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You are at:Home»Business»Cryptocurrency sees rout; Bitcoin down in 72% in 1 year; Etehrium, Cardano, Terra Luna see massive depreciation; expert suggest strategy
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Cryptocurrency sees rout; Bitcoin down in 72% in 1 year; Etehrium, Cardano, Terra Luna see massive depreciation; expert suggest strategy

Paul EasterBy Paul EasterJune 16, 2022No Comments3 Mins Read
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Cryptocurrency valuations have taken a severe beating with over 15 lakh cr value washed away in eight months. Bitcoin, alone has lost over 70 per cent value in 12 months while 30 per cent in 1 month. This is the bigeest fall in this digital asset since December 2020. Zee Business’ Deepak Dobhal brings this special report.

Market cap of Bitcoin has come down to USD 42000 cr from USD 1.27 lakh cr. Meanwhile, Solana’s value has depreciated by 85 per cent. The entire cryto market is now in shock. Cryptocurrency, as an asset is high risk and high return investment.

At its peak in November 2021, bitcoin was valued at USD 68000 and it has now come nearly at USD 20000, a massive 72 per cent fall.

Other crypto assets like Etehrium, Cardano, Terra Luna have also fallen over 80 per cent in values.

Reason of current rout

Interest rate hike undertaken by US Federal Reserve is the prime reason for the fall of this asset. The Central Bank has not only undertaken rate hikes but has also been sucking access liquidity from its economy. This has left lower liquidity in the system.

Another reason being cited is the crash in Celsius Landing Platform.

The trading is lowest in 6 months.

The rout has even led to freezing in hirings among crypto platforms including Coinbase, WazirX.

See Zee Business Live TV Streaming Below:

Watch Full Video Here

What Experts Say?

Expert Ajay Bagga said that the market cap of crypto has come down from USD 3 trillion market cap to USD 1 trillion. If market cap Bitcoin has come down by 30 per cent, it shows the current volatility in this asset, he added. There is a direct correlation with equity markets, liquidity and US Fed rates. The value destruction has been massive he further said.

He said that he fears a domino effect with Celsius halting withdrawal and transfers. It is not know where all Celsius, which used to accept bitcoin and crypto, has invested. The situation is worrisome.

On Crypto crash, Rajgopal Menon, Vice President at WazirX said that the crash was not limited to just this class of assets. The situation has been bad since January, he further said. He said that it would not be fair to single-out crypto assets.

He said that the existing volatility is there because crypto markets function.

His advice to investors is that only that amount should be invested which the investors can afford to lose since it is a high-risk asset. He said that invest sensibly and invest with a long term horizon.

He said that the returns over the last 10 years has been highest in this asset per year. His advice is also investment in those crypto assets which have been around for a long time.           





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Paul Easter

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