Dear Reader,
The Panorama newsletter is sent to Moneycontrol Pro subscribers on market days. It offers easy access to stories published on Moneycontrol Pro and gives a little extra by setting out a context or an event or trend that investors should keep track of.Nearly every financial asset class is thriving in today's bull market, yet cryptocurrencies—the newest contender for investor attention—are conspicuously struggling. Bitcoin, the flagship digital currency, now trades around $70,000, barely half its October 2025 peak of $127,000. Last Thursday brought a particularly brutal reckoning: Bitcoin plummeted to $63,596, marking its worst 24-hour performance since June 2022.
This wasn't the script cryptocurrency enthusiasts had envisioned, especially after Donald Trump's election victory. Dubbed the "Crypto-President," Trump implemented crypto-friendly policies during his first 200 days, while his family's substantial cryptocurrency investments became public. Yet despite establishing a strategic bitcoin reserve, pardoning convicted crypto criminals, and allowing 401(k) pension accounts to hold cryptocurrencies, prices continue to languish.
The harsh reality exposes cryptocurrency's failed promises. Originally marketed as a safe haven, then as a hedge against volatility, and finally as "digital gold," bitcoin has failed spectacularly on all counts. Rather than moving independently, cryptocurrencies now track the Nasdaq more closely than anything else—a troubling sign for an asset class supposedly offering portfolio diversification.
Market conditions reveal deeper structural problems. Bitcoin's liquidity has evaporated, with market depth falling from $8 million to just $5 million since October. This thinning liquidity means even modest trades trigger dramatic price swings. Over $1.25 billion in bitcoin positions were liquidated within 24 hours, while the broader selloff wiped away every gain made since Trump's 2024 election.
The desperation among crypto advocates grows palpable. Michael Saylor's company, Strategy, holding over 713,000 bitcoins, reported staggering fourth-quarter losses of $12.4 billion. During an earnings call, Saylor insisted that America has a "bitcoin president" who is making the country the "crypto capital of the world." His optimism rings hollow when even the most crypto-friendly political environment cannot arrest the decline.
Critics are emboldened. Buck Sexton, a popular talk show host, captured growing sentiment: "Every time I ask a Bitcoin true believer to explain its long-term value, I come away more certain Bitcoin has no long-term value and a floor price of zero." Richard Farr of Pivotus Partners set his firm's bitcoin target at "$0.0," arguing it has failed as a dollar hedge while crypto miners bleed cash.
The market's transformation is stark. What was once dominated by passionate believers is now heavily influenced by institutional investors in ETFs and leveraged positions. When prices drop, these participants don't see buying opportunities—they see reasons to exit. The Crypto Fear & Greed Index recently hit 14, its lowest level in six weeks, reflecting "Extreme Fear."
Perhaps most damning is the growing realisation that if bitcoin cannot thrive under Trump's crypto-friendly administration, when can it? The supply of "greater fools" willing to buy at ever-higher prices appears exhausted. As one observer noted, channelling the French film La Haine: Bitcoin's journey resembles a man falling from a fifty-story building, repeating at every floor, "So far, so good"—until suddenly, it isn't.
Investing insights from our research team
Fractal IPO: Is this premium business at a fancy valuation the right bet for investors?
SBI: Will the re-rating continue?
Hero Motocorp: Q3 sets a record, demand momentum sustains
Why investors can give Aye Finance IPO a miss
Tata Steel: Will domestic resilience outweigh European pressure?
Max Healthcare: Q3 softness doesn’t cloud long-term growth thesis
Data Patterns: Strong execution supports higher growth
Kaynes Technology Q3: Execution delays weigh on growth momentum
NCC Limited: Execution pick-up to drive re-rating
What else are we reading?
Twin trade deals — How India is playing Europe, America differently
Beyond Tariffs: India’s US trade deal is a strategic hedge, not a pivot
Chart of the Day: AI product launches drive valuation reset
Page Industries’ muted results show the limits of premiumisation
Why India teamed up with US to gain access to critical minerals
Ruchir Sharma: Bash all day, buy all night (republished from the FT)
Budget 2026–27, STT hike and the F&O market reality
India-US Interim Agreement: Likely impact on agriculture
The government’s proposal to amend the IT Rules cannot stand
A four-way siege on DMK as Tamil Nadu heads towards a humdinger of an election
Markets
India-US deal fine print is broadly positive for markets, say brokerages
Tech and Startups
Six of 10 brokers add active investors in January; Groww leads with 3.5 lakh, highest in over a year
Technical Picks: GMDCLTD, BSE, BHARTIARTL
Shishir AsthanaMoneycontrol Pro
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