Cryptocurrency

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US Futures Flat, Oil Rises On Disruption Fear, Gold Underperforms

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Crypto’s decentralized nature is evident in today’s breakaway. U.S. stock futures were mostly flat Monday night ahead of the first trading day of March amid the ongoing Russia-Ukraine conflict. However, major cryptocurrency coins spiked at press time with the global cryptocurrency market cap increasing about 11% to $1.9 trillion. Cryptocurrency assets departed from stock futures as delivery of harsher sanctions on Russian banks bolstered the argument for blockchain products competing against SWIFT network, OANDA Senior Analyst Edward Moya said. Oil futures were also seen higher at press time. Prices rose as disruptions to the oil sector appeared to be inevitable, according to a report from CNBC. “Russia is casting a long, dark, unpredictable, and very complicated shadow. The biggest potential negative from this for the US economy is a surge in oil prices,” said Evercore ISI, an investment banking firm. Gold is also underperforming other commodities, according to Moya. “Gold investors looking for it to rally back towards $2,000 will need to be patient. Gold could have one major shock if Russia is forced to offload some of its gold holdings,” said the analyst.

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