Today’s rally in the crypto market is a sign of a growing trend. The first step towards cryptocurrency regulation will be taken by President Biden, who is expected to sign this executive order. This order is needed because there are concerns that Russia might use crypto assets in order to bypass sanctions.

The head of Singapore’s largest bank remarked that he sees crypto like Bitcoin continuing “to grow as a meaningful store of value, in a similar vein to gold”.

Due to the war in Ukraine and Russia’s crushing sanctions, commodities prices have risen to levels not seen for years.

Yesterday’s decline in US indices was due to President Biden’s announcement of a boycott of Russian energy imports.

Top cryptos

Terra has seen a more than five percent increase in its value and now trades for less than $100. It was added to Wirex on Tuesday, contributing to the surge.

Avalanche was also up 10%. It recently announced the Multiverse program, which is funded by 4 million AVAX and worth approximately $290 million at current price. It is designed to promote the growth of subnets. Bitstamp listed AVAX just two days ago.

Ethereum rose by more than 7 percent, and Cardano as well as Solana by more than 4 percent. Bitcoin traded at $41,000 as of the time this article was written, an increase of close to 8% over the previous 24 hours.

Top Movers

Monero is the Terra in the top 100 for price growth. While all privacy coins are gaining, Monero is the one that’s rallying the most.

There is a possibility that sanctions against Russia may lead to more cybercrime. Monero tokens are becoming more popular as hackers will likely demand payment in them. Another privacy token, Secret, has gained 15% over the past 24 hours.

Today’s live NEAR Protocol price is $11.12 and has a trading volume of $750.6 Million. In the last 24 hours, NEAR Protocol is 22nd in market capital. It has seen 12.61% increase in value.

Waves has added another 12% to its total today. Other gainers include privacy coin Oasis and Zcash at 12% and 16% respectively. THORChain is up 11% and Arweave 18%. Anchor and Dash are also up 13%.