Bullish Indians rush in for a big bite of bitcoin

Bitcoins’ remarkable recent rally to all-time highs has triggered warnings of a speculative bubble in the making, but Indians — seasoned traders and novices alike — are rushing in unfazed. Registrations at leading Indian Bitcoin exchanges have doubled in recent weeks, spiking up trading volumes, as the price of the decentralised crypto currency breached $10,000 a unit on Tuesday. “We are flooded with requests,” said Vivek K, assistant vice president, technology, at Delhi-based Bitcoin exchange Coinsecure. “In the past week alone, we have seen double the number of registrations. Signups are happening at full capacity.” Other leading exchanges including Zebpay, Unocoin and Bitxoxo, too, are seeing a surge in signups and trade volumes. The enthusiasm is understandable. The price of Bitcoin, or BTC, swelled to about Rs 7,51,500 apiece on November 28 from about Rs 3,16,200 on August 30, a nearly 140% increase in three months. Bitcoin’s closest crypto currency rival, Ether, which, too, is at an all-time high, was trading at Rs 30,272 a unit on November 28. “Every three months our (bitcoin trading) volumes have been doubling and that trend is continuing. The price movements have helped in the volume increase,” said Saurabh Agrawal, cofounder of Zebpay.

A spokesperson for unocoin said the company has been registering about 5,000 new users a day the past three weeks, up from about 3,000 new registrations a day in October. The exchange's total number of users has increased to 700,000 from about 100,000 a year ago.

Bitxoxo has been registering 3,000 new users a day this month,of whom about half are active traders, according to the company.

Source: https://economictimes.indiatimes.com/markets/stocks/news/bullish-indians-rush-in-for-a-big-bite-of-bitcoin/articleshow/61841468.cms

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