Indian crypto investors are on the sidelines, waiting for signs of a revival in prices of their digital assets. They seem to be headed for a tough ride, though, at least in the first half of 2023.
The digital asset market will need more time to recover from a series of setbacks, including bankruptcies, frauds and crash of asset prices amid increased surveillances by governments around the world, including India’s.
After witnessing exponential growth in 2020-21, the global crypto market came to a standstill in 2022 with many events bringing attention to the industry's flaws.
Crypto market capitalisation started reversing from the final weeks of 2021 after reaching an all-time high of $3 trillion on November 10, 2021. On November 21, 2022, the market capitalization of cryptocurrencies fell to a 2022 low of $727.58 billion.