Luke Conway

<div id="highlights-block_61e889eac96b6" class="highlights">
        <ul>
                <li>The Nasdaq and Dow posted respective gains of 1.53% and 2.51% respectively</li>
                <li>New reports show inflation continuing to break records</li>
            </ul>
    
</div>



<iframe title="Latest Moves" aria-label="Table" id="datawrapper-chart-KCtU9" src="https://datawrapper.dwcdn.net/KCtU9/33/" 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>Markets have largely shrugged off Russia's intensifying invasion of Ukraine, with all major US indices posting gains. </p>



<p>The S&amp;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 <meta charset="utf-8"><a href="https://data.bls.gov/timeseries/CUUR0000SA0&amp;output_view=pct_1mth" target="_blank" rel="noreferrer noopener">released</a> reports showing inflation continuing to break records. Major cryptocurrencies also rose.</p>



<p>Equities often hold up well in inflationary periods. </p>



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



<p>"This morning, we are defending our country alone," <meta charset="utf-8">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."</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>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%. </p>


<p>[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"]</p>



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



<p><a href="https://cms.blockworks.co/associated-press-calls-off-sale-of-stranded-migrants-nft-after-twitter-outcry/" target="_blank" rel="noreferrer noopener">Story</a>: AP Calls Off Sale of Stranded Migrants NFT After Twitter Outcry</p>



<ul class="wp-block-list"><li>The original tweet advertising the NFT auction has since been deleted by the AP</li><li>AP launched its photojournalism NFT marketplace at the end of January </li></ul>



<p><a href="https://cms.blockworks.co/as-ukraine-crisis-underscores-bitcoin-as-risk-asset-volatility-may-be-here-to-stay/" target="_blank" rel="noreferrer noopener">Story</a>: As Ukraine Crisis Underscores Bitcoin as Risk Asset, Volatility May Be Here To Stay</p>



<ul class="wp-block-list"><li>Bitcoin and ether both plunged more than 10% on Thursday before recovering to notch modest 24-hour gains</li><li>Crypto funding behind the conflict raises the possibility of quicker regulation, industry participants say</li></ul>



<p><a href="https://cms.blockworks.co/coinbase-expects-softer-first-quarter-after-strong-q4/" target="_blank" rel="noreferrer noopener">Story</a>: Coinbase Expects ‘Softer’ First Quarter After Strong Q4</p>



<ul class="wp-block-list"><li>Company’s leadership spoke about revenue diversification, NFTs and stock price during its latest earnings call</li><li>Execs don’t view OpenSea as a chief competitor as it preps NFT marketplace, noting there will be many winners</li></ul>



<p><a href="https://cms.blockworks.co/funding-roundup-major-raises-of-1b-and-200m-join-startup-spree/">Story</a>: Funding Roundup: Major Raises of $1B and $200M Join Startup Spree</p>



<ul class="wp-block-list"><li>Luna Foundation Guard raised $1 billion in a private token sale, while Amber Group closed a $200 million extended Series B round</li><li>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</li></ul>



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



<p>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.</p>



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



<p><strong>Get the news in your inbox. Explore Blockworks newsletters:</strong></p>



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<li><a href="https://blockworks.co/newsletter/empire"><strong>Empire</strong></a>: Start your morning with the top news and analysis to inform your day in crypto.</li>



<li><a href="https://blockworks.co/newsletter/forwardguidance"><strong>Forward Guidance</strong></a>: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.</li>



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<li><a href="https://blockworks.co/newsletter/thedrop"><strong>The Drop</strong></a>: For crypto collectors and traders, covering apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/supplyshock"><strong>Supply Shock</strong></a>: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.</li>
</ul>


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

<div id="highlights-block_61e889eac96b6" class="highlights">
        <ul>
                <li>Russia&#8217;s assault on Ukraine shocked traders, and investors aggressively sold off positions early Thursday</li>
                <li>Cryptocurrencies, including bitcoin and ether, surged alongside stocks late in the trading day</li>
            </ul>
    
</div>



<iframe title="Latest Moves" aria-label="Table" id="datawrapper-chart-KCtU9" src="https://datawrapper.dwcdn.net/KCtU9/32/" 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>Russia’s full-scale invasion of Ukraine sent cryptocurrency and stock markets into a tailspin early Thursday. But as the full extent of the military assault became clear, investors jumped back in, driving a powerful recovery. </p>



<p>US President Joe Biden, who had repeatedly warned an invasion was imminent, said Russia would bear the <a href="https://www.youtube.com/watch?v=7IIZNvhJqEc" target="_blank" rel="noreferrer noopener">consequences</a> of “an assault on the people of Ukraine without provocation, without justification, without necessity.”</p>



<p>Biden imposed a raft of new sanctions to “limit Russia’s ability to do business in dollars, euros, pounds and yen, to be part of the global economy.” The sanctions were purposely designed “to maximize a long-term impact on Russia and to minimize impact on the United States and our allies,” Biden added.</p>



