Luke Conway

<div id="highlights-block_61e889eac96b6" class="highlights">
        <ul>
                <li>Oil has pushed to its highest price since 2008 as US and European allies look to ban Russian imports</li>
                <li>Bitcoin&#8217;s correlation with safe havens early last week was fleeting, with bitcoin dropping off some 21.4% year-to-date while gold has posted a gain of 11% in the same time</li>
            </ul>
    
</div>



<iframe title="Latest Moves" aria-label="Table" id="datawrapper-chart-KCtU9" src="https://datawrapper.dwcdn.net/KCtU9/39/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="452"></iframe><script type="text/javascript">!function(){"use strict";window.addEventListener("message",(function(e){if(void 0!==e.data["datawrapper-height"]){var t=document.querySelectorAll("iframe");for(var a in e.data["datawrapper-height"])for(var r=0;r<t.length;r++){if(t[r].contentWindow===e.source)t[r].style.height=e.data["datawrapper-height"][a]+"px"}}}))}();
</script>



<p>As the US and its European allies moved to ban Russian oil imports, stocks and cryptocurrencies both continued to decline. </p>



<p>Crude, meanwhile, jumped to its highest price since 2008 as investors priced in the lack of Russian oil. WTI Crude jumped 4.4% on the day, closing at $119.</p>



<p>US Secretary of State Antony Blinken <a href="https://www.state.gov/secretary-antony-j-blinken-on-cnn-state-of-the-union-with-jake-tapper/" target="_blank" rel="noreferrer noopener">said</a> Sunday that the Biden administration is "talking to our European partners and allies to look in a coordinated way at the prospect of banning the import of Russian oil, while making sure that there is still an appropriate supply of oil on world markets."</p>



<p>Gold also continued its climb amid the market uncertainty. Since Russia invaded Ukraine, gold has increased by 4.6%.</p>



<p>Increasing oil prices and the continued conflict in Ukraine are likely culprits for Monday's sell-off. The S&amp;P 500 dropped by close to 3%. The Nasdaq dipped 3.75%, and the Dow lost nearly 800 points with a 2.37% fall.</p>


<p>[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"]</p>



<p>Bitcoin seems to have lost its brief correlation to gold early last week. Initially, it seemed like bitcoin's use case as an anti-censorship tool and means for escaping the falling value of the ruble would help reform its narrative as digital gold. </p>



<p>Instead, bitcoin and other crypto assets have continued to fall along with equity markets, suggesting that speculation is still the main driving factor in its price swings. Bitcoin shed $600 with a 1.59% drop by the close of stock trading. Ether fell by 2.79%, losing just over $70.  </p>


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



<h3 class="wp-block-heading">Top stories</h3>



<p><a href="https://cms.blockworks.co/espresso-systems-launches-to-public-amid-a-32m-raise/" target="_blank" rel="noreferrer noopener">Story</a>: Espresso Systems Launches to Public Amid a $32M Raise</p>



<ul class="wp-block-list"><li>The company will use the capital to grow the team and its products, including its Ethereum Virtual Machine application</li><li>Espresso plans to create bridges between Ethereum and other major chains so the line between layer-1 and layer-2 can be “blurred,” its co-founder and CEO told Blockworks</li></ul>



<p><a href="https://cms.blockworks.co/planned-vaneck-etf-aims-to-invest-in-miners-both-crypto-and-gold/" target="_blank" rel="noreferrer noopener">Story</a>: Planned VanEck ETF Aims To Invest in Miners — Both Crypto and Gold</p>



<ul class="wp-block-list"><li>VanEck proposed an ETF in December that would invest in futures contracts and investment offerings linked to gold or bitcoin</li><li>Investors who buy bitcoin and those who buy gold are “very different,” ETF.com crypto editor says</li></ul>



<p><a href="https://cms.blockworks.co/morgan-stanley-owned-at-least-13m-gbtc-shares-at-end-of-2021/" target="_blank" rel="noreferrer noopener">Story</a>: Morgan Stanley Increases GBTC Shares, SEC Weighs ETF Conversion</p>



