Crypto Space • 695 • 1
The FTX bankruptcy ignited the flames as the Indian cryptocurrency markets were just beginning to recover from the Terra-Luna, Hyperverse crashes.
Bitcoin was already down by 50% in June, starting nosediving after FTX collapsed. When Indian investors are trying to cope with the Terra luna and Hyperverse crash, FTX possibly makes it a final journey. Some of them already start to make exit plans and go back to Dalal Street. Overnight inflated money is under question.
Bosses of bootstrapped businesses stormed on Linkedin to grill Binance founder, fake influencers and FTX's outgoing chief. Popular US business magazine Forbes is also under fire for promoting FTX chief on their cover page.
What market says–
Govt want to control or impose 'restricted use' on it!
Five cryptocurrency exchanges (Cryptokart, Koinex, Coinsecure, Coindelta, and BTCXIndia)in India have already been closed since the post-pandemic global crypto market plunged into significant difficulties, lost the inflation-hedge image.
Marketplace owners advised to 'wait and watch' strategy, but the present environment and The cautions compelled them to prepare an exit plan. After RBI's digital currency launching, the Finance Minister and the US Secretary of the Treasury discussed cryptocurrency laws on November 11, 2022.
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