Trading volumes jump in India as bitcoin crashes to $30,000

economictimes.indiatimes.com:

Mumbai: Indian investors who jumped on to the cryptocurrency bandwagon in droves in 2021 are extending their losses in the continuing meltdown in digital currencies as the bears tighten their grip on the market. At 5 PM IST, on CoinMarketCap, the global crypto market cap stood at $1.45 trillion, a 3.56 % decrease over the last 24 hours. The world’s most dominant cryptocurrency, Bitcoin, dropped below $30,000 and touched a 52-week low on Monday. It was trading at $31,350 at 5 pm IST on Tuesday. Bitcoin has been dropping ever since it touched an all-time high of $68,789.63 in November. Similarly, altcoins popular with Indian investors declined sharply.

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In the last 7 days, Ethereum has dropped 16.15% ($3,272.45), Binance Coin slid 17.24% ($320.55), Solana dipped 20.73% ($69.33) and Cardano dropped 14.46% ($0.6724). Terra has dropped 50.69% in the last 24 hours ($32.70) and 64.315% in the last 7 days. Experts say that most of the new Indian investors had only witnessed a bull run and were used to crypto prices moving northwards, but now they are in for a rude shock as their portfolios have eroded sharply in the last few days. “Bitcoin usually goes through a 2-year bull phase, which is followed by a 2-year bear period. A lot of newbies are scared and confused since crypto was also their first financial investment,” said Aditya Singh, co-founder, Crypto India. The most impacted were the Indian investors who chased higher returns by investing in momentum cryptos driven by hype on social media