<ul class="wp-block-list"><li>The Morgan Stanley Growth Portfolio held 4.3 million shares of GBTC, as of Dec. 31, the most of any of the firm’s funds</li><li>Coinbase and BlockFi executives are among the most recent authors of letters to the SEC supporting GBTC’s conversion to an ETF</li></ul>



<p><a href="https://cms.blockworks.co/immutable-notches-2-5b-valuation-after-series-c-funding/" target="_blank" rel="noreferrer noopener">Story</a>: Immutable Notches $2.5B Valuation After Series C Funding</p>



<ul class="wp-block-list"><li>Staff will go from 170 to 350 full-time employees over the next year, co-founder Robbie Ferguson told Blockworks</li><li>Immutable raised $60 million in Series B funding in September</li></ul>



<h3 class="wp-block-heading">Going forward</h3>



<p>Bitcoin's correlation to gold was short-lived, suggesting that much of its run-up during the initial phases of the Ukraine conflict were traders speculating that it would get more use. Time will tell if individuals in Russia and Ukraine begin using it as a means for wealth storage.</p>



<p>Investors should expect volatility leading up to the Fed's mid-March meeting where the regulator will set interest rates.</p>



<hr class="wp-block-separator has-alpha-channel-opacity"/>



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<p></p>


Market Wrap: Gold, Oil Push Higher While  Crypto, Stocks Continue To Tumble

<div id="highlights-block_61e889eac96b6" class="highlights">
        <ul>
                <li>Russia aggressively shelled, then seized, a major nuclear power plant in Ukraine, showing disregard for a potential meltdown of the plant</li>
                <li>Bitcoin, ether and all major indices fell, while gold and oil continued their march higher</li>
            </ul>
    
</div>



<iframe title="Latest Moves" aria-label="Table" id="datawrapper-chart-KCtU9" src="https://datawrapper.dwcdn.net/KCtU9/38/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="451"></iframe><script type="text/javascript">!function(){"use strict";window.addEventListener("message",(function(e){if(void 0!==e.data["datawrapper-height"]){var t=document.querySelectorAll("iframe");for(var a in e.data["datawrapper-height"])for(var r=0;r<t.length;r++){if(t[r].contentWindow===e.source)t[r].style.height=e.data["datawrapper-height"][a]+"px"}}}))}();
</script>



<p>Equity and cryptocurrency markets fell Friday after Russian shelling sparked a fire at Ukrainian nuclear power plant Zaporizhzhia. </p>



<p>Zaporizhzhia is the largest nuclear plant in Europe and is responsible for one-fifth of Ukraine's power.</p>



<p>The fire was put out, but workers are now operating the plant at gunpoint, according to Telegram messages from Petro Kotin, the head of the state-owned nuclear power site.</p>



<p>Russian forces "entered the territory of the nuclear power plant, took control of the personnel and management of the nuclear power plant," <a href="https://www.cnn.com/europe/live-news/ukraine-russia-putin-news-03-04-22/h_1f73598a8edc48dcd10cea81c3c37be5" target="_blank" rel="noreferrer noopener">Kotin said</a>. </p>



<p>Ukraine President Volodymyr Zelensky released a video regarding the attacks, reminding everyone of the infamous Chernobyl meltdown.</p>



<p>"I address all Ukrainians, all Europeans, everyone who knows the word 'Chernobyl,' everyone who knows how many victims that explosion of a nuclear plant brought," Zelensky <a href="https://www.businessinsider.com/russia-attacks-nuclear-plant-zelensky-world-wake-up-chernobyl-2022-3" target="_blank" rel="noreferrer noopener">said</a>. "Russia wants to relive it and is already doing it."</p>



<p>Markets fell sharply as the news spread, with the S&amp;P 500 declining 0.81% and the Nasdaq and Dow dropping 1.92% and 1.09%, respectively.</p>


<p>[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"]</p>



<p>Crypto markets took an even worse hit, with bitcoin plummeting over 7% and ether falling closer to 8% by the end of stock trading hours.</p>


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



<h3 class="wp-block-heading">Top stories</h3>



<p><a href="https://cms.blockworks.co/cvs-files-for-nft-related-trademarks-in-the-metaverse/" target="_blank" rel="noreferrer noopener">Story</a>: CVS Files for NFT-related Trademarks in the Metaverse</p>



