Crypto exchanges launch offers to combat up to 99.8% drop in volumes this Diwali
Crypto platforms in India have launched a slew of offers such as cashback, zero fees and free coins during this festive season to boost investment demand amid the slump in trading volumes and a massive crash in token prices.
Driven by the 30% flat tax on capital gains from crypto assets and 1% tax deducted at source (TDS) on each crypto transaction, as well as up to 85% fall in digital asset prices, trading activity on crypto exchanges has nearly dried up in India.
The two biggest crypto assets, Bitcoin and Ether, are trading up to 75% lower compared to their all-time highs, while other major tokens such as Cardano and Solana have crashed up to 85% on a yearly basis.
As per data available with CoinGecko, a digital currency price and data platform, on a 30-day period, WazirX has logged a 24-hour trading volume in the range of $1 million to $3 million. Compared to this, the platform had witnessed a 24-hour trading volume of more than $535 million on 28 October 2021.
BitBNS had logged a peak trading volume of over $110 million on 28 October 2021, while the exchange’s last 30-day volume has ranged between $11 million and $15 million.
On its platform, WazirX has launched Shagun and Muhurat offers, wherein users can gain free WRX tokens (WRX) by using the gift card feature and trade crypto on the platform with zero fees for a specific time period during 20-26 October.
Rajagopal Menon, vice president marketing, WazirX, believes that the gift card feature can go a long way in converting no-coiners to crypto users.
Further, WazirX is re-introducing Muhurat Trading this year, under which users can trade Bitcoin, Eether, WRX, Shiba Inu, Dogecoin, and other cryptos for zero fees in all markets of WazirX (rupee, tether or WRX).
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