Crypto On Feb 17: Market Turns Red As Russia Military Tension Continues; Experts Still Optimistic

After trading in the green for two consecutive days, the cryptocurrency market turned red as top coins, including Bitcoin and Ethereum, plunged. The global market cap was down 1.81% to $1.96 trillion as of 4.22 a.m. ET.

This, as per industry insiders, came as investors remained partially sceptical of Russia's next military moves and de-escalation of initial tensions around Ukraine. The uncertainties around rising interest rates and quantitative tapering, and the macroeconomic environment continued to be cause for concern.

"Unsurprisingly, risk-on assets like equities and crypto have remained relatively rangebound, with speculators unwilling to take a directional view," Indian exchange CoinDCX told International Business Times.

Bitcoin slid 2.23% to $43,166. Ethereum too plunged 3.07% to $3,046, CoinMarketCap data showed. All cryptos in the top 10 traded in the red. Meme crypto Dogecoin too plunged. Shiba Inu, on the other hand, rose slightly.

However, experts are still optimistic about gains as more industries adopt crypto.

"On a broader-term basis, however, fund inflows from institutional investors into crypto indicate clear optimism on digital assets being the future of our global economy," the CoinDCX Research team said.

In other news, Twitter has enabled users to receive and send tips in Ethereum, which is seen as part of large corporations' eagerness to adopt cryptocurrencies.

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