In India, Bitcoin trading is making its position high more than ever due to the ease of crypto regulation in the country. The peer-to-peer trading platforms, LocalBitcoins and Paxful, witness more trading volume in mid-May. Per the data of the two P2P trading companies, traders traded Bitcoin worth $3 million in a single week.
Paxful Overtakes LocalBitcoins in India
The data analytical firm Useful Tulips unveils that Indians are doing trading of the top digital asset more than ever. And the data is taken from two prominent peer-to-peer crypto trading sites, Paxful and LocalBitcoins. LocalBitcoins has presence in the world markets from a long time, but now its trading volume is decreasing as the company is tightening its Anti-Money Laundering (Policy). The new player in the P2P trading world, Paxful, has now overtaken LocalBitcoins in volume in India.
On May 10, BTC volume on Paxful reached to $1.48 million while LocalBitcoins was successful in attaining $1.25 million in BTC. The combined BTC volume, nearly $2.7 million, occurred on May 10 which was closer to all-time high value, $2.9 million, recorded in December 2017.
The graph shared by Useful Tulips tells us about the rising traded volume of Bitcoin in May 2020. This upward trend on P2P trading platforms corresponds with the overall rising interest of Indians towards cryptocurrency, thanks to crypto-friendly regulations.
Ray Youssef, the CEO of Paxful, said:
“The Indian market holds great potential and importance for the future of the crypto economy. People in India are betting big on Bitcoin, which is presenting an opportunity for greater financial returns. We are actively focusing our efforts on bringing cryptocurrency to the masses across the nation to aid in the eradication of poverty, boost economies and create jobs.”
Crypto Growth in Country
The cryptocurrency saw a clear growth in India after the Indian Supreme Court lifted the ban on crypto and on banks dealing with cryptocurrency. But the lockdown throughout the country due to COVID-19 has poured a negative effect on BTC trading in the country as volume fell to yearly low at the end of March 2020.
The current state of the economy has also pushed Bitcoin upward as inflation keeps on increasing due to COVID-19 effects. Currently, the inflation rate of state currency, the rupee, stands at 9.66% which is above the average inflation rate of 4.72%.