KEY POINTS

  • Top coins gain 
  • Market cap edges up
  • Meme cryptos lose ground

The cryptocurrency market was splashed with green Friday as Ukraine announced that it will legalize cryptocurrencies.

The crypto global market cap was up 0.44% at $1.82 trillion as of 3.19 a.m. ET, CoinMarketCap data showed.

While Bitcoin fell 0.14% to $40,778, Ethereum rose 1.31% to $2,796. Avalanche gained 3.73%, hopping back to the 10th position on the market charts. Meme cryptos Dogecoin and Shiba Inu, however, fell.

The market was helped by Ukraine's announcement that it will legalize cryptos. President Volodymyr Zelensky signed a law “on virtual assets” focussing on legalizing cryptocurrency assets in the war-torn country.

The law focuses on what is considered a crypto asset and designates the National Bank of Ukraine and its National Commission on Securities and Stock Market as crypto regulators.

The country's digital transformation ministry noted in its press statement that the new market will be regulated by the National Securities and Stock Market Commission.

In other news, Singapore-based cryptocurrency exchange Crypto.com launched its crypto trading platform in the United States to waitlisted institutional investors. The company prioritized institutional investors and invited them to join the waitlist at crypto.com/exchange.

The crypto market is extremely volatile and experts recommend investors not make decisions based on the sudden shift in prices.

Representations of cryptocurrencies are displayed in front of Russian flags in this picture illustration taken March 4, 2022.
Representations of cryptocurrencies are displayed in front of Russian flags in this picture illustration taken March 4, 2022. Reuters / FLORENCE LO
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