For the first time since mid-May, Bitcoin reached $50,000 on August 22. As the Bitcoin market goes up, the Indians again gathered up to invest in this digital asset.
Many of the crypto exchanges that provide their services in India experienced a huge surge not only in the trading volume but also in the trading values on their platform.
It is to be noted that this time apart from Bitcoin, the Indians have also started exploring other cryptocurrencies in the market.
After experiencing a growth in crypto investors on its crypto trading platform, Shivam Thakral, the CEO of BuyUcoin, said, “We saw a 3x surge on the buy-side and a 2x increase on the sell-side.”
On the other hand, Nischal Shetty, the CEO of Wazirx, stated that the increase in the value of Bitcoin is not the only factor that contributed to the surge of userbase in India, there are several other factors that are responsible for the growth.
He further stated, “Our daily average volume has also increased from an average of $100 million to over $300 million during market peaks. As of the 23rd of August, on average, our 24-hour trading volumes have been around $100 million. However, last week our average trading volume crossed $300 million.”
Crypto Market Is Recovering
In April, as Bitcoin reached its all-time high value of $64,000, many investors started to sell it off, which was then followed by a dip. In just a few days, the all-time high value came down to $30,000. It further declined because of China’s clampdown on Bitcoin mining operations in the country.
However, since mid-July, Bitcoin has started to recover its value in the market and many investors, who had lost their confidence in cryptocurrency, now, have started to regain it.
“As we see a surge in the global adoption of crypto assets, OKEx.com has witnessed new users’ sign-ups increase by almost 50% in the past month. In the past month, we have seen almost a 90% increase in trade volumes,” said Jay Hao, CEO of cryptocurrency exchange OKEx.com.
According to the industry tracker, at the time of the dip, many Indians made a large investment in cryptocurrencies, which resulted in the latest bull-run across crypto assets.
As the market has started growing, Thakral informed that “BuyUcoin has experienced a surge in trade volumes both on the buy and sell-side. Investors are buying in the bull-run and holders have liquidated profits.”