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

article-image

Ukraine Parliament in Kyiv.

share

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.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Screenshot 2024-05-23 091855.png

Research

Bitcoin L2s aim to boost scalability while preserving decentralization and security, unlocking a better user experience, and new avenues for Bitcoin-powered innovations. However, no existing Bitcoin L2 leverages the full security of Bitcoin.

article-image

Also, a Solana memecoin creator was recently hospitalized with third-degree burns after pulling a stunt intended to pump his token

article-image

Sponsored

Chain abstraction will drive significant innovations, shaping the future of dapps while addressing many current challenges facing the Web3 ecosystem

article-image

Right now, crypto platforms and custody services live in the shadow of a legacy of security failures — and it shouldn’t be that way

article-image

The current crop of ETF issuers could’ve only made it this far by promising not to stake any ETH they hoover up

article-image

After accelerating conversations with issuers, the SEC took a step toward allowing ETH funds to launch

article-image

As FIT21 advances to the Senate, experts are cautiously optimistic but say to expect some changes to the bill