At the time of writing, both currencies were down by over 60 percent from their respectives highs last year. And it's not just the tale of these two cryptos alone, other tokens like Dogecoin, Avalanche, and Solana also plunged heavily. The market cap for cryptocurrencies has fallen to $810 billion from $2.18 trillion a year ago.
HOW CRYPTOS GOT THERE
Industry experts blame it on factors like rising inflation, interest rates and economic uncertainty that drove investors to sell risk assets throughout the year. Other factors included the fall of well-known crypto projects including Terra LUNA and Celsius. In November, the crypto market felt another jolt when FTX exchange announced bankruptcy and Samuel Bankman-Fried, aka SBF resigned from his position as CEO of FTX. The fiasco saw Bitcoin price dropping from over $20,000 to under $16,000 in a matter of days, Ethereum also saw a similar decline, falling from above $1,600 to below $1,200 as the events unfolded.
The FTX fiasco affected investors across the globe. In India too, an estimated 3-5 lakh Indians lost their money owing to their exposure in FTX exchange. "This year will be etched in the memory of the Crypto users for a long time for the series of unprecedented events that shattered investor confidence, caused many long-time believers to question the principles, and affected users adversely. Centralized exchanges have been one of the leading platforms for buying and selling Crypto. The FTX crash might have users question the credibility of exchanges as it was one of the biggest platforms enabling Crypto purchase," says Rajagopal Menon, Vice President, WazirX.
EFFORTS BY INDIAN EXCHANGES FOR INVESTORS' PROTECTION
Denne historien er fra January 2023-utgaven av Entrepreneur magazine.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra January 2023-utgaven av Entrepreneur magazine.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
How To Ask Family For Money
Your friends-and-family fundraising round doesn't have to be scary and awkward. Here's advice from one of the world's leading investors.
Data Breach Drama: When Trust Turns Costly In A Digital Age
Amid data breaches surges, Indian businesses are prone to financial and reputational fallout. Can cyber insurance emerge as a safeguard?
THE TERRAIN TAMER
Spearheading a California-based, Series D SaaS company is no easy feat. It requires a blend of ownership, innovation, and the ability to handle stress. But Anand Jain, co-founder and chief product officer of Clever Tap, finds his calm by escaping to rough terrain whenever he gets the chance-be it India or Colombia.
THE INTELLIGENT READS
Hardika Shah founded Kinara Capital in 2011 with the mission to address the acute credit gap in the micro-small-medium-enterprises (MSME) sector in India, by providing fast and flexible business capital to small business entrepreneurs. Despite operating in highly competitive and tough market of collateral free loans, Kinara Capital has been steadily growing in Hardika's leadership. In conversation with Entrepreneur, Hardika shares insights on her favourite books.
THE CURSE OF GROWING TOO FAST
FAIRE is a platform for small businesses, but it grew big the wrong way-almost becoming a $12 billion wreck. Here's how it fixed the problem, and why you should think twice before skyrocketing.
There's No Perfect Answer
I worked the same job for 19 years. I hated it, but it paid the bills. Then, in 2017, I entertained an exciting but terrifying question: Could I be an entrepreneur? I wasn't sure, so I needed something that felt like a guarantee. I searched for signs that would feel like a big, clear \"yes!\"
Give Yourself the Gift of Time
Happy holidays! Emmy Award-winning tech expert Mario Armstrong has five recs to get more hours in the day.
How to Become a Main Street Millionaire
It started when I bought one little laundromat. Now I have a whole portfolio of small local businesses that bring in tens of millions in revenue a year. Here's why following my playbook could be your ticket to financial freedom-and saving America's local small businesses.
Want to Better Serve Your Clients? Become Them.
As a designer for brands, starting my own product company gave me a dose of humility-and it changed the way I relate to clients.
How to Succeed With Gen Z Workers
People often say that younger employees are different. But are they? We asked six business leaders what they've learned, and how their teams thrive.
