Cryptocurrency trading jumps 400% in India thanks to Covid-19

Cryptocurrency trading jumps 400% in India thanks to Covid-19
July 15
11:45 2020

Due to the Covid-19 lockdowns in the past several months, cryptocurrency trading in India grew by 400%, according to MSN News. Besides the increase in the use of online platforms, an important role also played the removal of the crypto ban by the Supreme Court.

Over the course of the few months, crypto market saw several new investors entering the field. Without the restrictions on trading, many people found it easier to trade more. Apart from that, staying at home during the quarantine resulted in an increase in the use of desktops for trading.

Every day, investors trade on average $10-30 million in volume, according to the former CEO of Zebpay Ajeet Khurana. Since the increase in trading, digital assets have become more significant in value. As a result, the government needs to address the regulations and other issues related to cryptocurrency trading in India.

The founder and CEO of a trading platform WazirX noticed an increase in new registrations by 3-4 times. This has started with the lockdowns and seems to continue, as more and more investors are showing interest in trading.

During the quarantine, people were looking for new ways to make money online, because of the job and pay cuts. As a result, exploring digital assets has become a favorable avenue.

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