Bitcoin’s Bull Run Uplifts Indian Exchanges, Trading Volumes Reach 10-Month High
The recent surge in the price of Bitcoin (BTC) has injected fresh life into Indian cryptocurrency exchanges, as trading volumes on the top platforms reached a ten-month high in February.
CoinDCX, WazirX, and BitBNS, the leading Indian exchanges, recorded trading volumes of $2.6 million, $3.4 million, and $7.8 million last month, respectively, BusinessLine reported , citing data provided by crypto research firm Crebaco.
Per the report, these figures represent their highest monthly volumes since June 2023, although they still fall short of the historic peak witnessed in 2021.
The improved sentiment and global demand for cryptocurrencies have been key drivers behind the surge in trading volumes on Indian exchanges.
“The uptick in trading volumes on our exchanges is driven by the improvement in sentiment and demand globally,” Rajagopal Menon, the Vice-President at WazirX, said.
“2024 will be the year of crypto, although the Centre’s tax regime will dampen the volume on Indian exchanges.”
Bitcoin, currently trading at around $67,000, is approximately 2% below its all-time high reached in November 2021.
The cryptocurrency’s increased demand can be attributed to new exchange-traded funds (ETFs) aggressively purchasing Bitcoin, outpacing the willingness of long-term holders to sell their holdings.
Bitcoin, the largest cryptocurrency by market value, has surged by more than 50 percent this year, with most of the gains occurring in recent weeks, as inflows into US-listed Bitcoin funds have soared.
This bullish trend is expected to continue as Bitcoin approaches a halving cycle scheduled for April 2024, potentially driving further demand and price increases.
The recent improvement in global market sentiment towards
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