Crypto On Feb 18: Market In Red Again, Experts Appreciate 'Institutional Support' Amid Uncertainty

The cryptocurrency market traded in the red for the second consecutive day as the deepening crisis around a possible Russian invasion of Ukraine rattled world markets and pulled U.S. stocks down. The global crypto market cap was down 5.59% to $1.86 trillion as of 2.22 a.m. ET.

Industry insiders believe President Joe Biden's comments on the Russia-Ukraine situation led to the surge in volatility.

Bitcoin was down 6.83% at $40,781. Ethereum, too, plunged 5.67% to $2,914, CoinMarketData showed. Barring Tether and USD Coin, all of the top coins were trading in the red.

Meme cryptos Dogecoin and Shiba Inu too plunged. Despite the slump in the market, whales were buying up SHIB, and the latest data reveals that the meme token is now in over 1,180,000 wallets.

Also, the market seems to have learned to take the volatility and bearishness in its stride. Venture capital firm Sequoia Capital launched a $500-$600 million crypto fund, to invest in liquid tokens and digital assets. Southeast Asia’s largest bank DBS announced that it will be launching crypto trading for retail investors by the end of the year.

"Such prominent institutions making further inroads into the digital asset industry reaffirms crypto’s staying power in the long-run," Indian exchange CoinDCX told International Business Times.

"Especially as the crypto market wavers under the uncertainty of global conflicts such as the Russia-Ukrainian tensions, institutional support is necessary and important in boosting greater trust and credibility for the sector," the exchange said.

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