<ul class="wp-block-list"><li>“This signals that brands are paying attention [to the metaverse], meaning they are staking their claim similar to how people sit on domain names,” Jenna Pilgrim, a blockchain startup exec, told Blockworks</li><li>CVS mentioned NFTs and blockchain technology in its application</li></ul>



<p><a href="https://cms.blockworks.co/crypto-is-a-lifeline-for-russian-citizens-coinbase-ceo-says/" target="_blank" rel="noreferrer noopener">Story</a>: Crypto Is a ‘Lifeline’ for Russian Citizens, Coinbase CEO Says</p>



<ul class="wp-block-list"><li>More users are turning to crypto in Russia as the war in Ukraine intensifies, data show</li><li>The notion that crypto is being used to avoid sanctions is unfounded, the CEO said</li></ul>



<p><a href="https://cms.blockworks.co/funding-roundup-1-34b-invested-in-crypto-companies-and-funds-this-week/" target="_blank" rel="noreferrer noopener">Story</a>: Funding Roundup: $1.34B Invested in Crypto Companies and Funds This Week</p>



<ul class="wp-block-list"><li>The total money invested this week came from over 20 deals and funds, PitchBook data showed</li><li>Prominent venture capital firm a16z invested $70 million into DeFi staking platform Lido on Thursday</li></ul>



<p><a href="https://cms.blockworks.co/latest-in-crypto-hiring-ledger-enterprise-has-new-leader/" target="_blank" rel="noreferrer noopener">Story</a>: Latest in Crypto Hiring: Ledger Enterprise Has New Leader</p>



<ul class="wp-block-list"><li>Another former Block executive joined crypto payment company MobileCoin</li><li>An ex-Citi executive was tapped to lead the growth of the Provenance Blockchain</li></ul>



<h3 class="wp-block-heading">Going forward</h3>



<p>Bitcoin briefly aligned with gold and other safe havens this week as the Ukraine crisis grew, and sanctions on Russia pushed its population to shed rubles for other assets. But the latter half of the week proved otherwise, with bitcoin tumbling along with equities and safe havens like gold continuing to push higher. </p>



<p>Markets are likely to remain highly volatile as the mid-March Fed meeting approaches and conflict in Ukraine builds. </p>



<hr class="wp-block-separator has-alpha-channel-opacity"/>



<p><strong>Start your day with top crypto insights from David Canellis and Katherine Ross. <a href="https://blockworks.co/newsletter/empire">Subscribe to the Empire newsletter</a>.</strong></p>



<p><strong>Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. <a href="https://blockworks.co/newsletter/onthemargin">Subscribe to the Forward Guidance newsletter</a>.</strong></p>



<p><strong>Get alpha directly in your inbox with the <a href="https://blockworks.co/newsletter/research">0xResearch newsletter</a> — market highlights, charts, degen trade ideas, governance updates, and more.</strong></p>



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Market Wrap: Cryptos Crumble After Russia Bombs Major Ukraine Nuclear Power Plant

<div id="highlights-block_61e889eac96b6" class="highlights">
        <ul>
                <li>Bitcoin and other cryptocurrencies fell sharply on Thursday as traders looked to lock in recent gains</li>
                <li>Fed Chair Jerome Powell said the Ukraine-Russia conflict could worsen inflation and supply chains issues</li>
            </ul>
    
</div>



<iframe title="Latest Moves" aria-label="Table" id="datawrapper-chart-KCtU9" src="https://datawrapper.dwcdn.net/KCtU9/37/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="452"></iframe><script type="text/javascript">!function(){"use strict";window.addEventListener("message",(function(e){if(void 0!==e.data["datawrapper-height"]){var t=document.querySelectorAll("iframe");for(var a in e.data["datawrapper-height"])for(var r=0;r<t.length;r++){if(t[r].contentWindow===e.source)t[r].style.height=e.data["datawrapper-height"][a]+"px"}}}))}();
</script>



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



<p>Bitcoin was still up 7.5% over five days — earlier in the week, the digital asset earlier <a href="https://cms.blockworks.co/market-wrap-stocks-rise-cryptos-fall-after-fed-flags-smaller-march-rate-rise/" target="_blank" rel="noreferrer noopener">regained</a> its correlation with safe-haven assets such as gold and Treasurys as the conflict in Ukraine built up interest in such plays.</p>



