Bill fear pushes many Kol investors out of crypto mkt | Kolkata News

Kolkata: The government’s decision to bring a bill to regulate cryptocurrency this winter session of Parliament has forced many investors in crypto currencies to exit their positions despite incurring big losses.
Several Kolkatans, including college-goers, invest in crypto currencies and some of the early birds were sitting on good profits when the news of the bill last week sent the price crashing.
Though the prices of different cryptos have pulled back from the lows, several small and mid-sized investors are selling off their investments. Such has been the selling that one of the biggest platforms for crypto trading has crashed several times in the past few days.
“I have been investing in cryptos since 2017 and the prices rose phenomenally after the pandemic. I was sitting on a good profit but the government’s decision to bring a bill to regulate it has made the future of crypto very uncertain. I have sold a large chunk of my investment,” said Mayank Barua, a businessman who also has crypto as a part of his portfolio besides shares and other investment instruments.
Another young crypto investor said that the value of his portfolio in crypto has declined by almost 40% due to heavy selling.
“I am thinking of exiting from cryptos for the time being because we don’t know what might happen. But I will only make marginal profit selling now,” said Krishnendu Dasgupta, an investor.
There are an estimated two crore to 2. 5 crore cryptocurrency investors in India, with total crypto holdings of around Rs 400 billion, according to industry estimates. There is, however, no official data available on how many people have already invested in cryptos.
Bitcoin was the first cryptocurrency followed by many others like Ethereum, Namecoin, Litecoin, etc.
“Several people in Kolkata invested in cryptocurrencies in the last 20 months or so as it started giving huge returns after the global downturn due to the pandemic. A lot of people pulled out money from their other investments to invest in crypto,” said another crypto investor in the city.
Cryptos have also made inroads into the billion dollar global gaming networks where crypto currency networks are used to settle claims, to buy in-game products and affiliate marketing.
“I earn in crypto,” said a professional video-gamer in the city. “When the pandemic struck we were all stuck indoors. I took up gaming seriously and soon it became a side hustle for me.”

This news is republished from another source. You can check the original article here

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