"2022 was probably one of the most volatile years experienced by many new investors. Personally, it was my first real bear market. We saw a lot of established projects like MoonVauld, Celsius, Voyager, FTX, get low. The list seems endless,โ she said.
Most Indian crypto investors like Verma wavered between hope and despair in a turbulent year as they dealt with multiple bankruptcies, crashes, and persistent market volatility.
After a great year in 2021, when a record number of Indians jumped on the crypto bandwagon, in 2022 most of their portfolios plunged into the red as crypto fell to two-year lows.
As prices fell, the government announced in February a 30% tax on all profits from trading CRYPTOCURRENCIES, along with a 1% levy on each transaction. In one fell swoop, the move drowned out India's crypto ecosystem comprising of investors, traders, and exchanges.
The market mood changed from a confident WAGMI ("We'll all make it") to a pessimistic NGMI ("We won't make it").
reflecting on 2018 crypto winter, 2022 saw the value of major cryptocurrencies drop dramatically. Bitcoin, the world's most dominant cryptocurrency, has returned all of its accumulated gains since September. As of 5:00 p.m. on December 31, Bitcoin it had fallen 64.2% to $16,574, compared to the same period a year earlier. Ethereum had plunged 67.4% to $1,198.4, Binance Coin 52% to $246.14, Ripple 58.6% to $0.3439, and Solana was down 94% to $9,890.
Overall, the global crypto market went from $2.2 trillion in early 2022 to $796 million.
