Market Update: All Major Cryptos On Rise, Commodities Prices Also Increasing

The crypto market is currently rallying after news that President Biden signed an executive order, the first step towards regulating cryptocurrency. It comes out of concerns for Russia’s potential use of digitally mined coins to bypass economic sanctions during times. One of Singapore’s most prominent bank executives has compared crypto to gold, noting that he sees it continuing “to grow as a meaningful store-of-value” in the same vein. Related Reading | Bitcoin Breaks Above $40K Again, But When Will Consolidation End? Crushing sanctions, the war in Ukraine, and record temperatures across much of Europe have sent prices for key commodities shooting up to levels unseen in recent times. The US indices were down yesterday after President Biden announced boycotting Russian energy imports. Top Cryptocurrencies Performance It is no surprise that Terra’s valuation has shot up, as it was recently listed on Wirex. However, the cryptocurrency added more than a fifth to its value today. And continues to push forward with aggressive momentum and could soon break $100. With Avalanche in the lead, up 10%, it announced its Multiverse program to encourage subnets growth. The program was funded by 4 million AVAX worth around $290 million. The coin was also listed on Bitstamp two days ago. Ethereum has been on an upward trend recently, climbing over 7%. Cardano and Solana also saw substantial gains, increasing 4% in...