India’s crypto exchanges experiencing floods of customers wishing to invest in crypto after Bitcoin’s value surged over US$ 48,000. This overflowing of investment is the result of Tesla’s 1.5 Billion investment into Bitcoin which sent the coin’s value skyrocketing while the uncertainty is still hovering over the Indian crypto space.
Currently, Indian crypto exchanges have been receiving a huge number of investment inquiries which has caused havoc of investment into Bitcoin.
It was revealed by local news outlets that since Bitcoin’s value has surged over US$48,000, the Bitcoin investment craze has sparked in India. Every single crypto exchange within India, whether domestic or international, has been overrun by new investors seeking to acquire membership. It was informed by Indian crypto exchanges that all the new members along with existing members want to put their funds into Bitcoin. It was reported by crypto exchanges that they are receiving huge amounts of Indian Rupees in their trading accounts maintained by their customers.
The latest Bitcoin Bull is attributed is caused through investment brought into by Tesla. Elon Musk, renowned crypto investor and Bitcoin-fan, heading electric vehicles manufacturing company, Tesla, informed that his company invested US$ 1.5 Billion into Bitcoin. It was this investment from Tesla which instantly skyrocketed Bitcoin’s value which went upto US$ 48,000 in no time. Simultaneously, Bitcoin’s overall market capital also ascended over and above US$ 860 Billion making it an all-time high.
In addition, Tesla has also informed that from now on it will accept payment in the form of cryptocurrencies as well.
Tesla’s investment gave instant rise to the inflow of trading orders at crypto trading & exchange platforms throughout the world. India was amongst one such country whose crypto exchanges are finding it difficult to cope with the increased number of trading orders.
Unocoin’s CEO, SathvikVishwanat, which is the leading Indian crypto exchange, said that their Bitcoin trading volumes have spiked enormously. He added that the moment Indian investors came to know of Tesla’s announcement, they are experiencing sharp national currency deposits. He opined that since the past month, the Indian crypto industry was rather slow but the present circumstances have sent the market up significantly.
In less than 24 hours’ time, Indian currency deposits have almost doubled. The number of persons seeking to join crypto exchanges have also increased exponentially. For instance, the number of new members acquired by an Indian crypto exchange in a week, have been achieved in a single day.
The second most popular Indian crypto exchange, WazirX, too suggested experiencing the same situation as that of Unocoin. Nischal Shetty, serving CEO of WazirX, said that they experienced at least 3x deposits in less than 8 hours. This is huge as their team cannot even move to grab a cup of coffee, he said.
However, the crypto situation in India is also undergoing immense pressure from the Government. Though India has committed to launch its CBDC soon, however, the Government has been considering imposing a ban on crypto. Would this change be of any good to stop the ban, only time will tell.