<p>As traders in the US parsed the news, the S&amp;P 500 plunged, starting the day nearly 2.5% down. Alongside other indices, it recovered later and ended trading up 1.5%. The Nasdaq and Dow likewise first declined before paring losses. The Nasdaq ended the day with a notable 3.44% increase.</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 started the day down as much as 7.5% but managed to end stock trading hours up by 3.5%. Ether was even more volatile, dropping by as much as 10.5% before closing up 2.22%.</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/bitcoins-plunge-on-ukraine-invasion-undermines-status-as-digital-gold/" target="_blank" rel="noreferrer noopener">Story</a>: Bitcoin’s Initial Plunge on Ukraine Invasion Undermines Status as ‘Digital Gold’</p>



<ul class="wp-block-list"><li>Increasing institutional investment in bitcoin tightens its correlation with stock movements</li><li>Lack of understanding of bitcoin’s fundamental properties may be hindering its adoption as a risk management tool</li></ul>



<p><a href="https://cms.blockworks.co/aligned-raises-34m-to-grow-defi-and-web3-infrastructure/" target="_blank" rel="noreferrer noopener">Story</a>: Aligned Raises $34M To Grow DeFi and Web3 Infrastructure</p>



<ul class="wp-block-list"><li>The capital will be used to grow its core products for Ethereum-compatible blockchains like layer-2 networks</li><li>Aligned’s founder is the former chief strategy officer at ConsenSys</li></ul>



<p><a href="https://cms.blockworks.co/blockchain-infrastructure-provider-infstones-closes-33m-series-b/" target="_blank" rel="noreferrer noopener">Story</a>: Blockchain Infrastructure Provider InfStones Closes $33M Series B</p>



<ul class="wp-block-list"><li>InfStones supports nodes on over 50 chains, including Ethereum, Polygon, Solana, Polkadot, Cardano and Chainlink</li><li>The platform’s customers include Binance, Dune Analytics, Polygon, Circle and Compound</li></ul>



<p><a href="https://cms.blockworks.co/bitcoins-status-as-a-safe-haven-tested-even-as-us-gdp-rises/" target="_blank" rel="noreferrer noopener">Story</a>: Bitcoin, Risk Assets Falter Even as US GDP Rises</p>



<ul class="wp-block-list"><li>Economists warn 2022 will not see the same economic growth as 2021</li><li>US GDP increased at a 7% annualized rate in the fourth quarter</li></ul>



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



<p>New core and PCE inflation metrics are due out Friday. It's uncertain how the Fed plans to alter interest rates should markets continue falling from the conflict in Eastern Europe. </p>



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



<p><strong>Get the news in your inbox. Explore Blockworks newsletters:</strong></p>



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/daily"><strong>Blockworks Daily</strong></a>: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.</li>



<li><a href="https://blockworks.co/newsletter/empire"><strong>Empire</strong></a>: Start your morning with the top news and analysis to inform your day in crypto.</li>



<li><a href="https://blockworks.co/newsletter/forwardguidance"><strong>Forward Guidance</strong></a>: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.</li>



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<li><a href="https://blockworks.co/newsletter/lightspeed"><strong>Lightspeed</strong></a>: Built for Solana investors, developers and community members. The latest from one of crypto's hottest networks.</li>



<li><a href="https://blockworks.co/newsletter/thedrop"><strong>The Drop</strong></a>: For crypto collectors and traders, covering apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/supplyshock"><strong>Supply Shock</strong></a>: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.</li>
</ul>


Market Wrap: Bitcoin, ETH and Stocks Seesaw Following Ukraine Invasion

<div id="highlights-block_61e889eac96b6" class="highlights">
        <ul>
                <li>Pentagon spokesperson says Russia is ready and positioned to invade Ukraine</li>
                <li>Stocks have fallen to their lowest point since June 2021 as bitcoin&#8217;s losses mount</li>
            </ul>
    
</div>



<iframe title="Latest Moves" aria-label="Table" id="datawrapper-chart-KCtU9" src="https://datawrapper.dwcdn.net/KCtU9/31/" 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 Ukraine's plight intensifies, equity and crypto markets continued their downturn Wednesday. </p>



<p>John Kirby, a spokesperson for the Pentagon, <a href="https://www.youtube.com/watch?v=CGJFRcYhFXk" target="_blank" rel="noreferrer noopener">said</a> Russian forces have continued to amass along the Ukrainian border.</p>



<p>"Russian forces continue to assemble closer to the border and put themselves in an advanced stage of readiness to act and to conduct military action in Ukraine at virtually any time now," Kirby said. "We believe they are ready."</p>



<p>Asked if Russia had continued its advance into the pro-Russia regions in Donbas, Kirby said the Pentagon can't confirm "with any great specificity" the numbers, but "we certainly believe that that's happening."</p>



