Cryptocurrency: Not only is the crypto market declining, investors are also being hurt by misinformation, beware
The decline in the static coin Terra Luna was not expected by any investor, but seeing it, it broke to 100 percent. After this many exchanges quickly removed it from their platform. Changpeng Zhao, CEO and founder of Binance Coin cryptoexchange, was hit so hard by Luna that it became difficult for him to recover.
Cryptocurrency is not a legal tender in India, but the number of people investing in digital currency in the country is steadily increasing. Despite the government's tough stance, according to a recent report, India is at the top for the first time in terms of investors investing in crypto. It is worth noting that the crypto market is a very volatile market and it is not possible to say when an investor reaches the sky and falls to the ground in an instant. The future of Terra Luna is a recent example of the past. So investors need to be very careful.
Terra Luna did bad
Let me tell you, no investor expected a decline in Terra Luna, but it did fall 100 percent. After this many exchanges quickly removed it from their platform. Changpeng Zhao, CEO and founder of Binance Coin cryptoexchange, was hit so hard by Luna that it became difficult for him to recover. Zhou lost nearly એક 1 billion in one fell swoop. His loss can also be gauged from the fact that he himself made the statement "I have become poor again". In addition to Zhou, a report states that the popular YouTuber named Olajid Oleinka Williams, popularly known as KSI on social media, has lost more than Rs 21 crore. Similarly, due to this decline, many investors have become poor.
Preparation of more tax on crypto
With a tough stance on crypto in India, both the Reserve Bank of India (RBI) and the government have always warned investors against its pitfalls. Although there is no ban on crypto in the country, the government imposed a hefty 30 per cent tax on it in Budget 2022, effective April 1. In addition, the one per cent TDS rule applies to any digital asset transaction. At the same time, by bringing it under the purview of GST, an exercise has been started to levy 28 per cent more tax in addition to the already applicable tax. Which is why crypto investors are so restless.
Cryptocurrency is not a legal tender in India
Before investing in cryptocurrency, know once again that this is not a legal tender. If something goes wrong with you in the future, you can't make a claim about it. Cryptocurrency investments are subject to market risks. There are many ups and downs on a daily basis. Profits and losses on money invested in crypto are so fast that it cannot even be estimated. Examples of this are not only Terra Luna, but also all the major cryptocurrencies from Bitcoin.
Here are some things to keep in mind when investing
Let us say here that cryptocurrency mining uses a large amount of electricity. The amount of energy used in bitcoin mining alone can be compared to the electricity consumption of a country like Argentina. But let’s talk about investor safety, it’s very important to be careful with crypto whales. In fact, crypto whales are called investors who work to pump and dump large amounts of their money into cryptocurrencies. This has a negative effect on the market value of crypto. As a result, investors have to bear huge losses.
03-Dec-2024