Crypto investors gear up for more pain as market sinks

economictimes.indiatimes.com:

Mumbai: Indian crypto investors continued to be under stress, anticipating that the worst may not be over for the crypto market, which recorded one of the worst crashes in the history of digital assets in the past week and wiped off a few hundred crores from the Indian crypto market. The world’s most popular digital currency, Bitcoin, broke the important $20,000 support level and even touched $18,000 on Saturday, its lowest level since December 2020. After reaching an all-time high of $68,789.63 in November 2021, Bitcoin has lost more than 70% of its value.

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The second largest digital token by value, Ethereum, went below $1000 for the first time since Jan 2021. The total market capitalisation has fallen to below $900 billion in a chaotic week. And given the miserable week that went by, the worried Indian investors are bracing for a further shock. «We’re in an extensive bear market after almost 5 years. Almost everyone experiencing it for the first time is extremely paranoid and tries to catch the bottom. Most of the altcoins won’t get back after this ends, but those who are holding and accumulating bitcoin will be rewarded for their patience in the coming years, „said Chahal Verma, a Gurgaon-based retail investor. All popular coins have dipped sharply in the last week as investor appetite soured. At 4.30 PM Sunday on Coinmarketcap, the 7 day performance of major digital assets was as follows: Bitcoin was down by 27.94% at ($19,815), Ethereum crashed 27.34 % ($1057), Binance coin dipped 19.46 % ($207.19), Avalanche recorded 16.83% erosion