Sunday, February 5, 2023

Indian Crypto Exchanges Intends To Innovate Platform During Bear Market

The downturn in the crypto market has been always seen as a good opportunity for the industry players. It is up to the members whether they grab the opportunity or not. 

As the crypto market experienced a dip, the Indian exchanges seized the opportunity and decided to use this time to develop their platforms. 

Recently, while talking about the dip, Ashish Singhal, the CEO of CoinSwitch Kuber, said, “A bear market brings in an opportunity for us to further strengthen security and work on building educational initiatives to bring more awareness around crypto as an asset class.” 

He believes that ‘volatility is just a part of the market building,’ which indicates market growth in the coming months.

CoinSwitch Kuber is not the only Indian crypto exchange which believes the bear market brings opportunity, other Indian crypto exchanges including CoinDCX and WazirX share the same opinion.

Sumit Gupta, the CEO and Co-Founder of CoinDCX, believes that strong regulatory frameworks may also help the crypto exchanges in their growth. He further mentioned that the fall in the price of cryptocurrency means individuals buying more digital assets from a particular exchange.

“Consolidation is widely considered to be a sign of the crypto markets maturing, with more investors adopting a longer-term approach towards crypto assets,” Gupta added.

The data released by the crypto analytics group Santiment shows that in the past six months, the amount of bitcoin held on exchanges dropped to 13 percent. Along with that the amount of Ethereum held on exchanges also collapsed to 18 percent. 

As per the report, since April 2021, when Bitcoin reached its all-time high positions, the trading volume of most Indian crypto exchanges dropped around 50 percent.

Recently, the bitcoin mining companies, including Riot Blockchain, Marathon Digital and Nvidia, experienced a surge in their stocks. This is considered to be a good sign for the crypto market. 

However, many other researchers have suggested that in the future, the value of Bitcoin will reach around $25,000 and after that, the market would shoot up.

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Bitcoin (BTC) $ 23,358.26
Ethereum (ETH) $ 1,662.75
Tether (USDT) $ 1.00
BNB (BNB) $ 329.83
USD Coin (USDC) $ 1.00
XRP (XRP) $ 0.409877
Binance USD (BUSD) $ 1.00
Cardano (ADA) $ 0.3975
Dogecoin (DOGE) $ 0.094973
Polygon (MATIC) $ 1.25