How 'Crypto Winter' has frozen exchanges across the world and in India, too

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Before the current market crash, the cost of digital currencies, for example, Bitcoin was basically as high as $67,000 in early 2022.

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This big market crash is popularly known as a crypto meltdown. And such crashes are not only restricted to one location.

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Recently, a Singapore-based Vauld, crypto trading platform prevented its clients from pulling out their assets in the midst of capital issues.

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Crypto broker Voyager Digital declared financial insolvency. Huobi Thailand shut shops on July 1. And, the list continues.

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In India, digital currency organizations are reeling under the strain of tax imposed by the government.

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There is no supportability assuming that we see the complete foundation of the crypto market. It's all shuddering and the whole algorithm is flawed.

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We lack a strong mechanism to support the worldwide market. The execution of the taxation has secured the liquidity which was essential for business sectors.

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Exchanging has fallen as financial backers shift to stand firm on their situations," Raj A Kapoor, pioneer, India Blockchain Alliance, a research organization, told in an interview.

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Moreover, the one percent tax deduction at source (TDS) on cryptocurrencies for transections over Rs 10,000 has seen 70% decline in volume from significant Indian traders.

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