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Commodity Champions: Dos and don'ts while trading in cryptocurrency markets

Updated : April 20, 2021 07:30:41 IST

From the now famous Bitcoin to meme and joke coins that mushroom every hour, cryptos have evolved from illegitimate assets to a "must-have" in your portfolio.

Bitcoin, Ethereum, and many other digital currencies have exploded higher over the past months in a parabolic move for the crypto asset class. These instruments have only been around for a little over a decade. To put things in perspective Bitcoin that cost 6 cents in 2010 recently touched $64,000 of an all-time high.

This unprecedented spike that's common in cryptos has several retail investors searching for the next coin to "reach the moon"-- this makes the cryptos as risky as it is profitable.

Currently, 7 million Indians have exposure to cryptos with 10 million having bought them at some point in time. However uncertainty from the Reserve Bank of India (RBI) when it comes to this asset class and partial bans in countries like Turkey has kept many away.

So what should one keep in mind when entering the crypto markets? To discuss this Manisha Gupta spoke to Shivam Thakral, CEO of BuyUcoin; Sumit Gupta, CEO of CoinDCX and Vikram Subburaj, co-founder & CEO of Giottus Cryptocurrency Exchange.

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