- Date : 29/06/2022
- Read: 3 mins
Indians fall prey to cryptocurrency scams
A report from the cyber security research firm CloudSEK says that Indian crypto investors have lost about Rs 1 trillion to multiple fake crypto exchange scams that are still going on.
According to the survey, this attack happened as the scam artists duplicated the website, and the general public fell prey to the duplicate website.
The global cryptocurrency market is now less than $1 trillion. The cryptocurrency market hit a record market cap of $3 trillion in November last year. This significant drop in the prices of cryptocurrencies has everyone worried about the future.
What will happen is anybody’s guess, but the cryptocurrency market has always recovered from downturns in the past. The past does not indicate what will happen in the future, though. The sceptics and enthusiasts are on the opposite sides of the spectrum, and it is anybody’s guess who will prevail.
Prices of cryptocurrencies
Bitcoin (BTC) was trading at $20,719, a drop of 3.22% in the last 24 hours. Ethereum (ETH) dropped 3.77 percent to $1,182. Bitcoin is down almost 70% from its 52-week high. This is a significant drop in the last year. But the crypto enthusiasts believe that BTC has faced such drops regularly in the past, and every time it has come back stronger. The sceptics are not too enthusiastic. They believe the current drop is the end of the bull run in cryptocurrencies.
Related: https://www.tomorrowmakers.com/other-investments/5-crypto-predictions-india-2022-article
The drop of the Luna coin to almost zero recently sent shockwaves across the cryptocurrency universe. But the enthusiasts are dismissing the drop as an isolated case. The sceptics are losing their enthusiasm and sensing a fall of cryptocurrency like a pack of cards.
Cardano (ADA) was down 3.7 percent to $0.4895, Solana was down 5.24 percent to $38.48, and Dogecoin was down 3.42% to 0.718. Cardano has a 52-week high of $3.098. Dogecoin has a 52-week high of $0.347. Solana has a 52-week high of $259.86.
Dogecoin became very popular last year as various raps and memes related to Dogecoin became popular. It all culminated in the Saturday Night Live show featuring Elon Musk, which he named Dogecoin. There were calls for Dogecoin to reach $1 soon, but now that seems like a far cry and a dream.
Related: https://www.tomorrowmakers.com/other-investments/4-ways-how-crypto-tax-beneficial-exchanges-article
Conclusion
The general public should beware of the various cryptocurrency scams in the market. The duplicate cryptocurrency scam is something the general public should be aware of. Also, investments in cryptocurrency are subject to very high volatility, and you should not take excessive risk. You should only invest the capital you can afford to lose.
