Since they reached an all-time high in the latter part of last year, Bitcoin and many other cryptocurrencies have started falling. At its all-time high of about $69,000 in November of last year, Bitcoin has lost more than two-thirds of its value and is currently trading at about $22,000. Another well-liked cryptocurrency among investors, Ethereum, has dropped by roughly 80% since its peak. As a result, for the first time since January 2021, the market capitalization of all cryptocurrencies has fallen below $1 trillion from $3 trillion at its peak.The much-anticipated cryptocurrency bill has not yet been passed, and the future of cryptocurrencies in India is still in doubt.
Despite the fall of more than 77%. Millennials are considering including cryptocurrency in their future investing portfolios in hope of bigger returns.The Indian government had made the decision to accept cryptocurrencies after much hesitation and trepidation. Although there is still some uncertainty over the future of cryptocurrencies, Some announcements have sent a strong message to enthusiasts that cryptocurrencies are getting closer to becoming legal in the country.
Despite its shortcomings in regulations pertaining to cryptocurrencies, Indian crypto traders and developers remain very optimistic about them. This is due to the fact that cryptocurrency is just another innovation, and it will require investments to create regulations for it. The cryptocurrency market in India is growing the fastest in the entire world. In recent years, it has developed dramatically faster than several other nations, outpacing them in terms of growth. If it continues in this route, experts forecast that India will play a significant role in the future of cryptocurrencies.
Because of the nation’s vibrant local community and its governing body’s ability to make decisions. The Indian government participates actively. Web 3.0 policy is currently being developed by the Indian government. It must participate in global strategy development and adapt its plans to this fast-paced world in order to be a significant player in the global Web 3 economy. Up to that moment, Indian web3 startups should have minimal administrative risk.
Like the people, the fate of Cryptocurrency in India is optimistic. However, the Government is cautious but recognises the full potential of Cryptocurrency. A concerted effort from institutions and regulators alike is required for cryptocurrencies to take off and become widely accepted in order to inform the general people about the prospects it presents for our nation.
