The massive price hike of Bitcoin has increased speculation about it being a bubble which could burst off anytime. But Indian novices and seasoned traders have a different story to tell with their ever-increasing enthusiasm in the crypto radar. As the price of Bitcoin raced towards $10,000 mark on Tuesday, there has been a significant increase in trading as reported across various crypto platforms plying the Indian market.
“We are flooded with requests. In the past week alone, we have seen double the number of registrations. Signups are happening at full capacity.” said Vivek K, the assistant vice president, technology, working at Coinsecure, a Delhi-based Bitcoin exchange to Economic Times
Other major Bitcoin trading platforms such as Unocoin, Zebpay and Bitxoxo have also reported tremendous surge in trade volumes and signups. Starting from Rs. 3,16,200 on August 30, the price of a single Bitcoin token swelled up to Rs. 7,51,500 on November 28th reporting almost 140% hike in the last three months. Ether, the closest rival of Bitcoin also reported an all-time high of Rs 30,272 per unit on November 28.
Saurabh Agrawal, the cofounder of Zebpay pointed out that,
“Every three months our (bitcoin trading) volumes have been doubling and that trend is continuing. The price movements have helped in the volume increase.”
A Unocoin spokesperson said that the company had registered 5000 new users on a daily basis since the last three weeks starting from 3000 daily registrations way back in October. This has helped in increasing the total number of members of the platform from 100000 about an year ago to 700000 at present times. Bitxoxo has revealed to have registered 3000 new users on a daily basis in this month, half of which are active traders. The exchanges also revealed that the investor profile who have been signing up for engaging in Bitcoin trade has undergone considerable change as fresh blood carrying in-depth knowledge of stock trading are entering this field which still lacks a proper regulatory backing.
Indian cryptocurrency startups have come together with an online petition for seeking bitcoin regulation and have already garnered 15000 signatures in its favour. “There are high net worth individuals, trading companies, and corporate entities exploring this space. Experienced stock traders and analysts who study the charts are interested in investing because of the surge in price,” said Vivek of Coinsecure.
Even though Bitcoins are currently being purchased at premium rates, the price of one BTC was registered as $9,870 in United States compared to $11,500 in India on 28th November. The price of Bitcoin is a function of its demand and supply statistics. Compared to US markets, Bitcoin is traded at a premium rate in Korean and Japanese exchanges. More than 1000 bitcoins accounting for a whopping Rs 76 crore are traded on a daily basis across the 15 crypto exchange platforms in India. About 16.7 million bitcoins are already in circulation in the global field.
What is your take on Bitcoins and Cryptocurrencies? Should Bitcoin be legalised in India ? Comment your views below and be a part of this big Bitcoin wave that is flowing in India
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Tarunima Ghosh Laha is a Finance Post Grad from St. Xaviers who believes Finance is more than just Balance Sheets and Ledger creation. This filmy bookworm who believes she was a sloth in past life also nourishes a penchant of owning a private zoo someday. Equipped with a laptop and online Lexicon she is all set to give finance a glamorous makeover in the form of exciting writeups with bang on info and flashy new words.
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