Surging of Bitcoin trades in India

Surging of Bitcoin trades in India

Trading platforms for cryptocurrency have seen around a 4x rise in deposit requests. This rise has come after Tesla announced about buying the bitcoin of around 1.5$ billion and they are ready to accept cryptocurrency as the payment option.

 

The company known as WazirX has seen transactions of around 300% after the announcement from Tesla. WazirX has delayed credit deposits due to such high requests from the users. In every minute they are getting various requests for depositing the request. All of your deposits will be credited with some delays. Cryptocurrency is also banning private traders. This will affect the organized players who are illegally finding the way for operating this market. Another company from Bengaluru named CoinSwitch has mentioned that the volumes of the transaction have almost doubled after the announcement from Tesla as compared with the average daily volume. 

bitcoin and cryptocurrency

Vauld company is also mentioning the same about the volume of transactions on their platform has also doubled. There is a 50% spike in the new users 15% in the returning users. They have observed around 10-million-dollar transactions in the last 24 hours. Before this, there is a daily average of 4-5 million dollars. The deposits of rupees have been doubled from 15 crores to around 30 crore rupees per day. If you see the conversion of 1 btc to INR before a decade and now, then you will able to understand properly how bitcoin has surged in the market.

 

When larger international markets are coming out with positive regulation on the bitcoin and cryptocurrency at that time India has taken the opposite stance. They are interpreting this virtual currency has not been issued by the central bank. The lack of the proper definition of cryptocurrency in the recent bill has placed the exchange platforms and Indian currencies in a confusion.