Share this article
First Mover: Bitcoin Rally Stalls Amid Skepticism Over Russia Pullback
The latest moves in crypto markets in context for Feb. 16, 2022.
Updated Apr 14, 2024, 10:29 p.m. Published Feb 16, 2022, 1:54 p.m.
You’re reading First Mover, our daily newsletter putting the latest moves in crypto markets in context. Sign up here to get it in your inbox each weekday morning. Today's newsletter was edited by Shaurya Malwa and produced by Bradley Keoun.
Good morning, and welcome to First Mover. Here's what's happening this morning:
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- Market Moves: This week's rally in crypto markets appeared to be cooling as skepticism grew over Russia's pullback from Ukraine.
- ALSO: Algorand's ALGO token leads gains among the CoinDesk 20, and the metaverse-related tokens SAND and AXS jumped.
And check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Emily Parker and Lawrence Lewitinn at 9:00 a.m. U.S. Eastern time. Today's show will feature guests:
- Lennix Lai, director of financial markets, OKX
- Alex Bornyakov, deputy minister, Ukraine Ministry of Digital Transformation
- Jared Polis, governor of Colorado.
Market Moves
By Shaurya Malwa
Bitcoin surged past $44,000 late Tuesday in its biggest gain in more than a week but on Wednesday appeared to be losing steam.
Crypto markets cooled as major cryptocurrencies hit resistance levels. Bitcoin faced resistance at the $44,300-$45,500 price levels, and low volume indicated weak buying strength.
Algorand's ALGO token was the biggest gainer among the CoinDesk 20 digital assets, with a 6.4% rise. Filecoin's FIL token climbed 5.2%.
Investors in traditional markets grew more cautious as Western officials expressed skepticism over a quick de-escalation of the Russia-Ukraine tensions.
Outside of major cryptocurrencies, metaverse tokens continued to surge on Wednesday. In the past 24 hours, Decentraland’s MANA was up 10.5%, The Sandbox’s SAND up 6% and Axie Infinity’s AXS up 11%. The tokens are used for blockchain-based games in separate virtual worlds broadly referred to as a “metaverse."
Meanwhile, traders said the general outlook for cryptos remained bullish amid improving sentiment for asset classes globally.
"After a strong rebound following January's 7.5% CPI print, cryptocurrencies have pulled back in line with traditional markets,” said Will Hamilton, head of trading at Trovio Capital Management, in an email to CoinDesk.
Read More: Bitcoin Traders Preparing for Tumultuous March, Glassnode Says
Latest Headlines
- Bitcoin Traders Preparing for Tumultuous March, Glassnode Says
- Avalanche’s AVAX Surges as Bitcoin Rally Stalls
- Morgan Stanley Says Ethereum Less Decentralized, Ether More Volatile Compared to Bitcoin
- MicroStrategy Hasn't Bought Any Bitcoins This Month
- Crypto Custodian Fireblocks Acquires Stablecoin Firm First Digital
- Red Bull's F1 Team Signs $150M Sponsorship Deal With Crypto Exchange Bybit
- Chainalysis Says ‘Criminal Whales' Account for 4% of the Overall Pod
- Crypto Heavyweights Coinbase, Fidelity and Robinhood Back U.S. Anti-Money Laundering Group
- Berkshire Hathaway Invests $1B in Brazilian Digital Bank Nubank, Reduces Mastercard, Visa Positions
- Housecat Raises $3.4 Million to Help Bridge DeFi, Investment Management
- FCA Concerned Over Binance Gaining Access to UK Payment Network: Report
- Crypto Could Derail Financial Stability, Global Financial Watchdog Says
- Ethereum’s Rollups Aren’t All Built the Same
- You May Owe Crypto Taxes on These Surprising Things in 2022
ICYMI
In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
"First Mover" hosts speak to The Wall Street Journal "Heard on the Street" Editor Spencer Jakab as he explains the thesis in his latest book "The Revolution That Wasn't: GameStop, Reddit, and the Fleecing of Small Investors." Prices of bitcoin and altcoins are up on the heels of Russia's partial pullback of troops near the border with Ukraine. Seth Ginns of CoinFund provides his market analysis. Plus, CoinDesk's Nikhilesh De shares the latest news from the hearing of the couple with alleged ties to the 2016 Bitfinex hack.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
VanEck's new Avalanche ETF filing to include staking rewards for AVAX investors
The fund will use Coinbase Crypto Services as its initial staking provider and pay a 4% service fee, with rewards accruing to the fund and reflected in its net asset value.
What to know:
- VanEck has updated its filing for an Avalanche ETF, VAVX, to include staking rewards, aiming to generate income for investors by staking up to 70% of its AVAX holdings.
- The fund will use Coinbase Crypto Services as its initial staking provider and pay a 4% service fee, with rewards accruing to the fund and reflected in its net asset value.
- If approved, the fund will trade on Nasdaq under the ticker VAVX, tracking AVAX's price via a custom index, and will be custodied with regulated providers, including Anchorage Digital and Coinbase Custody.
Top Stories
