Cryptocurrency trading volume including user signups has witnessed a jump of up to 45 percent in recent weeks because of stability in bitcoin price and a weak rupee.
Bitcoin prices have amalgamated in an increasingly narrow range. At the same time, global equity and bond markets have continued to tread the challenging ground with growing stress. This is developing in sovereign debt and currency markets this week.
On a 30-day basis, Bitcoin is up around 2 percent. In the traditional asset markets, S&P 500 in the US is down 3 percent. On the other hand, in India, the BSE Sensex has depreciated more than 1 percent on a one-month basis. The markets have seen a decent spike over the past few days. In the forex market, the rupee slumped close to 3 percent in September.
According to media reports, BuyUcoin saw a 40-45 percent surge in the Bitcoin-rupee trading pair and a 30 percent jump in new user sign-ups in the second quarter of the financial year 2023. Besides, Crypto exchange Unocoin is witnessing a similar trend.
Reports also suggest that the spike in crypto activity in India has come as a respite for exchanges, which have been battling the crash in trading volumes due to stiff crypto taxation rules and crypto winter. Bitcoin and Ethereum are trading around 70 percent below their all-time highs in the global market.
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