Spectre of ‘crypto winter’ spooks all
Mumbai: Most new crypto investors are in panic mode as the fourth correction in two months has set off fears of a ‘crypto winter’ after Russia’s invasion of Ukraine resulted in a major sell-off in cryptocurrencies on Wednesday night. The crypto markets were in a slump for most of 2018, what is now referred to as a «crypto winter.» In the last two months, Indian crypto investors have had to deal with regulatory ambiguity and the announcement of high tax rates on crypto gains on top of rising volatility in digital assets, which dragged their investments into the red.
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View Details »«Phas gaye yaar’…that’s what I hear from most small investors these days. Most of them have invested small sums but have been bearing rising losses. They have gone through a whole range of emotions in the last few months—from euphoria in November to fear now,» said Vishal Gupta, a Noida-based trader and crypto commentator. Crypto investors fear if the war between Russia and Ukraine intensifies, there could be more selling. «Crypto assets are likely to see more pain in the coming days given its global correlation until these ongoing tensions between Russia and Ukraine cool off. All retail investors are definitely panicking looking at their portfolios after this massive free fall, but the key here is to remember that if you’re holding on to good projects with strong fundamentals, the best thing for you to do is hold,» said Chahal Verma, a 20-year old Gurgaon-based crypto investor. In the last two months, a few small investors have tried ‘buying the dips’ and bought more
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