Fear, Uncertainty and Doubt Reign in Indian Crypto Market

The Indian crypto universe is in a FUD fear uncertainty and doubt took over Indian investors and crypto assets on Wednesday as bitcoin the worlds most valuable in the best known crypto token posted its biggest single day fall in nearly a year after tesla founder Ellen mask said that on Thursday that the electric vehicles maker would no longer except bitcoins the token fell from its peak of $57,000 last week about $32,000 on Wednesday before flying back to around $39,000.

China’s move to band its financial institutions and payment companies from providing crypto transaction services also had a detrimental effect the volatility came as a shock to investors in the Indian cryptocurrency space several of whom are new and have never experienced such a major volatility in crypto assets    beside Indian Crypto investors have also been facing added regulatory uncertainty as major banks and payment gateways has distanced themselves from exchanges recently.

In fact domestic crypto exchanges went into downtime on Wednesday unable to handle heightend trading volumes basically with people lining to buy at a dip and other looking to sell fearing for the downside bitcoin has still increased six times over the last year’s attaching a lot of new investors who have not yet convinced themselves of its long-term potential. S-ET

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