End of crypto craze in India foreign investors continued to withdraw money from the cryptocurrency market, due to which the decline in the crypto currency market and digital market intensified, due to which the crypto craze among Indian investors is coming to an end. There was complete crypto craze among Indian investors before 2021, but the global crypto market capitalization fell below $1 trillion for the first time since February 2021. According to the data of coin market cap, there has been a loss of more than $ 200 billion in the entire crypto currency market this week and due to the end of crypto craze among Indian investors.
Volatile market conditions resulting from factors like high inflation, rising interest rates, Russia-Ukraine war and China’s lockdown have already resulted in the cryptocurrency market falling and causing investor losses, thereby reducing the crypto craze among investors.
According to experts, crypto investors and traders in India are currently being cautious as 80 percent of the 100 investors invest in Bitcoin. And now Bitcoin has lost 70 percent of its value. Bitcoin continues to fall for the past one week, and there has been a distinct decline in crypto buying among investors. This suggests that the crypto craze among Indian investors is coming to an end.
The world’s largest digital currency Bitcoin reached a record high of $69,000 in November last year and experts were predicting that Bitcoin would reach $100,000 this year. The estimates of all these experts are turning out to be wrong and Bitcoin has fallen almost 70 percent from its record high. This week Bitcoin is having fun around Rs 14,000 to Rs 16,000 per coin and is giving tension to investors. According to experts, this year the price of bitcoin may reach up to Rs 8000 per coin and cryptocurrencies other than bitcoin will continue to decline.
Ethereum, the second largest digital currency, has fallen by 15% to Rs 74,922, which is a new low of 18 months, which has lost 77 percent of its value since November 2021. According to Cointelegraph, selling of ethereum resumed this week, and its price has fallen by another 25 percent since June, suggesting that ethereum investors are also crypto craze is coming to an end. However, in such hopeless circumstances, India’s own Gary Digital Token has grown by almost 40 percent through the short-video making app Spark.
crypto craze
Just as India’s fastest growing Blockchain social app is in the crypto craze, Spark this week announced the Gari Mining program to empower 40 million monthly average users, which you can share with your creators and users on the platform. crypto currency Became the first social app in the world to offer This program will ensure an equal opportunity for the big and humble creators. Now creators and users on the app can earn Gari tokens which can be traded on exchanges for money.
And creators will not be at the mercy of brand association as their sole source of income, said Sumit Ghosh Co-Founder and CEO, Spark and Gary Token Meanwhile the fate of cryptocurrency in India still hangs in balance and the much-awaited crypto bill Still not seen in light. According to Satwik Vishwanath, co-founder and CEO of Unocoin, the crypto currency industry is developing rapidly. And so rules would be needed to generate it consistently. He said that if we try to bring guidelines for crypto it is unlikely to succeed.
Experts have warned that not just cryptocurrencies, investors of the DeFi (decentralized finance) platform also need to “carefully and scrutinize” this particular type of cryptocurrency service amid growing concerns about liquidity. DeFi platform and Celsius Network, one of the largest cryptocurrency lenders, announced that it is halting all withdrawals and transfers between accounts for its 1.7 million customers, as warned.
Nigel Greene, CEO of Devregroup, one of the world’s largest independent financial advisors, said that the system of the wider crypto ecosystem has been shaken again, not by real cryptocurrencies like Bitcoin but by DeFi. Green said there is legitimate and serious concern about the network’s high yields.
Link Green, the failed dollar-linked spur currency Terra and reserves, urged people to be careful and investigate crypto lending firms that offer clients attractive double-digit yields on assets, such as bitcoin and ethereum. Decentralized finance or DeFi provides financial instruments by using smart contracts on a blockchain without relying on intermediaries like brokers, exchanges or banks.
Post a Comment