<p>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.</p>



<p>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.</p>



<p>“We’re going to see upward pressure on inflation, at least for a while," <a href="https://www.youtube.com/watch?v=JAbR0QktFlA" target="_blank" rel="noreferrer noopener">Powell said</a>. “The [Ukraine-Russia war] is not going to help at all with supply chains, because ships are not being off-loaded."</p>



<p>February’s initial jobless claims <a href="https://www.dol.gov/ui/data.pdf" target="_blank" rel="noreferrer noopener">report</a>, released Thursday, showed a two-month low, hinting the Omicron variant's effect on the job market may be waning. </p>



<p>The S&amp;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.  </p>


<p>[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"]</p>



<p>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%.</p>



<p>It is unclear why Anchor booked such large gains.</p>


<p>[stock_market_widget type="accordion" template="chart" color="#5B35D5" assets="BTC-USD,ETH-USD,ANC1-USD" start_expanded="true" display_currency_symbol="true" api="yf" chart_range="1mo" chart_interval="1d"]</p>



<h3 class="wp-block-heading">Top stories</h3>



<p><a href="https://cms.blockworks.co/sec-reportedly-targets-nft-market-over-potential-violations-of-securities-law/" target="_blank" rel="noreferrer noopener">Story</a>: SEC Reportedly Targets NFT Market Over Potential Violations of Securities Law</p>



<ul class="wp-block-list"><li>The SEC is especially seeking information on fractional NFTs</li><li>NFTs can be deemed securities if they pass the “Howey Test,” a regulatory standard used to determine if a transaction has an investment contract</li></ul>



<p><a href="https://cms.blockworks.co/fca-finds-increased-scam-reports-linked-to-crypto/" target="_blank" rel="noreferrer noopener">Story</a>: Increased Scam Reports Linked to Crypto, FCA Finds</p>



<ul class="wp-block-list"><li>The Financial Conduct Authority added 172 firms to its list of unregistered crypto businesses</li><li>More people checked the safety of cryptocurrency using the FCA’s ScamSmart Warning List tool than any other investment opportunity</li></ul>



<p><a href="https://cms.blockworks.co/blockchain-infrastructure-provider-looks-to-bring-retail-to-web3/" target="_blank" rel="noreferrer noopener">Story</a>: Blockchain Infrastructure Provider Looks To Bring Retail to Web3</p>



<ul class="wp-block-list"><li>Bringing real-world use cases front and center is key to adoption, especially on the retail side, an executive said </li><li>The company offers cryptocurrency mining infrastructure to retail and business clients that allows them to earn passive income</li></ul>



<p><a href="https://cms.blockworks.co/ukraine-cancels-proposed-airdrop-after-receiving-record-donations/" target="_blank" rel="noreferrer noopener">Story</a>: Ukraine Cancels Proposed Airdrop After Receiving Record Donations</p>



<ul class="wp-block-list"><li>Over $12.5 million in digital asset donations were sent to Ukraine’s crypto wallets on Wednesday after the country announced a pending airdrop</li><li>“Instead, we will announce NFTs to support Ukrainian Armed Forces soon,” the country’s vice prime minister tweeted</li></ul>



<h3 class="wp-block-heading">Going forward</h3>



<p>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.</p>



<p>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.</p>



<hr class="wp-block-separator has-alpha-channel-opacity"/>



<p><strong>Start your day with top crypto insights from David Canellis and Katherine Ross. <a href="https://blockworks.co/newsletter/empire">Subscribe to the Empire newsletter</a>.</strong></p>



<p><strong>Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. <a href="https://blockworks.co/newsletter/onthemargin">Subscribe to the Forward Guidance newsletter</a>.</strong></p>



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Market Wrap: Bitcoin, ETH Fall as Traders Brace for Volatility Ahead

<div id="highlights-block_61e889eac96b6" class="highlights">
        <ul>
                <li>Powell said Wednesday the Fed plans to increase rates a quarter point, but they will &#8220;need to be nimble&#8221;</li>
                <li>Gold and bitcoin sank while equities increased, suggesting bitcoin may be regaining correlation to safe-haven assets</li>
            </ul>
    
