MUMBAI
The world’s most valuable cryptocurrency by market cap, Bitcoin, dropped almost $10,000 in an hour on Saturday night, as concerns over a new Covid-19 variant swept the global markets and US Federal Reserve chairman Jerome Powell supported tightening financial conditions compared with the last 21 months. On Saturday, the price of Bitcoin hit a low of about $42,000, the lowest since late September.
In India, retail investors who were spooked earlier this week by the news of a possible ban on cryptocurrencies, which led to a massive sell-off on local exchanges, shifted stance and took this as an opportunity to “buy the dip”.
Bitcoin has since recovered to about $49,000 apiece, as of writing this article. “People who were waiting on the sidelines for some correction took this as an opportunity to enter. We saw an increase in the number of people wanting to buy yesterday (Saturday),” said Nischal Shetty, cofounder of crypto exchange WazirX.
