Crypto 'bekaar hai' phase begins for Indian investors who bought the dip

economictimes.indiatimes.com:

Mumbai: Indian crypto investors, most of who have jumped on the crypto bandwagon in the past year, are a jittery lot as cryptocurrencies again fell sharply across the board in the past 24 hours following a selloff led by technology stocks in the US on Friday. “I started investing last year after being influenced by friends and business partners,” said Gopala Somani, a Delhi-based crypto investor. “I kept investing even till the last week, thinking it was time to buy the dip. But now I am stuck. My portfolio is down and in the red. If I sell, it will be a significant loss.”Bitcoin was trading at $35,572, while other major altcoins were also down by double digits, at 5 pm, Saturday, on Coinbase. Bitcoin has dropped 17% in the past week, Ethereum 26.66%, Binance Coin 28.74%, Cardano 19.43%, and Solana 31.90%. The popular meme coin, Shiba Inu, dropped 30.03%, while DogeCoin slid 32 % in the past seven days. At 5 pm on Saturday, the Coinable website said the overall market was down 12.19%.

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Bloomberg reported that the latest crash erased more than $1 trillion in crypto market value. Several Indian crypto investors such as Somani are panicking as the extreme volatility the asset class has exhibited over the last few days has sharply eroded portfolio value and many are in the red after having invested in such coin during the 2021 bull run. “The seasoned investors were expecting this correction, but the average investor wasn't. The charts were showing bearish patterns. Most people who got into crypto last year are at a loss. They are now trapped.