</div>



<iframe title="Latest Moves" aria-label="Table" id="datawrapper-chart-KCtU9" src="https://datawrapper.dwcdn.net/KCtU9/36/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="452"></iframe><script type="text/javascript">!function(){"use strict";window.addEventListener("message",(function(e){if(void 0!==e.data["datawrapper-height"]){var t=document.querySelectorAll("iframe");for(var a in e.data["datawrapper-height"])for(var r=0;r<t.length;r++){if(t[r].contentWindow===e.source)t[r].style.height=e.data["datawrapper-height"][a]+"px"}}}))}();
</script>



<p>Federal Reserve Chair Jerome Powell told Congress Wednesday he supported a quarter-point increase in interest rates in March but that factors — including the war in Ukraine — will play into coming decisions.</p>



<p>"The near-term effects on the US economy of the invasion of Ukraine, the ongoing war, the sanctions and of events to come, remain highly uncertain," <a href="https://www.youtube.com/watch?v=tMIBoGoME78" target="_blank" rel="noreferrer noopener">Powell said</a>. </p>



<p>"We will need to be nimble in responding to incoming data and the evolving outlook."</p>



<p>The quarter-point increase was lower than initially indicated by the Fed, fueling a sharp rise in equities. While stocks rose, safe-haven investments, such as gold and Treasurys, dropped.</p>



<p>Bitcoin and other cryptocurrencies dropped, too, suggesting bitcoin's recent tendency to behave like a risky tech play has ended, and it is being viewed more as a safe haven amid geopolitical turmoil stemming from Russia's invasion of Ukraine.</p>



<p>The S&amp;P 500 rose by 1.86%, while the Nasdaq and Dow jumped 1.7% and 1.79%, respectively. </p>


<p>[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"]</p>



<p>Bitcoin declined 1.44% by the end of stock-trading, mimicking gold's drop. Ether also took a hit, losing just under 1% on the day. Anchor Protocol, which powers crypto savings accounts, was today's biggest gainer among the top 100 coins by market capitalization with a jump of nearly 13%.</p>


<p>[stock_market_widget type="accordion" template="chart" color="#5B35D5" assets="BTC-USD,ETH-USD,ANC1-USD" start_expanded="true" display_currency_symbol="true" api="yf" chart_range="1mo" chart_interval="1d"]</p>



<h3 class="wp-block-heading">Top stories</h3>



<p><a href="https://cms.blockworks.co/ukraine-government-prepares-first-of-its-kind-airdrop-to-crypto-donors/" target="_blank" rel="noreferrer noopener">Story</a>: Ukraine Government Prepares First-of-its-kind Airdrop to Crypto Donors</p>



<ul class="wp-block-list"><li>The government has not provided additional information about what the Thursday airdrop will entail</li><li>Since Ukraine launched its unconventional crowdfunding efforts on Feb. 26, it has accumulated over $30 million from about 50,000 donations</li></ul>



<p><a href="https://cms.blockworks.co/crypto-company-consensys-under-fire-from-shareholders-demanding-audit/" target="_blank" rel="noreferrer noopener">Story</a>: Crypto Company ConsenSys Under Fire From Shareholders Demanding Audit</p>



<ul class="wp-block-list"><li>Thirty-five shareholders have filed a request with Swiss courts to investigate the transaction</li><li>A ConsenSys spokesperson refuted the allegations as “factually inaccurate”</li></ul>



<p><a href="https://cms.blockworks.co/defi-trading-platform-raises-round-led-by-brevan-howard-in-social-investing-push/" target="_blank" rel="noreferrer noopener">Story</a>: DeFi Trading Platform Raises Round Led by Alan Howard in Social Investing Push</p>



<ul class="wp-block-list"><li>The developer wants to build a new team using the funds that will go toward its Meta Services suite of products aimed at budding Web3 developers</li><li>The developer said it was aiming to to serve as an infrastructure layer for “the entire Web3 ecosystem”</li></ul>



<p><a href="https://cms.blockworks.co/survey-one-third-of-women-plan-to-buy-crypto-this-year/" target="_blank" rel="noreferrer noopener">Story</a>: Survey: One-third of Women Plan To Buy Crypto This Year</p>



