In over six weeks, the global crypto market has lost around $830 billion, hurting investors, even as stock markets remain highly volatile globally. On May 16, the global cryptocurrency market capitalisation (m-cap) was $1.27 trillion, less than half the $2.83 trillion in November last year. Bitcoin, the most valuable cryptocurrency, was trading at $29,505 (around Rs 23 lakh) per coin, compared to $64,862 (around Rs 50.5 lakh) in November. The big fall, however, came in the second week of May, led by the crash of “stablecoin” TerraUSD (code-named UST) which fell to $6.16 billion (Rs 47,934 crore) in m-cap, a 63 per cent fall from a month ago. A stablecoin like TerraUSD uses complex codes to create new coins or destroy old ones to maintain a steady price. But with big investors dumping the coin, it dropped below $1 and further collapsed to $0.30 on May 11. Its sister coin Terra (codenamed Luna) has also been in a free fall, erasing billions in investor wealth. Indian crypto exchanges delisted Terra (Luna) from trading as its price crashed below zero on May 13.
For investors in India, the fall in crypto could not have come at a worse time. Already hurt by the 30 per cent tax the Union budget imposed on proceeds from crypto trading in February, its continuing slide has left millions of investors in the lurch. As many as 15-20 million Indians had invested around $6 billion (Rs 46,695 crore) in cryptos on digital platforms, as per industry estimates in November last year.
هذه القصة مأخوذة من طبعة May 30, 2022 من India Today.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 8500 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة May 30, 2022 من India Today.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 8500 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
The Mamata Pushback
The West Bengal Chief Minister Faces A BJP Onslaught On Issues Like Corruption And Women's Safety. Unwilling To Yield An Inch, The TMC Is Building A Narrative That The Saffron Party Is 'Anti-Bengali'
Who Will Win The Mahayuddh?
In Maharashtra's Most Complex Political War Ever, Shifting Alliances Fuel A Gripping Saga Of Power Struggles And Betrayals In The Pursuit Of Votes
Grand Young Master
Seventeen-yearold D. Gukesh has become the youngest player to win the Candidates chess tournament
SPORTING SPIRIT
BADMINTON PLAYER ASHWINI PONNAPPA, 34, IS OFF TO HER THIRD OLYMPICS, THIS TIME WITH A NEW PARTNER, TANISHA CRASTO
PORTRAITS OF A PEOPLE
Etchings by the colonial Flemish artist F. Baltazard Solvyns are getting a new lease of life in an exhibition at the Dr. Bhau Daji Lad Museum, Mumbai
Centennial Man
A seminal exhibition of K.G. Subramanyan's works in his birth centenary year at Emami Art, Kolkata takes an imaginative and immersive curatorial approach
Rhythms of Nature
ARTIST AND MUSIC COMPOSER GINGGER SHANKAR'S LATEST SINGLE COMBINES SOUTH INDIAN MUSIC WITH INUIT THROAT SINGING
SEARCHING FOR THE SOUND
Kashmiri musician Faheem Abdullah’s debut album Lost; Found is a collaborative effort
FOUND IN TRANSLATION
With its excellent translations, Songs of Tagore makes Rabindrasangit accessible to the non-Bengali reader
Of Freedom and Friendship
T.C.A. RAGHAVAN'S CIRCLES OF FREEDOM FOLLOWS THREE YOUNG MUSLIMS DRAWN INTO THE FREEDOM STRUGGLE