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Crypto Wrap: Bitcoin Extends Rally After Biggest Gain in 12 Months

Published 02/03/2022, 02:44 pm
Updated 02/03/2022, 02:54 pm
© Reuters

© Reuters

By Oliver Gray 

Investing.com - Cryptocurrency markets traded higher on Wednesday, continuing their upward momentum from the earlier in the week after bitcoin’s price surged 14% on Monday, posting the biggest increase since February 2021.

Market sentiment has rebounded following Russia’s invasion of Ukraine last week, which initially sent cryptos tumbling. Now some traders are rotating back into the space amid easing bond yields and speculation that the Federal Reserve might delay plans to tighten monetary policy aggressively ahead of Fed Chair Jerome Powell's address to Congress later in the session.

Meantime, tightening sanctions imposed by the West on Russia have prompted strong inflows into bitcoin and other digital assets as Russians look for ways to get their money out of the country, and their rapidly tumbling currency, while on the other side, blockchain-analytics firm Elliptic reported approximately $US31.7 million in donations collected by Ukraine and non-governmental organizations supporting its military forces.

In other recent news, JP Morgan has officially entered the metaverse last month, opening the “Onyx lounge” in Decentraland, a virtual world based on blockchain technology. The “Onyx lounge” was unveiled along with a report from the bank outlining “limitless” opportunities for businesses in the metaverse.

During Wednesday’s trade, Bitcoin added 2.76%, Ethereum gained 3.64%, Cardano was flat at 0.9671, Binance Coin added 5.01% and Solana lifted 6.93%.

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