The Indian cryptocurrency market is witnessing a surge in trading activity as global prices of popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) continue to rise. According to data from Indian exchanges WazirX, CoinDCX, and CoinSwitch, the 24-hour trading volume has seen a significant increase.
BTC/INR price: At the time of writing, the price of one BTC in Indian Rupees stands at approximately ₹5,983,552, while ETH is priced at around ₹2,212,529.90 per token.
The recent price surge has led to a significant increase in trading activity on Indian exchanges. WazirX reported a 30% increase in daily transactions, while CoinDCX saw a 25% jump in user acquisition. CoinSwitch, another prominent exchange, reported a 20% rise in trading volumes.
However, the Indian government's stance on cryptocurrencies remains unchanged. The Reserve Bank of India (RBI) has maintained its ban on banking services for crypto-related transactions, while the Income Tax Act imposes a 30% tax on capital gains from cryptocurrency sales. Additionally, a 1% TDS (Tax Deducted at Source) is applicable on cryptocurrency transactions exceeding ₹50,000.
Despite these regulatory hurdles, Indian investors continue to show interest in cryptocurrencies. The surge in trading activity can be attributed to the growing awareness and adoption of digital assets among Indian investors. As global prices continue to rise, it remains to be seen whether Indian exchanges will see a sustained increase in trading volumes.
