3 Cryptocurrencies that are falling apart..!?

Sowmiya Sriram
3 Cryptocurrencies that are falling apart..!?

Is the recent trend in cryptocurrencies worth investing in? Don't you? It has created the impression that Cryptocurrencies have seen a lot of volatility, especially Bitcoin, which was seen as the most promising investment among investors, has seen the worst decline. Still, some predictions suggest that Bitcoin may fall further.
Especially as the value of the US dollar continues to be strong, cryptocurrencies are also declining accordingly. This comes amid new rules that came into effect on July 1, which has seen crypto investors reluctant to invest. Some investors have started pulling out their investments. This is also the main reason why the cryptocurrency market continues to recover.
However, these moves by the government have started to take the cryptocurrency market to the next level of development. They also say that cryptocurrencies can level off with new changes. Last January-March, the three major cryptocurrency exchanges in India, WazirX, Coindcx, and Bitbn, had a daily turnover of $110 million.
It has halved to $54 million, with the announcement of a tax on the transaction of cryptocurrencies. After July 1, cryptocurrency investors will be required to pay 1% TDS. After this, the turnover in cryptocurrencies also decreased to 23.5 million dollars. Experts list three main factors as the reason for this.Most central banks have been increasing interest rates to keep inflation under control.
It has restricted cash flow. lockdown was implemented in early 2020 due to the Corona pandemic. As a result, central banks pumped more money into the economy to revive it. It was at that time that cryptocurrencies started to grow in India.However, that status has changed now. And the crypto market is back on the decline.
In this situation, the guidelines of this government have also created further pressure. The new tax affects those who have long been accustomed to doing business tax-free. Traditionally it may no longer be taxed. This may lead to the deregulation of cryptocurrencies. However, this has led to a correction in the crypto market.
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