<p>Latvian Prime Minister Arturs Krisjanis Karins, however, <a href="https://www.cnn.com/2022/02/23/europe/russian-troops-donbas-latvian-pm/index.html" target="_blank" rel="noreferrer noopener">told CNN</a> that Russia is moving more forces and tanks into the territories. </p>



<p>"By any definition, that's a crossing of a sovereign territory into a neighboring country," Karins said. </p>



<p>Investors have continued selling as uncertainty builds, driving the S&amp;P 500 to its lowest point since June 2021. The Nasdaq and Dow have also dropped to lows of nearly eight months.</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 extended losses by the close of stock trading, dropping around 0.7%. Other cryptos managed to stay mostly flat or marginally in the black. Ether rose by half a percentage point, while the layer-1 altcoin LUNA booked a considerable 12% gain.</p>


<p>[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"]</p>



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



<p><a href="https://cms.blockworks.co/blockchain-association-executive-director-dishes-on-crypto-regulation-roadmap/" target="_blank" rel="noreferrer noopener">Story</a>: Blockchain Association Executive Director Dishes on Crypto Regulatory Roadmap</p>



<ul class="wp-block-list"><li>The lobbyist is “optimistic” about the crypto executive order expected this week</li><li>The Blockchain Association, which educates lawmakers and regulators on crypto and blockchain technologies, hopes to further grow its lobbying capabilities </li></ul>



<p><a href="https://cms.blockworks.co/investors-can-now-buy-home-equity-slices-via-fractionalized-nfts/" target="_blank" rel="noreferrer noopener">Story</a>: Investors Can Now Buy Home Equity Slices Via Fractionalized NFTs</p>



<ul class="wp-block-list"><li>“Imagine a world where, with a few clicks of your mouse, you can access the entire accumulated value of the equity in your home without incurring debt or selling and moving,” the startup's CEO said</li><li>The fractionalized NFTs are packaged as a security and registered with the SEC</li></ul>



<p><a href="https://cms.blockworks.co/miami-family-office-backing-nft-fund-launch-helmed-by-fine-art-collector/" target="_blank" rel="noreferrer noopener">Story</a>: Miami Family Office Backing NFT Fund Launch Helmed by Fine Art Collector</p>



<ul class="wp-block-list"><li>The fund is one of a growing number of new NFT-focused vehicles as institutional investors crave exposure to the space</li><li>Liquidity is an issue with digital collectible funds, with hedge and private equity setups both in contention for limited-partner lockup periods</li></ul>



<p><a href="https://cms.blockworks.co/valkyrie-vyes-to-manage-crypto-companies-treasuries/" target="_blank" rel="noreferrer noopener">Story</a>: Valkyrie Vies To Manage Crypto Companies’ Treasuries</p>



<ul class="wp-block-list"><li>Valkyrie Investments has launched a treasury management service for crypto companies looking to offload balance sheet responsibilities</li><li>Its first client is the NEM/Symbol protocols, which recently announced their merger</li></ul>



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



<p>As tensions between Russia and Ukraine rise by the hour, the economic road ahead looks rocky. Investors will be on the lookout for Wednesday's initial jobless claims report — plus, core and PCE inflation metrics are due out Friday.</p>



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



<p><strong>Get the news in your inbox. Explore Blockworks newsletters:</strong></p>



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/daily"><strong>Blockworks Daily</strong></a>: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.</li>



<li><a href="https://blockworks.co/newsletter/empire"><strong>Empire</strong></a>: Start your morning with the top news and analysis to inform your day in crypto.</li>



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<li><a href="https://blockworks.co/newsletter/supplyshock"><strong>Supply Shock</strong></a>: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.</li>
</ul>


Market Wrap: S&P Drops to Lowest Point Since June 2021 as BTC Extends Losses

<div id="highlights-block_61e889eac96b6" class="highlights">
        <ul>
                <li>Russia has recognized two separatist regions in Ukraine as independent nations</li>
                <li>Increased geopolitical uncertainty has continued to push markets down </li>
            </ul>
    
</div>



<iframe title="Latest Moves" aria-label="Table" id="datawrapper-chart-KCtU9" src="https://datawrapper.dwcdn.net/KCtU9/30/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="374"></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>Russia sent troops that will perform "peacekeeping functions" into two Russian-backed Ukrainian territories.</p>



<p>This move has heightened fears that a broader Russian invasion of Ukraine is imminent. The US and a number of other nations have imposed heavy sanctions on Russia in an effort to deter further advances. </p>



<p>In addition to sanctions, Biden said the US would continue providing assistance to Ukraine and NATO.</p>



<p>"The US will continue to provide defensive assistance to Ukraine in the meantime and will continue to reinforce and reassure our NATO allies," <a href="https://www.youtube.com/watch?v=MopkhrfXxQQ" target="_blank" rel="noreferrer noopener">Biden </a><meta charset="utf-8"><a href="https://www.youtube.com/watch?v=MopkhrfXxQQ">said</a>. "Today, in response to Russia's admission that it will not withdraw its forces from Belarus, I have authorized additional movements of US forces and equipment already stationed in Europe to strengthen our Baltic allies." </p>



