Founded by MIT graduates Sam Bankman-Fried and Gary Wang just three years back, the crypto derivatives firm saw its net income rising from $17 mn to $388 mn on a year-on-year basis
The idea is, says Rajagopal Menon of WazirX, that this asset class will be volatile because it is traded 365 days for 24 hours.
The crypto has tanked 64% after reaching an all-time high of around $69,000 in November 2021.
Bitcoin earlier tanked below $26,000 but later recovered a bit to $27,604.56. The digital currency is still down 11% in 24 hours.
The world's largest crypto has fallen 20.20% in the past seven days and 28.19% in the past one month. The fall seen in the context of larger sell-off in the global market amid weak sentiments.
The drop in crypto comes as global equity markets plunged following Russia's invasion of Ukraine.
38 of top 50 cryptos trading in the red in 2022; crypto marketcap has corrected 33% from November 10 peak of a little over $3 trillion.
Solana, Cardano, Avalanche, Polkadot that offer real-world applications will continue to hog the limelight.
