Cryptos appeal to not die despite volatile markets, macro risks, tax rules. An optimistic case

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There are more reasons to exit the cryptocurrency market in the latest scenario than to hold onto this complex investment mechanism. Some of the factors which have dampened crypto investment mood are - new taxation in India, geopolitical tensions, recession fears, liquidation of hedge funds, suspension of withdrawals, liquidity crunch, macroeconomic risks, and global bear run among others. These have sent the crypto market into a frenzy of selling pressure. However, as they say, investments in markets are sentiment driven. Hence, it's rather advised to not panic but instead hold patience in market instruments as the long-term picture is broadly fruitful. That said, the long term case of crypto market is promising. 

On Saturday, as per CoinMarketCap data, the market recovered early losses and gained momentum. At present, the global crypto market is trading at $964.11 billion surging by 3.86% over the last day. However, the crypto volumes stood at $54.72 billion down by 17.14% over the day. Bitcoin’s dominance is currently 41.94%, a decrease of 0.65% over the day. The leader of the market is currently above $21,200. Counterpart Ethereum neared $1,350 up nearly 8%.

The crypto market has erased its $1 trillion market last month. After hitting an all-time high of $68,786.10 in November last year, Bitcoin has now given up 75% of its gains with virtually every buyer of the cryptocurrency since February in losses due to the dramatic crash, which saw the cryptocurrencies broadly nosedive and some even collapsing like Terra sisters, and the latest fatality 3AC.

But the crypto market is not alone to record a deep correction in its levels, the case has been the same for global equity markets as well.

The crypto market currently