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The global cryptocurrency market has registered a broad sell off over the past few months. The biggest of the digital tokens’ prices have dropped by around 60% since the beginning of the year.
India’s conservative approach
According to reports, experts believe that India managed to predict the unfavorable economic headwinds. It has helped the Indian population from economic ruin. It added that the government’s conservative approach might have helped.
The Indian authorities have always been discouraging the use of crypto in the nation. It took the stand not to legitimize its trading. Earlier, it mentioned that they have imposed the crypto tax because people are profiting from it.
Recent incidents like Three Arrows Capital (3AC) entering liquidation after falling short in paying the loan have given a major hit to the crypto market.
As per reports, the 3AC representatives filed for a bankruptcy petition. It highlighted that the Chapter 15 filing stops the creditors from seizing the company’s assets.
