Panic selling led to fall in crypto price only in India: CoinDCX CEO Sumit Gupta
Sumit Gupta, CEO and co-founder of cryptocurrency unicorn CoinDCX, has stated that panic selling among crypto investors in India resulted in a fall in only India following news of the proposed ban on private cryptocurrencies, but crypto values in worldwide markets were unaffected.”Because cryptocurrency values are essentially decentralised and distributed, they are determined by market demand rather than geography.” Only the Indian markets are seeing major discounts as a result of this news. “Global markets are unaffected,” the CEO of CoinDCX stated.
Gupta advised investors to make well-informed decisions at times of significant volatility. “I feel that as a result of this news, the average investor is panicking and, unfortunately, selling off their losses.” As previously stated, in times of increased volatility such as these, I strongly advise everyone to conduct study before making a choice. “From our end, I guarantee you that we will continue to be dedicated to the security of your funds and will assist you in finding the best available solutions,” he said.The CoinDCX CEO, like his counterparts in the business, expressed optimism for a positive regulatory environment in the future, based on negotiations between stakeholders and the government over the past few months.
“This announcement of regulation is excellent news. What remains to be seen, though, is that no one has seen the bill or its contents. “Things are going to turn positive, contrary to certain storylines going on right now,” Gupta said, citing recent pronouncements and his faith in the system.Avinash Shekhar, co-CEO of cryptocurrency exchange Zebpay, stated that they are awaiting more details on the bill that would be tabled in the Parliament’s winter session. “The government has made a number of encouraging efforts to learn about crypto and its influence on all stakeholders, including investors, exchanges, and policymakers. As a result, we’re anticipating a crypto bill that incorporates all of the inputs from those discussions,” Shekhar concluded.
Cryptocurrency trade volumes have increased rapidly since the outbreak of the pandemic, according to industry estimates, with $3-4 billion in assets participating in crypto trading.
“While the sector hopes for a favourable outcome, a bad policy will result in a significant brain drain, as there are several Indian entrepreneurs creating in Web3 and the number of users is growing by the day.” The ultimate purpose of governing is to protect, and I do not believe that banning is the answer. Cryptocurrency is a decentralised ecosystem that cannot be banned but can be forced underground, and it has the potential to improve the economy in the long run.
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