The crypto panic and Dream11’s fundraise

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Editor's note: Akanksha here.  Well, it’s no surprise that the government wants to regulate cryptocurrency. In a Lok Sabha note from earlier this week, there was a mention of a cryptocurrency bill that will be tabled in the winter session of Parliament that starts on Monday.  About two days ago, this circular issued by the government stated that the upcoming bill will look at imposing a ban on all private cryptocurrencies in India. It also, however, touched upon the fact that some exemptions to this will be granted in cases where the cryptocurrencies are used to promote underlying technology and its uses.  The news unleashed hell and has triggered a massive panic sell-off in domestic exchanges like WazirX, CoinDCX and CoinSwitch Kuber. Most of the users who manage their portfolios via these exchanges saw their investments being wiped out by about 20%, on an average. One particular investor I spoke to saw nearly a 60% drop in their holdings in the wake of this announcement.The fear of a potential total ban is also driving a lot of investors into pursuing backup plans …