<p>Added Biden: "Let me be clear, these are totally defensive on our part. We have no intention of fighting Russia."</p>



<p>Rising geopolitical turmoil between Russia, Ukraine and NATO have not been kind to markets. The S&amp;P 500 ended the day down over 1%. The Nasdaq and Dow, fell too, dropping by just under 1% and 1.42%, 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 other cryptos ended the day down as well. Bitcoin dropped by over 0.70% by the end of equity markets while ether saw a drop of 1.70%. Some altcoins, like XRP, took big hits and dropped by nearly 7%.</p>


<p>[stock_market_widget type="accordion" template="chart" color="#5B35D5" assets="BTC-USD,ETH-USD,XRP-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/crypto-index-primed-for-launch-as-financial-adviser-interest-grows/" target="_blank" rel="noreferrer noopener">Story</a>: Crypto Index Primed for Launch as Financial Adviser Interest Grows</p>



<ul class="wp-block-list"><li>The index comprises 13 cryptoassets, with bitcoin and ether making up a combined 53%</li><li>Separately managed accounts are the best way to get diversified crypto exposure in the US, WisdomTree CIO says</li></ul>



<p><a href="https://cms.blockworks.co/south-koreas-top-bank-to-launch-crypto-etfs/" target="_blank" rel="noreferrer noopener">Story</a>: South Korea’s Top Bank To Launch Crypto ETFs</p>



<ul class="wp-block-list"><li>South Korea’s largest bank wants to explore and launch crypto ETFs “as quickly as possible”</li><li>The bank said it was preparing for the preemptive launch of related products through domestic and overseas digital asset market research</li></ul>



<p><a href="https://cms.blockworks.co/crypto-trading-platform-amber-group-eclipses-3b-valuation-with-latest-raise/" target="_blank" rel="noreferrer noopener">Story</a>: Crypto Trading Platform Amber Group Eclipses $3B Valuation With Latest Raise</p>



<ul class="wp-block-list"><li>Amber Group has raised a total of $328 million to date</li><li>The firm has over $5 billion in assets under management</li></ul>



<p><a href="https://cms.blockworks.co/coinshares-latest-to-benefit-from-booming-interest-in-european-crypto-products/" target="_blank" rel="noreferrer noopener">Story</a>: CoinShares Latest To Benefit From Booming Interest in European Crypto Products</p>



<ul class="wp-block-list"><li>The company defended its fees, saying they’ll remain unchanged, as assets and revenues ballooned</li><li>“Everyone is doing an ETP today — everyone wants to do one,” a CoinShares executive said</li></ul>



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



<p>The situation in Ukraine will continue to play a huge role in daily markets moves. Adding to market uncertainty are the coming inflation reports due Friday and the crypto executive order that is <a href="https://cms.blockworks.co/market-recap-btc-drops-as-white-house-plans-crypto-regulation/" target="_blank" rel="noreferrer noopener">rumored</a> to come out sometime this week. Investors should prepare for heavy volatility through the short to mid-term. </p>



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



<p><strong>Get the news in your inbox. Explore Blockworks newsletters:</strong></p>



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<li><a href="https://blockworks.co/newsletter/daily"><strong>Blockworks Daily</strong></a>: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.</li>



<li><a href="https://blockworks.co/newsletter/empire"><strong>Empire</strong></a>: Start your morning with the top news and analysis to inform your day in crypto.</li>



<li><a href="https://blockworks.co/newsletter/forwardguidance"><strong>Forward Guidance</strong></a>: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.</li>



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<li><a href="https://blockworks.co/newsletter/thedrop"><strong>The Drop</strong></a>: For crypto collectors and traders, covering apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/supplyshock"><strong>Supply Shock</strong></a>: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.</li>
</ul>


Market Wrap: Crypto, Stocks Fall Further After Putin Sends Troops Into Ukraine

<div id="highlights-block_61e889eac96b6" class="highlights">
        <ul>
                <li>Putin says that &#8220;bloodshed will be fully and wholly&#8221; on the conscience of Ukraine&#8217;s government if Kyiv does not cease military action</li>
                <li>Tension at Ukraine&#8217;s border seems to have increased, leading to further sell-offs</li>
            </ul>
    
</div>



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<h3 class="wp-block-heading">Bitcoin and European markets fall after Putin addresses the Russian people</h3>



<p>European equity markets fell Monday as Russian President Vladimir Putin pushed through plans to recognize the independence of two Russia-backed territories in Ukraine, stoking the threat of an invasion. Cryptocurrencies were unscathed. </p>



<p>Putin outlined the move in a <a href="https://www.youtube.com/watch?v=W57I2mzAr9c" target="_blank" rel="noreferrer noopener">speech</a>, saying any further bloodshed would be on the Ukraine government's conscience. </p>



