“I thought crypto is profitable. This has really taken a toll on my mental health.” Mumbai-based student Ajay Mutke sums up the feeling among thousands of crypto investors following the dramatic crash in the value of cryptocurrencies in recent days. The 26-year-old, who borrowed Rs 50,000 from his father to invest in cryptocurrency, claims to have lost more than 60% of his initial investment.
Bitcoin Crypto investors are concerned as the value of the world’s largest cryptocurrency, Bitcoin, and other digital coins continues to fall. The total market value of the cryptocurrency market is presently $1.2 trillion, less than half of the $2.9 trillion it was in November.
The crypto crash is likely to deter some of the ordinary investors who put money into cryptocurrency during its rise.
Ali Ittarwala too suffered significant losses in the current market crash. The 41-year-old says he’s been panicking as he tries to find out how to recoup his loses.
“I woke up in the morning and suddenly my crypto portfolio was red,” he says, adding he had invested most of his savings in crypto-assets.
Drops in cryptocurrency prices are typically marketed as a purchasing opportunity, which boosts the price back up. It’s unclear whether investors will “buy the dip” this time.
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