Gauging through a decade of ebb and flow, the crypto market has remained a matter of contention in India to date. India is one of the mushrooming crypto markets, adhering to global cryptocurrency development.
Moreover, being at the budding stage of its introduction the Indian cryptocurrency received a healthy acceptance in India, merely within half a decade with the first actual sale of an item using 10,000 Bitcoin against two pizzas purchase. They’re on the rise in the use of parallel currency begun.
How does India see crypto as a market?
When demonetization took place in the year 2016, more investments in cryptocurrencies started to soar, owing to the precariousness attached to other investment modes.
The masses started trading over Bitcoin and other cryptocurrencies such as Ether (ETH), Ripple (XRP), and Litecoin (LTC) with their bells on. During this period the Bitcoin prices were being quoted at 25-28% higher than the cost amidst the demand for it.
According to the report of Economic Times, by mid-2017 the number of investors grew to the point where 2500 Indians invested daily in Bitcoin. In fact, in the same year, Bitcoin whopped at $19,783 backed by its active trading in India.
The real stumbling block for the crypto market occurred in 2018 when the Government of India banned the blooming currency by issuing a warning against cryptocurrency usage in 2017, giving regard to the possibility of fraud termed as “Ponzi schemes” and other global scenarios. This ban curbed the wide range of cryptocurrency-based activity in India.
With the growing exertion of traders in the Indian crypto market and Women being slowly grabbing the trend of crypto investments, the loopholes prevailing with the paper currency will soon be eliminated.
The educated masses and the extended market in the country if adheres to the need of the international market, this is where India can take get an edge over others.
Affect of upliftment of ban by the Supreme Court in 2020
Finally with years-long of continuous petitions and pleads, in March 2020 the ban which the RBI had imposed was uplifted by the Supreme Court, and trading in cryptocurrency has been made operational. With this lifting of the ban, one is allowed to trade on cryptocurrency but with all the required precautions.
This is where cryptocurrency gradually hit a home run in the Indian crypto market back again. The market has witnessed about 10 times more acceleration in the signups after the SC judgment, which in turn is amplifying trading volume at 66% every month.
As demand rises, Bitcoin’s price is expected to rise to $50,000 in 2022* with India coming into the trading picture again.
By the study of Paxful, the findings were that 43.50% of respondents regarded traditional finance as corrupt and 64.8% assumed Cryptocurrency to be the best way to achieve financial autonomy leading to increased jobs and entrepreneurial opportunities. Coin Switch anticipates average daily volume to be gearing up as high as $50 to $60 million in a couple of years.
All the Digital currency or Financial Technology firms are aiming to resuscitate their plans of burgeoning their businesses in India due to the return of crypto. According to the Economics Time Singapore-based crypto firm, ZPX will consider ascending operations here.
Alongside, the co-founder of the crypto exchange WazirX also claimed that investment in Indian markets will regenerate in the year 2020.
What is the favorite Cryptocurrency that Indians like to trade?
With the hustling of variant cryptocurrencies and their derivatives in India. The investors in India have prejudicially favored Bitcoin the most, and have propelled it to an extent where it has emerged as the most traded cryptocurrency in India with the major market capitalization.
Since March, when the ban on cryptocurrencies was abrogated, WazirX, the popular cryptocurrency exchange in, India observed the predominance of Bitcoin trading which accounted for 20% of the total traded volumes on the mentioned platform.
As per the report of CoinDCX, another popular crypto exchange, there was a remarkable 78% of all, trading in Bitcoin since April 2020. Ever since cryptocurrencies gain popularity in India, other virtual currencies also gained momentum in India.
For instance, Ethereum, the second-largest cryptocurrency by market capitalization, is also being addressed popularly on CoinDCX, said its co-founder and CEO, Sumit Gupta. Since April, CoinDCX has also noticed investors’ interest and investment in Ripple, Tron, and Stellar. Thus, paving a pathway towards elevating the crypto variants.
Are Indians aggressive on crypto trading?
Undoubtedly, Cryptocurrency is becoming lucrative trading means for Indians owing to its secure &smart payment mechanism eliminating the middlemen. The total number of verified virtual currency users stands at 1.7 million in India.
As per the statement released by the department of SEMrush, after March 2020, Cryptocurrency searches were seen burstforthing across India concluding evidently that people are gearing up themselves towards acquiring vibrant market share and investment in cryptocurrencies.
India’s entrepreneurial community plans to invest in projects using Binance coin, Binance USD, and WRX coins up to $5 million.
Scope of Cryptocurrency in India
Precisely, it has been very evident that the perusal of cryptocurrencies concerning India is still going on. With all things inappropriate format and flow, inarguably cryptocurrencies can become new investment means for people.
As India inhabitants around 1.3 billion people, cryptocurrency trading in India can really make the trading scenarios perforate, considering at least 1/4th of the population making an appearance onto interest and awareness about cryptocurrencies.
To ensure the congenial crypto market structure in India, the exclusive legal framework of rules and regulation is the most pressing need in this eleventh hour for enabling benefits to merchants.
It makes financial transactions immune to threat, easing the cross-border remittance, serving the best alternative for wobbling fiat currency, etc, to stay uplifted and tuned with the emerging roar of cryptocurrency in the global market.