<p>“As for those who captured and are holding on to power in Kyiv, we demand that they immediately cease military action," Putin said. "If not, the complete responsibility for the possibility of a continuation of bloodshed will be fully and wholly on the conscience of the regime ruling the territory of Ukraine."</p>



<p>The prime minister of the United Kingdom, Boris Johnson, <a href="https://www.youtube.com/watch?v=77p5n1ESb6c" target="_blank" rel="noreferrer noopener">condemned</a> the ploy.</p>



<p>"This is plainly in breach of international law. It's a violation, a flagrant violation of the sovereignty and integrity of Ukraine," Johnson said. "It is a repudiation of the Minsk process and&nbsp;the Minsk agreements, and I think it's a very ill omen and a very dark sign."</p>



<p>Putin's speech wasn't helpful to already-volatile and hurting markets. US markets were closed for Presidents' Day, but the UK's FTSE 100 and Germany's DAX both fell. The FTSE 100 dropped by 1.14%, while the DAX fell by almost 2.1%. </p>


<p>[stock_market_widget type="accordion" template="chart" color="#5B35D5" assets="^FTSE,^DAX-EU" start_expanded="true" display_currency_symbol="false" api="yf" chart_range="1mo" chart_interval="1d"]</p>



<p>Bitcoin took a mild hit, starting the day positive, but ending the business day down by 0.25%. Ether remained positive to close up 1.52%. Terra, a top-ten altcoin, seemed to ignore the global uncertainty with an 8.5% daily pump.</p>


<p>[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"]</p>



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



<p><a href="https://cms.blockworks.co/government-crypto-powers-in-spotlight-after-canadian-trucker-protest-is-disbanded/" target="_blank" rel="noreferrer noopener">Story</a>: Government Crypto Powers in Spotlight After Canadian Trucker Protest Is Disbanded</p>



<ul class="wp-block-list"><li>Canadian truckers protesting Covid vaccine mandates raised more than $1 million in bitcoin</li><li>The bitcoin fundraise came after the collective was banned from GoFundMe and another crowdfunding platform</li></ul>



<p><a href="https://cms.blockworks.co/opensea-scammers-went-phishing-and-caught-over-250-nfts-from-17-users/" target="_blank" rel="noreferrer noopener">Story</a>: OpenSea Scammers Went Phishing and Caught Over 250 NFTs From 17 Users</p>



<ul class="wp-block-list"><li>“This attack did not originate on [OpenSea],” the company’s CEO and co-founder said</li><li>Last week, OpenSea launched a customer service server to mitigate risk of fraudsters pretending to be members of the company’s staff</li></ul>



<p><a href="https://cms.blockworks.co/with-us-bitcoin-etf-in-limbo-crypto-exchange-traded-products-all-the-rage-in-europe/" target="_blank" rel="noreferrer noopener">Story</a>: With US Bitcoin ETF in Limbo, Crypto Exchange-traded Products All the Rage in Europe</p>



<ul class="wp-block-list"><li>While US investors wait for a physically-backed ETF, exchange-traded products are dominating in Europe</li><li>The ETP structure is often the only option that fits regulatory guidelines, issuers say</li></ul>



<p><a href="https://cms.blockworks.co/russian-finance-ministry-says-crypto-shouldnt-be-legal-currency/" target="_blank" rel="noreferrer noopener">Story</a>: Russian Finance Ministry Says Crypto Shouldn’t Be Legal Currency</p>



<ul class="wp-block-list"><li>The Russian Ministry of Finance has revealed details of proposed cryptocurrency law</li><li>The announcement comes as tensions between Russia and Ukraine mount</li></ul>



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



<p>Putin's remarks on Kyiv and the two Russian-backed territories in Ukraine seem to have set the stage for more Russian advancements. The potential for conflict appears to have increased, leading to further sell-offs as investors await the next development.</p>



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



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</ul>


Market Wrap: BTC and European Markets Drop After Latest Putin Provocation

<div id="highlights-block_61e889eac96b6" class="highlights">
        <ul>
                <li>Belarus will join Russia in military drills along Ukraine&#8217;s border </li>
                <li>Putin said the drills were &#8220;purely defensive in nature,&#8221; though investors seem to be selling or sticking to the sidelines</li>
            </ul>
    
</div>



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</script>



<h3 class="wp-block-heading">Stocks extend losses as investors weigh likelihood of Russia invading Ukraine</h3>



<p>Equity and crypto markers prolonged their downturn Friday as the prospects of a war between Russia and Ukraine ramped up. </p>



<p>Russia President Vladimir Putin and Belarus <meta charset="utf-8">leader Alexander Lukashenko <a href="https://www.youtube.com/watch?v=O84L1ldJQRE" target="_blank" rel="noreferrer noopener">unveiled a plan</a> for joint military drills along Ukraine's border — the latest sign of aggression in the eyes of the US.</p>



