Bitcoin is the biggest and the oldest cryptocurrency in the market. Several years its price almost reached $20,000. Interestingly, Bitcoin is one of the most recognizable crypto money around the globe.
However, even for cryptocurrency number one, it is not easy to deal with problems. For example, last month as the price of cryptocurrencies fell, manufacturers crypto miners started to sell inventories at a discount. Moreover, in some cases, manufacturers offered a 20% discount.
Unfortunately, manufacturers of crypto miners have to deal with other challenges as well. For example, the upcoming Bitcoin halving in May is another issue.
As a reminder, halving will reduce the network’s mining reward by half. Thus most crypto miners will be less profitable if the price of Bitcoin doesn’t increase by that period of time.
Bitcoin’s price crashed on March 12, before the crash, the price of crypto-miner WhatsMiner M30S was about $2,500. Nevertheless, as the price of Bitcoin crashed it is possible to buy this model for $2,000.
Crypto industry and Indian investors
India has a lucrative market due to various factors and the crypto industry is not an exception.
Nevertheless, the crypto industry is struggling to cope with various issues.
Hopefully, a survey released by the peer-to-peer Bitcoin marketplace Paxful shows that the crypto industry is developing despite the challenges.
Let’s have a look at this survey. Interestingly, 75% of investors who took part in the survey, invested in cryptocurrencies.
It is worth mentioning that, before the historic decision of the country’s supreme court, trade volume in the peer-to-peer marketplace in January surpassed $3 million.
Last but not least, this survey identified two interesting facts connected with cryptocurrencies. The first one is that 78.5% of respondents prefer to use cryptocurrencies to transfer money. Furthermore, the second fact is that 64.8% believe that thanks to crypto they can achieve financial freedom.