As the price of bitcoin, the world’s most actively traded cryptocurrency, fell to $17,628 over the weekend—its lowest since November 2021—it sent the markets into a tizzy. Bitcoin apart, all cryptocurrencies, including ether, matic, cardano and dogecoin, have shed 50 to 90 percent of their value since late last year. So much so that the market value of all traded cryptocurrencies has tumbled from a peak $3.2 trillion last November to below $1 trillion.
But despite the broad sell-off in digital assets, crypto and Web3 startups in India are still attracting funding.