Hello, hives,
Recently the government of India decided to finally take a solid stand on the validation of cryptocurrency and how the government will deal with it considering the future of currency and economy of India. The news was ambiguous and surged panic across the general crypto community trading on Indian-based crypto wallets. Negative 30% has appeared next to every crypto except one or two. The market was in a panic thinking that sooner the trading of cryptocurrency will become an illegal thing. Indian mass media dumped more ambiguity in it by putting groundless substances into it. Last day, on a news channel a discussion was going on, that was merely a discussion but it was portraying how bad cryptocurrency is without even thinking it logically with an open mind. It is very difficult to believe that how 100 key people of govt can decide the faith of 1.3 billion people of the country, but a community of billions of people who are deciding their faith under a single umbrella of any cryptocurrency is proven bad or chaotic.
Wazirx suffered a network interruption, the app was not responding at all when the news broke out. Even a single 10$ order was taking more than 4 hours to get completed, so much traffic at one time. Everyone was afraid of their savings. Some took this opportunity to grow their portfolio more and half of them by now have planned to quit the platform itself. Trading in such a volatile, dynamic fashion is not a cakewalk even. I am just concerned about the people who have lost their faith and now consider cryptos as a bad thing. It’s a loss to crypto community.
If not a crypto then a mismanaged news will surely someday make enough chaos that it will take months to resolve it.