Consumers have high expectations from the next bull run in Crypto

The current crypto industry sentiment is quite positive in the backdrop of some key industry developments, including SEC approval on Bitcoin ETFs and upcoming Bitcoin halving. The positive momentum is anticipated to extend beyond Bitcoin to other tokens, signaling a broader resurgence in the overall crypto market. The VDA industry is expected to witness an increased participation of large institutional investors which will bring in smart capital to this new asset class.

Additionally, the growing integration of blockchain technology is set to further propel expansion in the crypto space.

In this burgeoning landscape and the impending Bull Run, many new investors are expected to add crypto to their portfolio. It becomes crucial they choose the right exchange for a safe and secured crypto investing. Prioritizing exchanges with robust Know Your Customer (KYC) practices, compliance with Tax Deducted at Source (TDS) regulations, and registration with the Financial Intelligence Unit (FIU) is essential. Opting for platforms that undergo regular proof of reserves audits and offer robust redressal mechanisms enhances consumer protection and mitigates risks.

Talking to Bizz Buzz, Minal Thukral, EVP, CoinDCX, says, “It is crucial to exercise caution with non-compliant offshore platforms, which disregard regulatory compliance, exposing investors to potential fraud risks. Instead, investors should gravitate towards exchanges led by reputable entrepreneurs with a demonstrated long-term vision for the crypto sector. Considering factors such as token listing criteria, liquidity, and trading security further informs the decision-making process.”

By choosing compliant exchanges, investors not only safeguard their assets but also contribute to the sustainable growth of India's VDA ecosystem. As the crypto market matures, prioritizing compliance, security, and consumer protection will be instrumental in realizing the full potential of digital assets in India and beyond, she added.

Buckle up crypto enthusiasts, because 2024 is shaping up to be a rollercoaster ride with the successful Bitcoin ETF launch already in the rearview mirror. The crypto halving is on the horizon this April, and with whispers of the Fed slashing interest rates, we are staring at a cash tsunami ready to crash into the crypto shores.

Rajagopal Menon, VP WazirX says, “As we gear up for the next Bull Run, it's not just the seasoned traders who will be riding the wave; a fresh crop of newbies investors is set to dive into the crypto pool. But remember, it's not a gentle paddle—it's a wild splash. Crypto is notorious for its mood swings, with 30% price swings just part of the game.”

To navigate these choppy waters, you've got to play it smart. Think long-term, stay calm and invest with a 3-5 year horizon in mind. And where do you trade? Stick with the big names in Indian exchanges - the ones who've weathered many a storm and stood the test of time, he said.

Check for FIU compliance as you want your exchange to be on the right side of the law. A TDS collecting mechanism is non-negotiable. It's your hard-earned money, after all. And if you hit a snag, you'll want customer service that doesn't leave you on the road.

So, choose wisely, invest consistently, and strap in for the ride. With the onset of Bull Run, make sure you're ready to take the bull by its horns.

Vikram Subburaj, CEO, Giottus Crypto Platform says, “We are at a pivotal moment in the crypto industry, marked by significant events such as the approval of the BTC Spot ETF and the upcoming Bitcoin halving. These milestones, coupled with ongoing efforts to achieve regulatory clarity, are shaping a dynamic environment for virtual digital assets (VDAs).”

In 2023, we witnessed a relatively slow market but this has given way to more active and vibrant price patterns in key assets. The impact on BTC prices is temporary and is brought about by the selloff of Greyscale BTC Spot ETF. Historically, every bull market has catalysed the growth of new sectors within the industry. The previous Bull Run led to the flourishing of DeFi and NFTs. Now we can expect a similar spur in the creation of innovative products that will offer more gains, he said.

Additionally, the forthcoming market is likely to feature an array of layer-2 solutions and cross-chain liquidity movements, facilitating easier and more seamless asset transfers for users.

According to him, “Choosing the right exchange is crucial for customers. In the current scenario, an exchange that offers excellent, round-the-clock customer support and bases its operations on a great deal of general trust can be deemed good.” The other factors to consider are the profile of the founders, their industry standing, and the product offerings. It is also important to see if the exchange is registered with the Financial Intelligence Unit (FIU) of the Government of India.

In conclusion, by carefully selecting assets and choosing the right exchange for trading or investing, consumers can position themselves to achieve favourable returns in the impending bull market.