HomeNewsWazirX CEO Nischal Shetty says ‘WazirX restored, huge panic selling led to crash,’
WazirX CEO Nischal Shetty says ‘WazirX restored, huge panic selling led to crash,’
The government’s proposal to ban private cryptocurrencies in India with certain exceptions led to massive amounts of panic selling on Tuesday night leading to the crash of India’s biggest crypto exchange, WazirX. Nischal Shetty, founder and CEO of WazirX told BusinessToday.
At 10 am on Wednesday, Bitcoin( BTC) prices on WazirX dropped by 17.17 per cent to touch Rs 37,78,000, Ethereum value in INR declined by 14.1 per cent to Rs 2,87,773.
According to statistics from Internet Mobile Association of India, the total assets held by Indians in various cryptocurrencies has grown 2X in 2021 to $2 billion with order volumes spiking exponentially.