<p>All indices and major cryptos fell on the news, <meta charset="utf-8">with the S&amp;P 500 dropping by 0.72% and the Nasdaq declining 1.14%.</p>



<p>Putin maintains the drills are not a threat, calling them "purely defense in nature." The exercises are already underway, and the Russian leader said "one of the serious events in this complex of military cooperation" is slated for Saturday. </p>



<p><meta charset="utf-8">"These exercises are purely defensive in nature and do not threaten anyone."</p>



<p><meta charset="utf-8">The Dow and Russell 2000 took hits as well, dropping by 0.68% and 0.92%, respectively. Bitcoin and ether extended major Thursday losses as bitcoin dipped another 1.11% and ether lost 3.21% by the close of stock markets.</p>


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


<p>[stock_market_widget type="accordion" template="chart" color="#5B35D5" assets="BTC-USD,ETH-USD" start_expanded="false" 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/federal-reserve-officials-banned-from-owning-cryptocurrencies-stocks-after-public-outcry/" target="_blank" rel="noreferrer noopener">Story</a>: Federal Reserve Officials Banned From Owning Cryptocurrencies, Stocks After Public Outcry</p>



<ul class="wp-block-list"><li>The new restrictions take effect May 1</li><li>The Fed is mulling the creation of a central bank digital currency</li></ul>



<p><a href="https://cms.blockworks.co/funding-roundup-capital-and-funds-continue-to-launch-into-crypto/" target="_blank" rel="noreferrer noopener">Story</a>: Funding Roundup: Capital and Funds Continue To Launch Into Crypto</p>



<ul class="wp-block-list"><li>On Friday, Ethereum-focused multichain network SKALE set up a $100 million grant program to fund the future of blockchain-based gaming</li><li>Large funds announced this week include a $205 million ecosystem fund for The Graph and Sequoia Capital’s new crypto sub-fund for up to $600 million</li></ul>



<p><a href="https://cms.blockworks.co/ethereum-multi-chain-network-earmarks-100m-to-fuel-blockchain-gaming/" target="_blank" rel="noreferrer noopener">Story</a>: Ethereum Multi-chain Network SKALE Earmarks $100M To Fuel Blockchain Gaming</p>



<ul class="wp-block-list"><li>The ecosystem program will launch in tandem with SKALE V2, or SKALEverse</li><li>The network aims to onboard billions of users and has a focus on NFTs, DeFi and Web3</li></ul>



<p><a href="https://cms.blockworks.co/ukraine-passes-law-legalizing-crypto-as-threat-of-war-looms/" target="_blank" rel="noreferrer noopener">Story</a>: Ukraine Passes Law Legalizing Crypto as Threat of War Looms</p>



<ul class="wp-block-list"><li>Ukraine has passed an amended crypto law that formally recognizes the nascent asset</li><li>A legal market will be established and will have a formal regulator in place to monitor and control crypto</li></ul>



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



<p>Investors should prepare for major volatility in the near future as the current conflict between Russia, Ukraine and NATO unfolds. Market spikes will likely be compounded by the Federal Reserve's next steps on interest rate hikes.</p>



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



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Market Wrap: Crypto, Stocks Continue Slide as Investors Eye Russia-Ukraine Tensions

<div id="highlights-block_61e889eac96b6" class="highlights">
        <ul>
                <li>Threat of Russia invading Ukraine is &#8216;very high,&#8217; Biden told reporters</li>
                <li>Biden is reportedly preparing to order a wide-ranging review of cryptocurrencies next week</li>
            </ul>
    
</div>



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</script>



<h3 class="wp-block-heading">Biden says Russia could invade Ukraine 'within the next several days'</h3>



<p>US President Joe Biden today <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/02/17/remarks-by-president-biden-before-marine-one-departure-14/" target="_blank" rel="noreferrer noopener">said</a> the threat of a Russian invasion of Ukraine is now "very high." </p>



<p>Biden added, "They have not moved any of their troops out.&nbsp;They’ve moved more troops in." </p>



<p>The US leader also said there is reason to believe Russia is engaged in a so-called false-flag operation in an effort to give Russian forces a pretense to invade Ukraine. "Every indication we have is they’re prepared to go into Ukraine," he added.</p>



<p>He was then asked when such a move by Russia was likely to happen, to which he responded, "My sense is this will happen within the next several days."</p>



<p>Crypto and stock markets plunged on the news, with the Dow Jones index suffering its worst fall so far of 2022. The sharp reversal from news earlier this week that Putin was planning to pull troops back from the border has many investors fearful of volatility and anticipating more downward pressure on markets.</p>



<h3 class="wp-block-heading">Executive order on crypto may come as early as next week</h3>



