New Delhi – Europe Brief News – With the events building up related to cryptocurrency, a global crash took place. This global crash severely affected the cryptocurrency industry of India as it took a dual blow to itself. It was unforeseen and affected the investors on a broader level. News related to this cryptocurrency news has been given in this article to keep you updated.
Global Crash
The worldwide cryptocurrency meltdown has occurred at a time when India’s cryptocurrency business is already hampered by other causes. On June 18, the price of Bitcoin fell below $18,000, whereas Ethereum fell below $1,000.
Even internationally, the market capitalization of cryptocurrency exchanges has decreased to around $950 billion, down from $2.97 trillion in November 2021. Coinbase, a global exchange, has cut off 18 percent of its workers, particularly those in India.
Read More: Dow Jones Futures: Bitcoin Breaks To $20,000
As per Rajagopalan Menon, vice-president of India’s biggest cryptocurrency trading platform WazirX, the crypto market’s catastrophic streak has been directed by growing inflation as well as increased interest rates by global central banks.
By March, trade volumes in the Indian ecosystem have dropped by 90%. As per Menon, in addition to global headwinds, India’s tax policies and insufficient financial channels have played a perilous role.
Additional Information
Experts like him feel that a lack of risk appetite as a result of global macroeconomic stress would keep India’s stakeholders on edge in the short future. Companies, however, are cutting marketing spending and looking for new income streams to combat the worldwide collapse. This emphasizes the importance of regulating India’s crypto economy.
Looking at all the information, facts, and figures given above, it is quite obvious what the futuristic stance of cryptocurrency for India’s market would be. It is essential that steps according to the situation right now should be taken so as to not accrue any loss. It serves as a benefit for those who take precautionary measures to help themselves.
Also Read: Cryptocurrency: What’s Up With Crypto Nowadays?
One should also not forget that cryptos are highly volatile so think twice before investing in one. It is surprising how Bitcoin, despite being number one in cryptos suffered such a loss. Following this, other low-ranking cryptos in the past have now ranked on a bigger level and helped the investors in bringing themselves up in morale.
If these precautionary measures are to be taken and a well-planned goal is followed, even these external factors like the global crash effect on a lower level.
