You will agree that cryptocurrency investors have had challenging times over the past week. If you have invested in Ethereum or Bitcoin, you probably understand what I mean.
Keep in mind that the recent market volatility has sent most cryptocurrencies tumbling since last week. For instance, BTC is now hovering at $37,000, after achieving new highs of around $60,000 some weeks ago. Most crypto traders are not sure as to which move to make next. No one knows for sure. However, industry professionals advise you to stay invested and think about long-term investment to get through unpredictable moments. Also, keep in mind that it’s the nature of crypto space to witness volatility.
Despite the high market fluctuations, Indians are adopting cryptocurrencies like Bitcoin in high numbers. According to sources, the nation has several crore cryptocurrency investors at the moment. The many domestic exchanges can be what is attracting the high number joining the crypto market each day.
Keep in mind that this comes after RBI (Reserve Bank of India) is skeptical about crypto investments. Indians view digital coins as the 21st-century asset class.
ZebPay CEO Rahul Pagidipati said that investors in the country changed their views on cryptocurrencies. Indians are now taking crypto activities as long-term investments.
The executive also stated that the country’s crypto adoption would benefit the economy. Moreover, he expects the government and more institutions to recognize investing in virtual coins.
In 2018 April, the RBI banned financial institutions from interacting with individuals involved in cryptocurrency dealings. However, the Supreme Court lifted the ban in 2020 March, allowing banks to accomplish crypto transactions from exchanges and traders. That was a relief to the cryptocurrency enthusiasts.
Stakeholders enjoyed a further respite after Nirmala Sitharaman, a Finance Minister announced that the country is open for cryptocurrency undertakings in March 2021.
Early in May, Shaktikanta Das, RBI Governor, announced that the bank had highlighted some cryptocurrency concerns to the Indian government.
Such concerns follow BTC’s 40% drop after reaching its highest price.
ZebPay Co-CEO Avinash Shekhar advises crypto investors to research in detail whenever they want to invest in cryptocurrencies like Ethereum and Bitcoin.
Indians are aggressively buying Bitcoin in large numbers at the moment.