India’s crypto market has been growing rapidly. As more people explore and come to know about digital coins, they are investing in them. And in this way, the market cap and trading volumes of exchanges are also increasing. In fact, it is doubling every month for the largest crypto exchange of India, WazirX. The platform had a trading volume of $500 million in December, $1.4 Billion in January, and $2.3 Billion in February. We can just look at the numbers and understand the sheer speed at which the growth has happened.
Rising interest of Indian investors in cryptocurrencies
Just a few months back, there wasn’t so much craze for Bitcoin and Etherium in the country. But certain things that happened led to the acceptance of crypto among Indian investors too. One of these was the $1.5 billion investment that led to a steep rise in the price of Bitcoin. At the same time, it also helped the currency break the $40,000 resistance very easily. This was the period when investors started heavily jumping on the crypto bandwagon.
Then came the US banks that have also now started to accept and allow Bitcoin trading. When BNY Mellon started to accept Bitcoin and the Blue Ridge bank allowed people to buy BTC from its ATMs, we saw another price jump. This was another period that Bitcoin broke its resistance at the $48,000 point and went further up. And now institutional investors are buying more Bitcoin every month than it is mined, so there isn’t just enough Bitcoin for everyone.
How bright is the future of crypto exchanges like WazirX in India?
Talking about the largest crypto exchange in India, WazirX, the future seems pretty bright. The acceptance of Bitcoin as a global currency has sure affected India too. And people have started to invest in it because of the same reason. Bitcoin is providing everyone with one of the great wealth creation opportunities in history. And I am pretty sure that Indians won’t want to miss out on the chance. This is clearly being seen in the surprisingly fast increase in trading volumes in WazirX. I also believe that it’s not just them; other exchanges in the country must have seen a rise in trading volumes too.
But there is one more factor to consider too. That is the ban the Indian government wants to place on cryptocurrencies in the country. And it is expected that more development on the same could happen by March 8th. If it doesn’t happen till then, there could be a chance of the ban getting delayed or not happening again. One of the officials said that they saw the “#Indiawantscrypto” trending on Twitter, so they won’t do anything that disappoints the masses. That is great, but if they still decide to ban Bitcoin, ETH, and other cryptos in the country, then exchanges like WazirX, Coinswitch, and others would have to move out of the country for business.
What are your thoughts on the crypto exchange WazirX crossing $2 billion in monthly trading volume? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.