Cryptocurrency trading, user signups spike in India on stable Bitcoin
2 years, 5 months ago

Cryptocurrency trading, user signups spike in India on stable Bitcoin

Live Mint  

Crypto trading volume as well as user signups have witnessed a jump of up to 45% in recent weeks because of stability in bitcoin price and a weak rupee. Bitcoin prices have consolidated in an increasingly narrow range while global equity and bond markets continued to tread challenging ground with growing stress developing in sovereign debt and currency markets this week. This spike in crypto activity in India has come as a respite for exchanges, which have been battling the crash in trading volumes due to stiff crypto taxation rules and crypto winter. Moreover, the rupee lost about 2% against the dollar in the last two weeks, amplifying this premium and, hence, the spike in trading activity,” said Mahin Gupta, founder of Liminal, a digital wallet infrastructure platform.

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