Crypto sell-off: Crucial to see where is market headed, says WazirX

There was a massive sell-off in cryptocurrencies yesterday led by a 30 percent drop in bitcoin, which hit the lowest level in three and a half months. Nischal Shetty, Founder & CEO of Wazir-X, shared his views.

“There is panic selling. For those who entered the market anytime in 2020, it is seen as a time to book some profits. There have been people who have been entering the ecosystem in the last two three months for whom this looks to be a buying opportunity that they were waiting for on the sidelines,” he said.

“This kind of traffic is unprecedented in any of the financial products out there. So interesting time overall and it is going to be important and crucial to see where the market goes in the next couple of weeks to understand whether we are going into a downturn or this is more of a temporary blip before the higher peak,” he added.