• Bitcoin and other cryptocurrencies fell sharply on Thursday as traders looked to lock in recent gains
  • Fed Chair Jerome Powell said the Ukraine-Russia conflict could worsen inflation and supply chains issues

Most top cryptocurrencies took a hit Thursday, selling off after notable pumps earlier in the week.

Bitcoin was still up 7.5% over five days — earlier in the week, the digital asset earlier regained its correlation with safe-haven assets such as gold and Treasurys as the conflict in Ukraine built up interest in such plays.

However, bitcoin dipped while gold gained Thursday, suggesting the correlation isn't absolute, especially when taking into account other factors driving the typical volatility in digital asset markets.

Federal Reserve Chair Jerome Powell testified for the second day before the Senate Banking Committee, saying inflation will likely increase. He said the conflict in Ukraine is a troubling development for an already-congested global supply chain.

“We’re going to see upward pressure on inflation, at least for a while," Powell said. “The [Ukraine-Russia war] is not going to help at all with supply chains, because ships are not being off-loaded."

February’s initial jobless claims report, released Thursday, showed a two-month low, hinting the Omicron variant's effect on the job market may be waning.

The S&P 500 fell by 0.53% Thursday, while the Nasdaq and Dow lost by 1.46% and 0.29%, respectively. Continued decreases movements over the past month are likely the result of geopolitical conflict and inflation, leaving investors in a lingering lurch.

Bitcoin fell sharply, shedding $1,855 or 4.27% by the end of stock trading hours. Ether took an even bigger hit, losing 4.75%. Anchor Protocol, which powers crypto savings accounts, was the biggest gainer among top coins by market capitalization two days in a row, jumping another 9.7% after yesterday's gain of almost 13%.

It is unclear why Anchor booked such large gains.

Top stories

Story: SEC Reportedly Targets NFT Market Over Potential Violations of Securities Law

  • The SEC is especially seeking information on fractional NFTs
  • NFTs can be deemed securities if they pass the “Howey Test,” a regulatory standard used to determine if a transaction has an investment contract

Story: Increased Scam Reports Linked to Crypto, FCA Finds

  • The Financial Conduct Authority added 172 firms to its list of unregistered crypto businesses
  • More people checked the safety of cryptocurrency using the FCA’s ScamSmart Warning List tool than any other investment opportunity

Story: Blockchain Infrastructure Provider Looks To Bring Retail to Web3

  • Bringing real-world use cases front and center is key to adoption, especially on the retail side, an executive said
  • The company offers cryptocurrency mining infrastructure to retail and business clients that allows them to earn passive income

Story: Ukraine Cancels Proposed Airdrop After Receiving Record Donations

  • Over $12.5 million in digital asset donations were sent to Ukraine’s crypto wallets on Wednesday after the country announced a pending airdrop
  • “Instead, we will announce NFTs to support Ukrainian Armed Forces soon,” the country’s vice prime minister tweeted

Going forward

Bitcoin, other cryptos and equities all fell Thursday while gold, other safe havens and defensive stock ETFs jumped. It remains to be seen whether bitcoin trades in tandem with safe-haven assets as traders parse the influence of typical crypto volatility on market moves.

Volatility is expected to be a market mainstay in the buildup to the Fed's mid-March interest rate hikes and as the Ukraine conflict drags on.


Get the day’s top crypto news and insights delivered to your inbox every evening. Subscribe to Blockworks’ free newsletter now.


  • Editor, Evergreen Content
    As Editor of Evergreen Content at Blockworks, Luke Conway oversees the creation of comprehensive educational guides on all things crypto to help users navigate the space. Before Blockworks he worked as an associate editor for Investopedia, managing broker reviews and a cryptocurrency news desk.