Are cryptocurrencies safe?


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Uncertainty is rife today over the future of cryptocurrencies such as bitcoin, which have been turning investors for years. Bitcoin and Ethereum are the foremost of the 5000 cryptocurrencies in circulation worldwide. The crypto market has lost over Rs 1 lakh crore in the last few weeks alone. The first reason for this is that major countries are considering rejecting currency freedom for cryptocurrencies and introducing their own digital‌ currency.The second reason is that the creation of cryptos requires a lot of electricity and damage to the environment. Demand for this specialty has grown significantly as a result of recent corporate scandals involving Tesla boss Elon Musk. The value of the bitcoin, which was zero in 2010, reached $ 63,000 last month.Meanwhile, Musk said that the creation of bitcoins would cause serious damage to the environment. The value of cryptocurrencies plummeted with his negative comments. On the other hand, the value of cryptocurrencies has plummeted as China has banned cryptocurrencies in their country and ordered them not to trade with them. The price of Bitcoin and Ethereum has plummeted due to the high number of cryptocurrencies on the Indian Crypto Exchange, WazirX.