Does latest drubbing in Bitcoin make it an attractive bet?

economictimes.indiatimes.com:

Bitcoin has had a terrible start to the new year. The crypto major has lost about 50 per cent of its value from the peak touched in November 2021. Its total market cap has fallen below $700 billion from around $1.25 trillion during its golden days, thanks to the ongoing carnage in the crypto market. The geopolitical tensions in Europe and the middle east, ban proposal from Russia, inflationary worries, US FOMC meet and beaten down equity markets are some of the key reasons that have dragged the crypto markets lower.

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Raj A Kapoor, Founder, India Blockchain Alliance, said, «Cryptocurrency is volatile in nature. In the crypto space, sentiments hold paramount importance and traders have to rely on them as there is no cash flow generation.» The latest meltdown in the crypto market has left investors poorer by $1 trillion. More pain for Bitcoin?Kapoor expects bitcoin to fall further and test $32,000 levels. He advised investors to adopt a simple but longer-term strategy of «invest and forget». «Patience and perseverance are the two pillars of investing. Investment strategy should be staggered to buy bitcoin in small lots, spread over 4-6 equal buys,» he said. Before recovering 5 per cent on Tuesday, Bitcoin had slipped to $33,000 levels in the last 24 hours, its lowest level in six months. The crypto behemoth has lost about 15 per cent of its value in the last one week alone. Sharat Chandra, VP- Research & Strategy, EarthID, a self-sovereign Identity Management Platform said that a further fall in bitcoin cannot be ruled out. Despite a marginal