Nischal Shetty, the WazirX founder, and CEO revealed his views about the Cryptocurrency crash over the last week and its impact on business and finance. He even spoke about the impact which India had to face due to such a crash. He further assured that the sudden change is not something to be worried about in the long go. The month of May had seriously seen a lot of drama and hype worldwide regarding cryptocurrency. While the first week had marked an increase in the market value of the coins, the very next faced a huge downfall, and the investors reported drastic loss; the third week, on the other hand, started with a bit of recovery. All these need to be understood well, and thus, India Today has put a proper report regarding the same.
‘This dip is nothing new,’ says Shetty
Mr. Shetty has confidently said Bitcoin has a past of dropping in value, but this never affected its existence since it dodged even higher the very next time. This sudden downfall always affects the market price of other cryptocurrencies too, but this issue has always been resolved in no time. The market faced about a trillion US dollar loss over the last week, but the new week has also shown some positive outcomes. This is what the business with crypto has always been due to the volatile nature of the market. Old investors are already aware of the instability of the market, while the new ones seem worried. Everything is believed to get back to the proper place, and the crypto will make an asset very soon.
Take home message:
The investors need to be really careful since the governments of several countries have denied any guarantee or security on the business done with the cryptocurrency. So, the business needs to be done after putting all the points in mind regarding the coins and after a proper study on the economic validity and the market predictions related to the coin.