<ul class="wp-block-list"><li>About 1 in 4 women already own crypto, the survey found</li><li>Other subsectors in the industry remain largely untapped by women as only 5% have bought an NFT or participated in crypto mining</li></ul>



<h3 class="wp-block-heading">Going forward</h3>



<p>Time will tell if bitcoin remains correlated to other safe havens — versus its recent correlation to tech stocks. Both cryptos and equities are likely to remain volatile in the short to medium term as events unfold in Ukraine.</p>



<hr class="wp-block-separator has-alpha-channel-opacity"/>



<p><strong>Start your day with top crypto insights from David Canellis and Katherine Ross. <a href="https://blockworks.co/newsletter/empire">Subscribe to the Empire newsletter</a>.</strong></p>



<p><strong>Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. <a href="https://blockworks.co/newsletter/onthemargin">Subscribe to the Forward Guidance newsletter</a>.</strong></p>



<p><strong>Get alpha directly in your inbox with the <a href="https://blockworks.co/newsletter/research">0xResearch newsletter</a> — market highlights, charts, degen trade ideas, governance updates, and more.</strong></p>



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Market Wrap: Stocks Rise, Cryptos Fall After Fed Flags Smaller March Rate Rise

<div id="highlights-block_61e889eac96b6" class="highlights">
        <ul>
                <li>The ruble’s collapse has pushed bitcoin to an all-time high against the Russian currency</li>
                <li>“When freedom and individual liberty are threatened, the price of bitcoin goes up,” said Antoni Trenchev, co-founder and managing partner of Nexo</li>
            </ul>
    
</div>



<iframe title="Latest Moves" aria-label="Table" id="datawrapper-chart-KCtU9" src="https://datawrapper.dwcdn.net/KCtU9/35/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="452"></iframe><script type="text/javascript">!function(){"use strict";window.addEventListener("message",(function(e){if(void 0!==e.data["datawrapper-height"]){var t=document.querySelectorAll("iframe");for(var a in e.data["datawrapper-height"])for(var r=0;r<t.length;r++){if(t[r].contentWindow===e.source)t[r].style.height=e.data["datawrapper-height"][a]+"px"}}}))}();
</script>



<p>Bitcoin reached a new all-time high in rubles and continued to climb in dollars on Tuesday. Sanctions on Russia have <a href="https://cms.blockworks.co/market-wrap-bitcoin-eth-see-massive-pump-as-russian-ruble-crumbles/" target="_blank" rel="noreferrer noopener">caused</a> the ruble to crumble in value, and Russians fear that funds in their bank account could be seized to help stave off a recession, potentially pushing them to invest in bitcoin.</p>



<p>While bitcoin continued pushing higher, equity markets deepened their slide, leading some to speculate that bitcoin could be regaining its status as a risk-off, safe-haven asset.</p>



<p>“I see bitcoin transitioning from a risk-on to risk-off asset, and so far in 2022 the crypto has made good progress on this trajectory,” <a href="https://cms.blockworks.co/ukraine-marked-an-inflection-point-for-bitcoin-as-an-asset-analysts-say/" target="_blank" rel="noreferrer noopener">said</a> Mike McGlone, senior commodity strategist at Bloomberg Intelligence.</p>



<p>Others noted that bitcoin does best in circumstances such as those seen in recent days.</p>



<p>“When freedom and individual liberty are threatened, the price of bitcoin goes up,” said Antoni Trenchev, co-founder and managing partner of Nexo.</p>



<p>The S&amp;P 500 dropped by 1.55% while the Nasdaq and Dow dropped by 1.63% and 1.76% respectively. </p>


<p>[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"]</p>



<p>Bitcoin, ether and the majority of major cryptocurrencies kept pushing higher. Bitcoin rose by over 2% by the end of stock trading, bringing its rise to well over 14% in just the past five days. Ether rose by 1.44%, also increasing by more than 14% in the past five days. </p>



<p>The day's largest gainer among top coins in the crypto market was RUNE, which saw a pump of over 32% in the past 24 hours. </p>


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



<h3 class="wp-block-heading">Top stories</h3>



<p><a href="https://cms.blockworks.co/in-one-of-africas-largest-crypto-raises-south-african-exchange-takes-in-50m/" target="_blank" rel="noreferrer noopener">Story</a>: In One of Africa’s Largest Crypto Raises, South African Exchange Takes In $50M</p>



