Cryptocurrency interest blooms back in India amidst COVID-19 pandemic

Cryptocurrency interest blooms back in India amidst COVID-19 pandemic

Although the coronavirus pandemic has dented various businesses and industries worldwide since March 2020, its role in inciting an influx of new retail investors into India’s share market has now made it to the headlines. With savings in bank accounts and time on their hand, Indian retail investors have chased a stupendous rebound in equities, while also minting money in cryptocurrencies like Bitcoin.

It was reported that, with people stuck at their homes due to mandatory lockdown, the need for learning new stuffs and understanding the new prospects out there, crypto emerged as a standard solution.

This was factually backed by the Founder and CEO of Wazir X- Nischal Shetty. For the record, Wazir X currently serves as one of the prominent bitcoin and cryptocurrency exchange and trading platforms in India.

As per a statement released by CEO Nischal Shetty, the platform observed a prolific upsurge in people coming in. In fact, its trading volumes rose over 1,000% the last year while user sign-ups grew nearly four to five times. In line with this, the number of new people engaging in the platform also doubled every 2 to 3-months.

It is essential to mention that new dematerialized account opening in the country increased by 17% between April and November to about 48 million, which has been cited to be the fastest pace of new account opening in the recent history of the capital market.

Also, needless to mention, Bitcoin and other cryptocurrencies have had an impeccable journey since the mayhem in the global financial markets in March 2020. Reports have it that Bitcoin witnessed a rise of more than 700% in terms of price since April, while Ethereum rose by 730% and Yearn Finance token increased by 32 times.

While the COVID-19 pandemic and rally in cryptocurrencies had an important role to play in the renewed interest amongst investors, one chief reason was also the suppressing of RBI ban on the use of banking system for purchase and trade of crypto assets by the Supreme Court of India in early March.

Source Credit: https://economictimes.indiatimes.com/markets/stocks/news/india-getting-infatuated-with-bitcoin-says-top-cryptocurrency-exchange/articleshow/80263182.cms