Indian crypto traders wait to break even in bull run

economictimes.indiatimes.com:

investors have adopted a cautious «wait and watch» stance as they anticipate the recovery of their beleaguered portfolios, created during crypto's most significant bull run in 2021, even as the crypto market shows signs of revival in the first half of 2023, driven predominantly by a resurgent Bitcoin. Bitcoin has jumped more than 80% in 2023, and the overall crypto market is now touching $1.19 trillion. «Most Indian crypto investors bought digital assets when the market was on a tear, and when in 2022 the market corrected sharply, their portfolios shrank substantially. Now they are just waiting to recover their initial investments. The 30% crypto tax has really dampened the enthusiasm of Indian crypto investors, further adding to their apprehension regarding the recovery prospects of their portfolios,» said Vishal Gupta, a Noida-based crypto investor. Chahal Verma, a Gurugram-based crypto investor said 2023 has proven to be an interesting year for the crypto markets, particularly Bitcoin, despite regulatory hurdles.

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«Despite the market's ongoing challenges, such as the US SEC's (Securities and Exchange Commission) backlash on major exchanges like Coinbase and Binance, Bitcoin has defied expectations. One of the driving forces behind the recent price surge is the news of BlackRock, the world's largest asset management company, applying for a Bitcoin ETF. If approved, this development could potentially