<ul class="wp-block-list"><li>“There is no longer any room for doubt regarding the impact crypto assets are having on our global financial system,” said Farzam Ehsani, VALR CEO and co-founder</li><li>VALR has processed over $7.5 billion in trading volume since its 2019 launch</li></ul>



<p><a href="https://cms.blockworks.co/electric-capital-raises-1-billion-to-launch-crypto-venture-token-funds/" target="_blank" rel="noreferrer noopener">Story</a>: Electric Capital Raises $1 Billion To Launch Crypto Venture, Token Funds</p>



<ul class="wp-block-list"><li>The firm will focus on DAOs, NFTs, DeFi, decentralized infrastructure and accessibility in Web3</li><li>“The Web3 economy built on top of the programmable money stack will be one of the defining disruptions of the 2020s,” Avichal Garg, Electric Capital founder tweeted</li></ul>



<p><a href="https://cms.blockworks.co/subspace-labs-raises-33m-led-by-pantera-capital-to-further-web3-efforts/" target="_blank" rel="noreferrer noopener">Story</a>: Subspace Labs Raises $33M Led by Pantera Capital To Further Web3 Efforts</p>



<ul class="wp-block-list"><li>The developer wants to build a new team using the funds that will go toward its Meta Services suite of products aimed at budding Web3 developers</li><li>The developer said it was aiming to to serve as an infrastructure layer for “the entire Web3 ecosystem”</li></ul>



<p><a href="https://cms.blockworks.co/in-largest-ever-nft-backed-loan-101-cryptopunks-put-up-as-collateral/" target="_blank" rel="noreferrer noopener">Story</a>: In Largest-ever NFT-backed Loan, 101 CryptoPunks Put Up as Collateral</p>



<ul class="wp-block-list"><li>The loan was completed by NFT liquidity scaling startup MetaStreet on lending platform NFTfi</li><li>“By having an active borrowing and lending market [in NFTs], you create productive assets that are otherwise viewed as unproductive,” Conor Moore, co-founder of MetaStreet, told Blockworks</li></ul>



<h3 class="wp-block-heading">Going forward</h3>



<p>With markets likely to remain highly volatile amid the conflict in Ukraine it will be hard to tell if bitcoin is really becoming a risk-off asset. Jerome Powell’s scheduled testimony before Congress on Wednesday only adds to the uncertainty. </p>



<hr class="wp-block-separator has-alpha-channel-opacity"/>



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Market Wrap: Bitcoin, ETH Extend Gains as Equity Markets Continue To Fall

<div id="highlights-block_61e889eac96b6" class="highlights">
        <ul>
                <li>West-imposed sanctions on Russia have caused the ruble to collapse</li>
                <li>Rising demand among Russians and Ukrainians likely played a part in bitcoin&#8217;s pump</li>
            </ul>
    
</div>



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</script>



<p>Sanctions placed on Russia have caused the ruble to collapse, with its value against the US dollar dropping by nearly 20% over the past 24 hours. Nikolai Arefiev, vice-chairman of the Duma’s committee on economic policy, <a href="https://news.ru/economics/v-gosdume-prokommentirovali-vozmozhnuyu-konfiskaciyu-sberezhenij-rossiyan/" target="_blank" rel="noreferrer noopener">said</a> last week the country may confiscate rubles from citizens in the event of an economic collapse.</p>



<p>The dramatic dip and the threat of money being seized from citizens' bank accounts has correlated with a huge pump in bitcoin's price, suggesting that Russians are seeking to shed rubles for bitcoins. Demand for the cryptocurrency could also be coming from Ukrainians seeking a digital solution to money as many flee the country or prepare for further disruption in the wake of the Russian invasion.</p>



<p>Some journalists in Ukraine have <a href="https://twitter.com/efmikkelsen/status/1497283116028686336" target="_blank" rel="noreferrer noopener">reported</a> that ATMs were cleared out and that most credit card terminals were down, likely contributing to a rush to crypto.</p>



