CoinSwitch boss pens down 5 mantras for crypto investors in bear market

economictimes.indiatimes.com:

crypto market has wiped out about $1 trillion of investors' wealth. Bitcoin has dropped about 50 per cent of its value from the peak, whereas other altcoins including Solana, Cardano, Polkadot, Fantom, Near Protocol have lost about two-third of their value in the latest round of correction. Commenting on the crypto carnage, Ashish Singhal, Founder & CEO, CoinSwitch Kuber, India's largest crypto platform, said the current trends are a reflection of swings in global financial markets and news of regulatory proposals globally. Several early investors in crypto have also been booking profits, he said in a series of tweets.

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Recently, Russia's central bank proposed a blanket ban on mining and use of private cryptocurrencies. Biden administration is also said to be working on a bill to regulate crypto assets. In 2021, crypto held firm during the peak pandemic and brought in an era of NFT and metaverse tokens, Singhal said. NFT sales have rocketed lately and volumes nearly touched the $25-billion mark. It is not the first instance when Bitcoin has shown such a sharp fall. In 2014, Bitcoin fell to $200, dropping as much as 86 per cent in value. In March 2020, when the pandemic was at its peak, it dropped to $4,500 from $9,000. In 2021, it hovered around $68,000. «The drawdown phase or the bearish market can feel scary. A lot of people lose money too. Investors who have stuck through the lows in the past have seen massive benefits when the market turns bullish,» said Singhal. «Of course, your ability to stick depends on your overall financial