Market Wrap: Crypto, Stocks Rise Despite Ongoing Invasion of Ukraine

The Ukrainian president criticized the country’s allies for their lack of assistance in stopping the Russian advance


Ukraine Parliament in Kyiv.


key takeaways

  • The Nasdaq and Dow posted respective gains of 1.53% and 2.51% respectively
  • New reports show inflation continuing to break records

Markets have largely shrugged off Russia's intensifying invasion of Ukraine, with all major US indices posting gains.

The S&P 500 climbed 2.21%, and the Nasdaq and Dow posted respective gains of 1.53% and 2.51% respectively. The increases could have been the result of recently released reports showing inflation continuing to break records. Major cryptocurrencies also rose.

Equities often hold up well in inflationary periods.

Ukraine President Volodymyr Zelenskyy, meanwhile, on Friday criticized allies for leaving the country alone in its bid to stop the Russian advance.

"This morning, we are defending our country alone," Zelenskyy said. "Just like yesterday, the most powerful country in the world looked on from a distance. Russia was hit with sanctions yesterday, but these are not enough to get these foreign troops off our soil. Only through solidarity and determination can this be achieved."

[stock_market_widget type="accordion" template="chart" color="#5B35D5" assets="^GSPC,^IXIC,^DJI" start_expanded="true" display_currency_symbol="false" api="yf" chart_range="1mo" chart_interval="1d"]

In terms of crypto, bitcoin rose more than 2%, and ether notched a nearly 5% gain. The day's biggest gainer by the close of stock markets was LUNA, which soared almost 11%.

[stock_market_widget type="accordion" template="chart" color="#5B35D5" assets="BTC-USD,ETH-USD,LUNA1-USD" start_expanded="true" display_currency_symbol="true" api="yf" chart_range="1mo" chart_interval="1d"]

Top stories

Story: AP Calls Off Sale of Stranded Migrants NFT After Twitter Outcry

  • The original tweet advertising the NFT auction has since been deleted by the AP
  • AP launched its photojournalism NFT marketplace at the end of January

Story: As Ukraine Crisis Underscores Bitcoin as Risk Asset, Volatility May Be Here To Stay

  • Bitcoin and ether both plunged more than 10% on Thursday before recovering to notch modest 24-hour gains
  • Crypto funding behind the conflict raises the possibility of quicker regulation, industry participants say

Story: Coinbase Expects ‘Softer’ First Quarter After Strong Q4

  • Company’s leadership spoke about revenue diversification, NFTs and stock price during its latest earnings call
  • Execs don’t view OpenSea as a chief competitor as it preps NFT marketplace, noting there will be many winners

Story: Funding Roundup: Major Raises of $1B and $200M Join Startup Spree

  • Luna Foundation Guard raised $1 billion in a private token sale, while Amber Group closed a $200 million extended Series B round
  • Amid the massive rounds, there were more modest raises, too, including a $33 million Series B for InfStones and a $34 million raise for Aligned

Going forward

Markets are likely to remain volatile as the invasion of Ukraine unfolds. Investors are also expected to keep a close watch on the Federal Reserve's decisions on raising interest rates and reassessing asset purchases.

Don’t miss the next big story – join our free daily newsletter.

Follow Sam Bankman-Fried’s trial with the latest news from the courtroom


Upcoming Events

MON - WED, MARCH 18 - 20, 2024

Blockworks’ Digital Asset Summit (DAS) will take place March 18-20, 2024 at The Hilton London Metropole. Why London? Momentum.  London has become one of the world’s hottest crypto hubs.  Innovation is thriving, new institutional investors are flocking in, and regulators like […]

recent research

l1 cover.png


This analysis focuses on financial metrics for general-purpose L1 blockchains. In many ways, L1s should be viewed as an entirely new asset class more comparable to digital economies than traditional businesses. L1s are the core infrastructure enabling the creation of new-age businesses like onchain protocols.


Bloomberg Intelligence analysts expect ether futures ETFs by VanEck, Bitwise and ProShares to launch as soon as Monday


CommEX took over Binance’s operations in Russia this week after Binance left the country due to a mismatch with its compliance strategy


Fireblocks said its goal is to expand its tokenization capabilities


Liquidator Teneo in a statement said that Zhu had been arrested and charged


To get back to our subculture roots, crypto needs to extricate itself from a poisonous dynamic: Our reliance on X


The ‘internet of blockchains’ listed a series of next year’s priorities in a lengthy developer-focused document