<blockquote class="twitter-tweet"><p lang="en" dir="ltr">Got a car today. Bought it with <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#bitcoin</a> as all ATM's are almost cleared out and the credit card terminals are down. Hopefully, it will allow us to report a little from <a href="https://twitter.com/hashtag/Donbass?src=hash&amp;ref_src=twsrc%5Etfw">#Donbass</a> while also keeping us safe and granting us an escape if things starts heating up here.</p>— Emil Filtenborg (@efmikkelsen) <a href="https://twitter.com/efmikkelsen/status/1497283116028686336?ref_src=twsrc%5Etfw">February 25, 2022</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>



<p>Equity markets were mostly down on the day, with the S&amp;P 500 dropping 0.26%. The Dow followed suit, dropping 0.49% while the Nasdaq ended the day up by 0.34%, although it was in the red for most of trading.</p>


<p>[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"]</p>



<p>Bitcoin, ether and most crypto saw enormous gains. Bitcoin led the way with a daily surge of over 10%, and ether posted a 7.5% gain.</p>


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



<h3 class="wp-block-heading">Top stories</h3>



<p><a href="https://cms.blockworks.co/ftx-launches-philanthropic-fund-with-plans-to-deploy-at-least-100m/" target="_blank" rel="noreferrer noopener">Story</a>: FTX Launches Philanthropic Fund With Plans To Deploy at Least $100M</p>



<ul class="wp-block-list"><li>The fund will be a part of the FTX Foundation, a philanthropic organization funded primarily by FTX CEO Sam Bankman-Fried</li><li>“We’re particularly keen to launch massively scalable projects: projects that could grow to productively spend tens or hundreds of millions of dollars per year,” the company said</li></ul>



<p><a href="https://cms.blockworks.co/jpmorgan-chase-strategically-invests-in-blockchain-focused-trm-labs/" target="_blank" rel="noreferrer noopener">Story</a>: JPMorgan Chase Strategically Invests in Blockchain-focused TRM Labs</p>



<ul class="wp-block-list"><li>This investment highlights the significance of financial institutions investing in crypto technology to mitigate associated risks, Esteban Castaño, co-founder and CEO of TRM, said to Blockworks</li><li>TRM’s vision aligns with JPMorgan’s ambitions to build compliant and secure blockchain products, Umar Farooq, CEO of Onyx by JPMorgan, said in a statement</li></ul>



<p><a href="https://cms.blockworks.co/crypto-exchanges-weigh-blocking-russian-accounts-as-sanctions-intensify/" target="_blank" rel="noreferrer noopener">Story</a>: Crypto Exchanges Weigh Blocking Russian Accounts as Sanctions Intensify</p>



<ul class="wp-block-list"><li>Non-US-based cryptocurrency exchanges face pressure from lawmakers around the world to ensure compliance with sanctions against Russia</li><li>Blocking all accounts would go against the founding principles of cryptocurrency, Binance said</li></ul>



<p><a href="https://cms.blockworks.co/onboarding-the-next-wave-of-metamask-users-through-nfts/" target="_blank" rel="noreferrer noopener">Story</a>: Onboarding the Next Wave of Metamask Users Through NFTs</p>



<ul class="wp-block-list"><li>ConsenSys is building out its white-label NFT platform and is in talks with luxury and sports brands</li><li>The company’s executive director of strategic initiatives details a potential future of “non-fungible everything”</li></ul>



<h3 class="wp-block-heading">Going forward</h3>



<p>Should the narrative of bitcoin's use case as a store of value make a full return, it's possible that it could once again decouple from risk-on assets and equities such as tech stocks. The rise of inflation and the ongoing turmoil in Ukraine are feeding directly into that, leading bitcoin out of its recent rut.  </p>



<hr class="wp-block-separator has-alpha-channel-opacity"/>



<p><strong>Start your day with top crypto insights from David Canellis and Katherine Ross. <a href="https://blockworks.co/newsletter/empire">Subscribe to the Empire newsletter</a>.</strong></p>



<p><strong>Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. <a href="https://blockworks.co/newsletter/onthemargin">Subscribe to the Forward Guidance newsletter</a>.</strong></p>



<p><strong>Get alpha directly in your inbox with the <a href="https://blockworks.co/newsletter/research">0xResearch newsletter</a> — market highlights, charts, degen trade ideas, governance updates, and more.</strong></p>



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