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Bitcoin and ether prices have fallen up to 10% today as the crypto market selloff continues


Executives claim that crypto enterprises keep a sizable portion of their treasury in cryptocurrencies, which have lost value as a result of the market slump.

The worldwide crypto market slump has left the Indian web3 industry on edge, and businesses are becoming cautious when it comes to hiring. While local cryptocurrency exchanges insist they won't be laying off employees, unlike US-based cryptocurrency exchange Coinbase, at least four top executives indicated the sector is reevaluating its employment plans for the year.
Executives claim that crypto enterprises keep a sizable portion of their treasury in cryptocurrencies, which have lost value as a result of the market slump. Additionally, businesses that rely on venture capital will need to think about their runways during the downturn. 

High trading volumes, which have decreased as a result of new tax regulations from the government, also used to generate millions of dollars in revenue for prominent cryptocurrency exchanges in India. According to a report published in April by the cryptocurrency research group Credit Rating for Exchanges, Blockchains, and Coin Offerings (CREBACO), the country's trading volumes fell by more than 40% after the government imposed a 30% tax on virtual and digital assets.
According to executives, crypto companies maintain a sizeable percentage of their cash in cryptocurrencies, which have decreased in value due to the market downturn. Additionally, during the downturn, companies that rely on venture funding will need to consider their runways. 

Popular cryptocurrency exchanges in India used to earn millions of dollars from high trading volumes, but these volumes have fallen as a result of new tax rules from the government. The country's trading volumes decreased by more than 40% after the government slapped a 30% tax on virtual and digital assets, according to a report released in April by the cryptocurrency research organisation Credit Rating for Exchanges, Blockchains, and Coin Offerings (CREBACO).
The recent two-month decline in the market as a whole further exacerbated this decrease. Data from cryptocurrency tracking company Coinmarketcap showed that 24 hour trade volumes on two of India's top exchanges, WazirX and CoinDCX, were down by 41.96 percent and 26.22 percent, respectively, as Bitcoin, Ether, and other major cryptocurrencies hit lows. 

While the decline in the cryptocurrency market was the primary cause of Coinbase's firing of 18% of its staff earlier this week, Indian exchanges are also anticipating a second problem in the form of a 1% tax deduction at source (TDS) that will be imposed on cryptocurrency transactions starting on July 1. This could further reduce volumes.
The fact that Indian exchanges are mostly funded by venture capital firms and don't currently employ thousands of people, like Coinbase, provides them a chance to weather the current storm "said the CEO of one of India's top cryptocurrency exchanges. That said, if trading volumes decline starting in the following month, businesses with 500 to 1000 people could face problems "said he.

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