In today’s article we’ll discuss the exact reasons on why crypto market is down in India in 2022 now a days so let’s go straight to the point.
Reasons on Why Crypto Market is Down :
- Elon Musk’s negative remarks on China’s recent crackdown on crypto services.
- One of the reason’s could be aggressive central bank tightening.
- There are some fears over geopolitical concerns.
- Tension between Russia and Ukraine is also one of the reason.
- Buyers of bitcoin are feeling increased selling pressure due of the fearful market that is caused because of Russia and Ukraine unprecedented situation. This causes the crypto market to crash down.
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- China’s fresh regulations to make all crypto currency transactions illegal is driving the fear in market.
- In Sichuan province, China ordered shut down of Bitcoin mining impacting this a lot.
- One more major reason is Tesla taking a u – turn on accepting Bitcoin.
- Tesla earlier stated and promoted the use of bitcoin however now Tesla will no longer accept bitcoin due to climate concerns.
- As mining of the coins is using too much of the fossil fuel generated electricity.
- Specifically for India, one of the major reason behind this is the latest approved bill on crypto.
- In 2022 stating that crypto investors will have to pay 30% tax on their profits is major concerning factor on why crypto market is down
It completely depends on you whether you want to hold or sell crypto. We can say that crypto market is uncertain cause lot of global factors.
So global situations keeps on changing. Rise and fall will continue. Trust you gut feeling here. However more than gut feeling, trust the fundamentals.
If you trust the crypto than go ahead.
Please comment your thoughts on this.