After facing a huge drop in the year 2020, Bitcoin re-introduces itself in the market with a bang. In just 12 months the world’s largest cryptocurrency with a market capitalization experienced more than 700 percent growth in its value. In the year 2017, this digital asset created the same kind of buzz in the market after reaching an all-time high position of $20,000.
Since March 2020, Bitcoin has been in a recovery mode but the outbreak of COVID-19 has helped the digital asset to gain popularity in the market. During that time, even the Indians started generating their interest in cryptocurrencies. Before the year 2020, Bitcoin did have a market in India but not many people were interested in trading. But, when COVID-19 hit and the government around the world imposed a lockdown, that gave Indians time to understand Bitcoin. By the end of the year 2020, the value of Bitcoin trading reached around $60 million per day, in India.
Indian Crypto Traders To Earn More Profit
The availability of trading platforms and tools has also helped the Indians to take up cryptocurrencies with the hopes of making a profit on a daily basis. The trading platforms are equipped with advanced technologies and use a powerful algorithm that creates a trading signal to help the investors. The trading platforms act as a safe haven for the investors, who are just at their learning stage. The trading signals generated by these platforms allow the investors to take a limited amount of risk while processing any investment.
It is to be noted that there are some trading platforms which emerged out as a part of a scam, therefore, while choosing a platform, the investor should go with a reputed one.
Many of the investors, who are already part of the crypto industry, advises the newcomers to conduct in-depth research before investing their money in any cryptocurrency.
Supreme Court Of India Revoked Banking Ban
Apart from the trading platform, the Supreme Court’s decision is also the reason for the increasing the user base for cryptocurrency in India. In the year 2018, after the Reserve Bank of India, imposed a banking ban on cryptocurrencies, people thought this digital asset does not have any future. However, in the year 2020, when the Supreme Court of India removed that banking ban, it grabbed a lot of headlines in the market. The millennials started generating interest in digital assets and as per the report, in just one year the average trading volume of cryptocurrencies in India increased by 500 percent.
Although the cryptocurrency is doing good in the Indian market and is even helping the country during this time of crisis, the Indian government is still planning to restrict its usage. In February 2021, during the budget session, the government planned to present a cryptocurrency bill in the parliament. However, the government has denied banning cryptocurrency but it has said to impose some restrictions on its usage.
Some new investors are now in dilemma, regarding crypto trading, but the Indian crypto space stands together in this situation.
According to a report, after China, India is considered to be the largest country with the most Bitcoin holdings in Asia. If in that case, the government bans its usage, then could bring huge turmoil in the lives of crypto investors and the exchanges in India.