BitGenix Exclusive: Crypto Craze Continues In India! Trading Volume Hits Peak Despite Tax Hurdles

Bitcoin just shattered its all-time high of $68,982.20 with a new all-time high yesterday, reaching a staggering $69,000! But the real story isn’t just about this digital gold rush. It’s about what’s happening in India, where the crypto craze shows no signs of slowing down, even in the face of recent tax hurdles.

BitGenix has exclusive intel: Despite recent tax regulations trading volume in India has hit a 10-month peak! This surge follows a period of lower activity during the 2022–2023 bear market, further impacted by a 30% government tax on crypto transactions.

Data from Crebaco, a crypto research firm, shows that popular Indian exchanges like CoinDCX, WazirX, and BitBNS witnessed significant increases in trading volumes in February. These exchanges reached their highest levels since June 2023, with daily volumes of $2.6 million, $3.4 million, and $7.8 million, respectively.

While these figures represent a positive shift, they remain below the record-breaking volumes observed in 2021.

But What’s Driving This Surge?

Several factors are contributing to the renewed interest in cryptocurrencies within India:

• Increased Investor Demand: Industry experts report noticeable growth in deposits, transactions, and new user signups across various platforms. Bitcoin, currently trading at $67,400, is experiencing significant Bitcoin can’t demand due to its ongoing price rally and growing institutional interest.
• Institutional Influence: The launch of Bitcoin exchange-traded funds (ETFs) has facilitated institutional investment in Bitcoin, making it more accessible to traditional investors. This broader access has fueled excitement and increased demand.
• Supply and Demand Dynamics: New Bitcoin ETFs are acquiring the cryptocurrency faster than existing holders are willing to sell, further contributing to the price rise.
• Halving Event: Experts anticipate the bullish trend to continue as Bitcoin approaches its halving event in April. This event roughly every four years cuts the rate at which new Bitcoins are produced in half, potentially impacting supply and driving prices upwards.

The Indian crypto market, despite facing tax hurdles, is showcasing renewed optimism. While the future remains uncertain, the current trends indicate a potential continuation of this upward trajectory.

Disclaimer: This information is for educational purposes only and should not be considered financial advice.