The new year hasn’t been kind to the crypto markets. With China and Russia completely banning all crypto-related activities in their provinces, Bitcoin hit an all-time low. But during the first month itself, it recovered to $36k.
Bitcoin on this Sunday showed a 2% gain as compared to the previous few days. It stayed at the $42k mark and ETH also crossed the $3k mark. The resiliency shown by both the currency means that people have confidence in DeFi tech and are still investing in them.
Not only that, the low prices have attracted new players and enthusiasts into the game. This means that the number of crypto users is increasing day by day. Early adopters will be rewarded in the future as these are the closest thing to being a new world currency.
BTC or Bitcoin has always been the poster boy for cryptos and its price fluctuation decides a lot. Many investors have bought BTC during the dip, but experts say that the coin might enter a bull market again very soon. Usually, the coins dips right before entering a bull run, as historical data shows.
With India accepting the world of crypto with a 30% tax, there is a high chance that it will soon become the hub for crypto activities. It has the largest number of crypto users in the world and the government imposing a 30% tax means that cryptocurrencies will soon be legal in the country. This comes as great news for DeFi and Crypto as now they have one of the biggest markets in the world supporting them.