There’s no getting around it at the moment – hefty “macro” forces continue to weigh the stock markets down, and therefore Bitcoin and other cryptocurrencies, too.

With Putin’s invasion of Ukraine becoming increasingly shocking and saddening to watch and read about, the knock-on effect for financial markets is ongoing uncertainty.

Meanwhile, Bitcoin’s positioning as an inflation hedge and safety asset isn’t faring so well today, especially compared with gold. And on days like this, that narrative probably does seem a little premature. That said, the last time that was noted – only about a week or so ago, things very quickly flipped.

Until it does again, though, Bitcoin haters won’t be missing any opportunities to crow…

 

Top 10 overview

With the overall crypto market cap about US$1.88 trillion again, sinking a further 3.6% from this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.

The leading smart-contract layer 1 protocol, Ethereum (ETH), is taking the biggest 24-hour hit in the top 10 right now. What’s perhaps more interesting is the continued slide of its rival Cardano (ADA), which is the worst-performing layer 1 in the top 10 over the past week.

As for Bitcoin (BTC),  having begun Friday at about US$42,500, it’s been on a steady decline today, almost registering a US$2,000 loss in the past 16 hours, at the time of writing.

Most market participants will be hoping it can hang on to that psychological support level of US$40k through the weekend.

That said, the analyst and trader Rekt Capital (292k Twitter followers) believes a dip to US$38k would still be within range as support for continued bullish moves.

While Dutch trader/analyst Michaël van de Poppe (574k Twitter followers) also wasn’t discounting a bounce, despite highly uncertain market conditions.

 

Uppers and downers: 11–100

Sweeping a market-cap range of about US$18.6 billion to about US$839 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time.

DAILY PUMPERS

• Anchor Protocol (ANC), (market cap: US$1.36 billion) +17%

• Celo (CELO), (mc: US$1.2b) +8%

• Chiliz (CHZ), (mc: US$1.1b) +7%

• Waves (WAVES), (mc: US$1.9b) +4%

• Juno (JUNO), (mc: US$1.98b) +3%

 

DAILY SLUMPERS 

• Convex Finance (CVX), (market cap: US$839 million) -20%

• Humans.ai (HEART), (mc: US$1.28b) -9%

• Maker (MAKER), (mc: US$1.67b) -7%

• Elrond (EGLD), (mc: US$3b) -7%

• Fantom (FTM), (mc: US$4.4b) -7%

 

Uppers and downers: lower cap

Moving below the crypto unicorns (in some cases well below), here’s just a selection catching our eye…

DAILY PUMPERS

• Lido DAO (LDO), (market cap: US$236m) +20%

• Tornado Cash (TORN), (mc: US$132m) +17%

• Golem (GLM), (mc: US$482m) +14%

• Ethereum Name Service (ENS), (mc: US$377m) +14%

• Persistence (XPRT), (mc: US$301m) +12%

 

DAILY SLUMPERS

• Goldfinch (GFI), (market cap: US$173 million) -28%

• SpiritSwap (SPIRIT), (mc: US$31m) -19%

• Fancy Games (FNC), (mc: US$15m) -19%

• Strong (STRONG), (mc: US$4m) -17%

• Tethys (TETHYS), (mc: US$24m) -16%

 

Final words

A bit of wild hopium from the Digital Currency Group founder and CEO. Because, well, why not…

And, sadly… an unrelated farewell to finish up…

 

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