“The Bill seeks to prohibit all private cryptocurrencies in India. It allows for certain exceptions to promote the underlying technology and its uses.”
At the outset, they pointed out that a lot would also depend on government policy. China, the world’s largest crypto market, banned all transactions in September, and the crypto market would have been hit hard in the past. This time, however, it did not help the market in particular, given analysts’ claim that as blockchain technology will be used more widely, this attitude only isolates China from the rest of the world. In India, the government has been working on legislation regulating the use and trade of crypto. Although the bill was not discussed in parliament, the interest of investors does not calm down.
However, cryptocurrencies are a new investment class with very little data for fundamental analysis, with analysts agreeing that fundamental news from around the world will once again play a major role. Let us remember that it has always been the fundamental news that caused sharp increases and declines, with 2021 being no exception. Definitely one of the biggest, if not the biggest, movements we recorded on the cryptocurrencies Dogecoin or Bitcoin due to Elon Musk, who constantly mentioned these two cryptocurrencies, especially in the first quarter of 2021 through his Twitter account, for which he earned a huge wave of criticism. In other words, fundamentals are something that can rarely be predicted, so the best advice from experts is to be careful.