<p>Sources <a href="https://finance.yahoo.com/news/biden-order-on-crypto-oversight-expected-next-week-source-says-173452499.html" target="_blank" rel="noreferrer noopener">claim</a> that Biden's administration is preparing to issue an executive order on cryptocurrencies as early as next week. The wide-ranging order will direct various agencies to study different aspects of digital assets.</p>



<p>The US Treasury, State Department and Office of the Attorney General are to study central bank digital currencies (CBDCs). The Financial Stability Oversight Council will review the stability of crypto. The Consumer Financial Protection Bureau is to study how crypto can impact market competition and the Securities and Exchange Commission and Commodity Futures Trading Commission are to look at market protection.</p>



<p>Should such a broad executive order come to fruition, it will speed up the process of crypto regulation in the United States. Some investors welcome crypto regulation and see it as a step of maturity while many fear these different agencies will overregulate the industry.</p>



<p>The combination of regulatory fears and the potential for conflict in Europe hit markets hard. The S&amp;P 500 dropped 2.14% while the Nasdaq and Dow dropped by 2.96% and 1.78% respectively. Crypto markets had an even worse day, with bitcoin falling 7.3% and ether falling by 7.4% by the close of equity markets.</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>[stock_market_widget type="accordion" template="chart" color="#5B35D5" assets="BTC-USD,ETH-USD" start_expanded="false" 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/fbi-doubles-down-on-crypto-crimes-with-new-unit/" target="_blank" rel="noreferrer noopener">Story</a>: FBI Doubles Down on Crypto Crimes With New Unit</p>



<ul class="wp-block-list"><li>Federal investigators now have a dedicated division to probe blockchain-based crimes</li><li>The unit’s formation comes as the Biden administration is expected to issue an executive order on cryptocurrencies as soon as next week</li></ul>



<p><a href="https://cms.blockworks.co/andrew-yang-turns-to-dao-in-web3-lobbying-push/" target="_blank" rel="noreferrer noopener">Story</a>: Andrew Yang Turns to DAO in Web3 Lobbying Push</p>



<ul class="wp-block-list"><li>Andrew Yang said Web3 technologies present “the most profound opportunity to fight poverty”</li><li>Membership in the Lobby3 DAO costs 0.07 ETH, while becoming an “advocate” in the community is priced at one ETH</li></ul>



<p><a href="https://cms.blockworks.co/melania-trump-announces-potus-nft-collection-amid-controversy/" target="_blank" rel="noreferrer noopener">Story</a>: Melania Trump Announces ‘POTUS NFT Collection’ Amid Controversy</p>



<ul class="wp-block-list"><li>The new collection will consist of 10,000 NFTs and each will cost $50</li><li>The forthcoming sale will begin on Feb. 21 — Presidents’ Day</li></ul>



<p><a href="https://cms.blockworks.co/support-for-spot-bitcoin-etf-revs-up-as-agency-holds-course/" target="_blank" rel="noreferrer noopener">Story</a>: Support for Spot Bitcoin ETF Revs Up as Agency Holds Course</p>



<ul class="wp-block-list"><li>SEC Chair Gary Gensler said his agency must consider whether a spot bitcoin ETF is designed to prevent fraudulent and manipulative acts and practices</li><li>Nearly 100 people have so far weighed in on Grayscale Investments’ proposed conversion of its Bitcoin Trust to an ETF in public comments to the SEC</li></ul>



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



<p>If bitcoin sinks below the psychologically important level of $40,000 — which it was approaching late Thursday — it could heighten pressure on cryptocurrencies, as investors eye the prospect of a deeper slump.</p>



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



<p><strong>Get the news in your inbox. Explore Blockworks newsletters:</strong></p>



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Market Wrap: BTC, Stocks Tank After Biden Says Threat of Russian Invasion ‘Very High’

<div id="highlights-block_61e889eac96b6" class="highlights">
        <ul>
                <li>Equity markets seesawed Wednesday after the US and NATO claimed Russia is not withdrawing troops from Ukraine&#8217;s border</li>
                <li>The markets fought back later in the day after the Fed minutes report showed a slow methodical approach to raising interest rates</li>
            </ul>
    
</div>



<iframe title="Latest Moves" aria-label="Table" id="datawrapper-chart-KCtU9" src="https://datawrapper.dwcdn.net/KCtU9/24/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="490"></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>



<h3 class="wp-block-heading">US and NATO claim Russia is not actually removing troops from Ukraine’s border</h3>



<p>The US and NATO <a href="https://www.nato.int/cps/en/natohq/opinions_191839.htm" target="_blank" rel="noreferrer noopener">claimed</a> Wednesday that Russia had not removed any troops from Ukraine’s border, as they <a href="https://cms.blockworks.co/market-wrap-crypto-pumps-after-putin-pledges-to-partially-pull-back-troops/" target="_blank" rel="noreferrer noopener">said</a> they would begin doing on Tuesday. NATO Secretary-General Jens Stoltenberg noted the lack of deescalation from Russia in a press conference Wednesday.</p>



