Market highlights February 14: Major cryptos in the red, US markets retreat

Major cryptos were in the red over the past 24 hours. The situation in the US stock market was similar.

All three major US indices fell heavily towards the end of last week despite some gains earlier in the week on the back of renewed inflation fears compounded by geopolitical tension between Ukraine and Russia.

Investors will be closely following FOMC member James Bullard’s interview on CNBC at 16:00 GMT where he will discuss monetary policy.  

The UK100 rose last week on the back of more inflation uncertainty and rising commodity prices. The oil price soared above $92 on the back of conflict between Ukraine and Russia. Were a full-blown war to break out, analysts expect the price of a barrel to top $120.  

Top cryptos

XRP fell almost 5%, Solana 3%, and BNB, Ethereum, and Cardano all dropped more than 2%. Bitcoin was trading just under $42,000 at time of writing.

According to a recent report by Wells Fargo, crypto is in a hyper-adoption phase and has “been following an adoption pattern similar to other new advanced technologies, such as the internet.”

Top movers

Most top 100 coins lost 2-5% in the last 24 hours. The Sandbox’s SAND is down 6%, Theta Network is reversing Friday’s gains with -7%, and Helium shed 11% of its value. Flow is down around 8%.

Gala continues its losing streak with -6% in the last 24 hours. Quant is also reversing recent gains with -9%. Oasis Network declined by 11%.   

Trending

The live Ontology Gas price today is $0.86 with a 24-hour trading volume of $632.7 million. Ontology Gas is up 30% in the last 24 hours.

NFT platform SuperRare’s RARE token has been on an upward trajectory for quite some time now and interest in it doesn’t seem to cease. It added another 26% to its value today.