A chill has set into the cryptocurrency market, especially in India. Tightening regulation and policy ambiguity have sucked the life out of trading in the past few months, though industry insiders say the phase may be temporary.
“The market is very, very dull,” said Sathvik Vishwanath, co-founder and CEO of Unocoin, a bitcoin exchange. From a peak of 15,000 units per day towards the end of 2017, cryptocurrency trade in India has declined by almost 90% to a mere 1,500 units as of March 2018, industry experts say.
Even the value of such currencies has taken a severe beating. For instance, Bitcoin, the most popular virtual currency, went from $1,000 a piece at the start of 2017 to over $20,000 by the year end.
Now it has whipsawed back to below $8,000. All this is getting reflected in investor interest.
A few months ago, the top e-currency exchanges of India were adding between 200,000 and 300,000 investors a month; now that has reduced to around 50,000 at the most. And the various stakeholders are pointing largely to the regulatory constraints and ambiguity across countries. Read more from qz.com…
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