<p>“Allies welcome all diplomatic efforts. There are signs from Moscow that diplomacy could continue, but so far, we do not see any sign of deescalation on the ground. No withdrawals of troops or equipment. This may of course change. However, what we see today is that Russia maintains a massive invasion force ready to attack with high-end capabilities from Crimea to Belarus,” said Stoltenberg.</p>



<p>“This is the biggest concentration of forces in Europe since the Cold War,” he added.</p>



<h3 class="wp-block-heading">Fed minutes report boosts markets in late session</h3>



<p>The news of Russia’s lack of deescalation at the Ukrainian border pulled markets down for most of the trading day, but the release of the Fed minutes <a href="https://www.federalreserve.gov/monetarypolicy/files/fomcminutes20220126.pdf" target="_blank" rel="noreferrer noopener">report</a> from the Federal Open Markets Committee (FOMC) meeting that took place from Jan. 25-26 this year helped to boost markets later in the day.</p>



<p>The report showed that the Fed would continue to take a methodical and slow approach to raising interest rates as opposed to aggressively raising them to combat inflation more quickly.</p>



<p>The federal funds rate will remain at its current level until the FOMC meeting from March 15–16, 2022. Many market participants feared the Fed would move to quickly raise interest rates, which could lead to a decline in the market. </p>



<p>After being down most of the day on the news of Russia’s continued threatening presence on the Ukrainian border, the S&amp;P 500 ended the day up by 0.09%. The Nasdaq followed a similar route, dropping as much as 1.49% during the day but recovering to close down just 0.12%. Bitcoin and ether fell by 1.05% and 1.60% 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>[stock_market_widget type="accordion" template="chart" color="#5B35D5" assets="BTC-USD,ETH-USD" start_expanded="false" 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/walmart-board-director-cryptos-potential-goes-beyond-financial-services/" target="_blank" rel="noreferrer noopener">Story</a>: Walmart Board Director: Crypto’s Potential Goes Beyond Financial Services</p>



<ul class="wp-block-list"><li>Tom Horton is on the board at Walmart and Blockchain.com and is a partner at investment fund Global Infrastructure Partners and at General Electric</li><li>“I see blockchain technologies as another great enabler, much like the internet was in its early days,” Horton said</li></ul>



<p><a href="https://cms.blockworks.co/colorados-plans-to-accept-tax-payments-in-crypto-could-be-rocky-for-investors/" target="_blank" rel="noreferrer noopener">Story</a>: Colorado’s Plan To Accept Tax Payments in Crypto Could Be Rocky for Investors</p>



<ul class="wp-block-list"><li>Colorado is hoping to accept tax payments in crypto by the end of this summer</li><li>Paying taxes in an appreciating asset can get complicated, experts warn</li></ul>



<p><a href="https://cms.blockworks.co/opensea-looks-to-improve-customer-support-and-fight-fraud/" target="_blank" rel="noreferrer noopener">Story</a>: OpenSea Looks To Improve Customer Support and Fight Fraud</p>



<ul class="wp-block-list"><li>Scammers allegedly impersonated OpenSea staff to steal funds from NFT holders</li><li>Last month, opportunists exploited OpenSea’s platform for over $1 million due to a user interface issue on its platform, according to Elliptic</li></ul>



<p><a href="https://cms.blockworks.co/stronghold-capital-launches-with-100m-fund-for-web3-blockchain-and-fintech/" target="_blank" rel="noreferrer noopener">Story</a>: Stronghold Capital Launches With $100M Fund for Web3, Blockchain and Fintech</p>



<ul class="wp-block-list"><li>The fund will target investments in founders from underrepresented groups such as women, Black and Indigenous people</li><li>Stronghold’s SHX token has fallen about 42% on the month to 0.00392 cents as of 11:08 am ET on Wednesday</li></ul>



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



<p>Markets are likely to react sharply to any news around the Ukraine-Russia tensions. The concern over Fed rate hikes has been eased until at least mid-March when the next FOMC meeting is scheduled. Investors should expect more volatility in the event of further escalation at the Ukrainian border.</p>



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



<p><strong>Get the news in your inbox. Explore Blockworks newsletters:</strong></p>



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/daily"><strong>Blockworks Daily</strong></a>: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.</li>



<li><a href="https://blockworks.co/newsletter/empire"><strong>Empire</strong></a>: Start your morning with the top news and analysis to inform your day in crypto.</li>



<li><a href="https://blockworks.co/newsletter/forwardguidance"><strong>Forward Guidance</strong></a>: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch"><strong>0xResearch</strong></a>: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed"><strong>Lightspeed</strong></a>: Built for Solana investors, developers and community members. The latest from one of crypto's hottest networks.</li>



<li><a href="https://blockworks.co/newsletter/thedrop"><strong>The Drop</strong></a>: For crypto collectors and traders, covering apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/supplyshock"><strong>Supply Shock</strong></a>: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.</li>
</ul>
