India’s crypto trading volume soars amid economic crisis. Cryptocurrency trading platforms in India are reporting record-breaking volumes and new users despite the coronavirus pandemic and economic crisis.
Peer-to-peer (P2P) bitcoin marketplace Paxful announced its record-breaking performance in India. “People in India are betting big on bitcoin,” Paxful’s CEO said. “The Indian market holds great potential and importance for the future of the crypto-economy.” he added.
From January to May, Paxful reported an increase of 883% in bitcoin’s trading volume over the same period last year, from approximately $2.2 million to $22.1 million. In May, the bitcoin trading volume on the platform was $6.2 million, a 41% increase, and new user signups increased by 12% for the month. On a monthly average, new user signups increased by 28%.
Several local crypto exchanges in India have been seeing huge growth in trading volumes and new users on their platforms, especially during the nationwide lockdown. This follows the country’s supreme court quashing the banking ban by the central bank, the Reserve Bank of India (RBI), in March.
Additionally, global cryptocurrency exchange Okex also revealed in a report that its “visits from India saw the highest increase, reaching 545.56%. According to Okex, newly registered users from India rose 4,100% during the same period,” the report states. “After the policy was loosened, the increase in trading volume was not only reflected in local exchanges, but also the major global exchanges.”