Crypto On March 1: Market Surges Amid Russia-Ukraine Crisis, Experts Warn Investors To Remain Cautious

The cryptocurrency market gained momentum as top coins, including Bitcoin and Ethereum, surged amid the Russia-Ukraine crisis. The global market cap was up 11.35 percent at $1.90 trillion as of 1.24 a.m. ET.

Bitcoin was up 14.41 percent at $43,207. Ethereum, too, rose 11.70 percent to $2904, CoinMarketCap data showed. Barring slight downward movement in Tether and USD Coin, all top coins traded higher. Terra LUNA rose over 22 percent.

Meme cryptos Shiba Inu and Dogecoin were also in the uptick.

However, industry insiders warn that investors should make prudent decisions until it is more apparent that the market has achieved some stability.

"The word on the street has been that of Russians scrambling to shore up crypto in a bid to safeguard wealth and to circumvent strict capital controls put in place by the Russian government. The unwinding of net short positions by traders, driven by a short squeeze, also added to the huge price spike," Indian exchange CoinDCX said.

"While things may appear to be looking bright, the macro-related challenges plaguing global economies remain. We continue to favor a more cautious allocation in the market, till it becomes more apparent that we are truly out of the woods," the Indian exchange told International Business Times.

In other news, global investment bank JPMorgan has invested in blockchain intelligence platform TRM Labs, which helps cryptocurrency organizations and regulators detect frauds and crimes. The amount of investment remains undisclosed by the company.

The crypto market is highly volatile, and experts recommend that investors not make decisions based on the sudden price shift.