AS THE CRYPTO industry lumbers and reels under one problem after another, the value of bitcoin and other digital currencies has depreciated severely in the last few months. The result? The total market capitalisation of the cryptocurrency market has come down from $3 trillion to $1 trillion. The crash also profoundly impacted the NFT market, which has seen a drastic drop in sales.
After peaking at above $60,000 last year in November, while the value of gold was sliding in the markets, bitcoin and cryptocurrency — at large — received attention like never before. Six months later, the value of bitcoin plummeted and went below $18,000 briefly, reminding everyone about the volatile nature of crypto.
“Bitcoin crossing $65,000 was a monumental feat for the whole ecosystem. It illustrated the confidence that investors have in bitcoin and the potential of the asset in building wealth for investors. The analysts were brimming with enough confidence to predict bitcoin at $100,000, but then we were faced with multiple global events that led to uncertainties and then a prolonged bear cycle,” says Rajagopal Menon, Vice President, WazirX.
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