
14.39%$3,448.50
10.48%$0.0000365
16.41%$22.34
19.61%$1.57
21.03%$0.00700758
27.12%$0.00828682
16.52%$269.00
15.35%$0.335447
23.93%$0.18828
22.08%$0.782122
21.14%$0.00670706
18.84%$0.687212
14.76%$97,464.00
8.22%$0.665295
20.94%$5.94
20.54%$2,633.85
1.09%$0.998426
0.58%$0.00
33.32%$3,635.30
11.34%$0.01175368
25.43%$0.00011402
23.46%$19.78
27.88%$3,729.29
10.04%$2.55
23.33%$0.00883461
23.89%$0.086778
19.88%$0.00656278
21.44%$27.76
16.76%$1.25
2.88%$0.2785
17.43%$1.12
22.07%$3,448.80
10.61%$0.408326
19.71%$11.09
18.65%$1.36
29.52%$1.38
30.12%$0.5594
41.28%$0.077586
3.58%$14.58
32.38%$98,188.00
5.29%$1.019
0.40%$1.00
0.18%$0.054626
45.92%$2,631.03
1.10%$0.00000053
8.79%$1.56
16.44%$32.81
29.10%$0.01142364
23.30%$97,433.00
5.26%$3,377.95
7.87%$5.00
15.88%$3,443.78
10.25%$1.002
0.10%$8.69
-5.09%$0.456524
21.02%$0.00661499
38.19%$0.063201
17.82%$38.67
20.12%$0.06778
16.89%$0.00660893
18.96%$0.00256545
22.27%$0.296198
75.46%$97,910.00
5.77%$2.16
20.12%$0.00580779
23.83%$3,703.55
9.96%$3,591.43
9.90%$0.00106063
22.87%$1.061
-0.25%$0.02236298
22.65%$27.07
58.77%$3.28
13.07%$0.074161
12.64%$0.235929
23.86%$0.00000333
24.15%$5.27
6.04%$0.485889
17.48%$0.999529
1.50%$0.217728
20.24%$1.078
-0.04%$88.80
3.58%$2.56
21.76%$1.00
-0.08%$0.700592
21.86%$3,825.70
10.69%$0.00000018
15.20%$0.03891832
12.76%$3.06
12.20%$3.53
20.63%$0.145274
13.54%$0.909045
10.07%$47.88
16.96%$0.03745514
21.02%$0.01106841
21.50%$0.763029
30.69%$0.370133
15.28%$1.003
-0.12%$3,445.94
10.23%$0.366153
17.46%$0.03852004
19.69%
The crypto market has come roaring back as Bitcoin and Ethereum both posted healthy overnight gains.
Bitcoin, the largest cryptocurrency by market cap, breached $42,000 Wednesday morning. At time of going to press, Bitcoin's price is hovering around $42,000, up over 8% on the day, per CoinMarketCap. The second-largest cryptocurrency Ethereum enjoyed similar bullish momentum, hitting $2,800 and marking a rise of 7.7% over the past 24 hours.
The bullish news comes amid an uncertain macro environment as all markets, including crypto, respond to the ongoing Russian invasion of Ukraine.
On Monday, Bitcoin was trading as low as $37,387 and Ethereum had dropped to $2,467. From trough to today’s peak, both assets have risen a total of 12.85% and 13.49%, respectively.
Bitcoin is still responsible for 41.3% of the entire crypto market, with Ethereum capturing little more than 17%.
The wider cryptocurrency market has also risen a total of 7.7% over the past 24 hours, jumping from $1.7 trillion to $1.91 trillion in total value. Besides Bitcoin and Ethereum, other notable cryptocurrencies from the market’s top ten have played their part too.
Avalanche has risen 8% and is currently trading at just over $78, following the launch of a $290 million incentive program. Called Multiverse, the funds are expected to be used to support the development of gaming, NFTs, and DeFi projects on Avalanche.
Cardano and Solana have enjoyed modest gains too, with the former rising by more than 4% and the latter by just over 6%. Today’s biggest gainer, however, has been Terra and its native token LUNA.
The network hosting DeFi’s second-largest ecosystem has risen by just under 20% overnight and is currently trading at around $97.
The recent trend reversal appears to be a result of a leaked press release from the U.S. Secretary of the Treasury Janet L. Yellen which outlines how the government plans to reign in the industry.
The press release was expected to be released on Wednesday, but it was allegedly inadvertently published on Tuesday at roughly 6 pm EST.
The contents of the now-removed note suggest that the Biden administration will be taking a much more constructive approach.
I applaud this constructive approach to thoughtful crypto regulation and look forward to working together with the various stakeholders to ensure that the US remains a leader in crypto.
— Cameron Winklevoss (@cameron) March 9, 2022
The administration “will support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses,” reads the press release.
Yellen also highlighted the importance of addressing risks related to the illicit use of cryptocurrencies and consumer protection, both of which have been hot topics for the administration when it comes to reigning in the industry. These objectives will be pursued via “interagency” collaboration, according to Yellen.
Though the details indicate a guarded step forward from regulators, the rise of Bitcoin and Ethereum suggests the market was expecting something much worse.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
