Fear, uncertainty and doubt reign in Indian cryptoverse
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ETtech
The Indian crypto universe is in a FUD.
Fear, Uncertainty and Doubt (FUD) took over Indian investors in crypto assets on Wednesday as Bitcoin, the world’s most valuable and best-known crypto token, posted its biggest single-day fall in nearly a year.
After Tesla Inc’s founder Elon Musk said last Thursday that the electric vehicles maker would longer accept Bitcoins, the token fell from a peak of $57,000 last week to about $32,000 at one point on Wednesday before clawing back to around $39,000. China’s move to ban its financial institutions and payment companies from providing crypto transaction services also had a detrimental effect.