Indian Crypto Industry Turning Corona Crisis to An Opportunity

Aditya  |  Apr 18, 2020

The current battle between corona and crypto has been very tough in the year 2020. But there are some positive changes which are been observed in the cryptocurrency world. The glory of Indian cryptocurrency exchanges, which seemed diminished due to this deadly disease is once again regaining it. The lifting of the ban on cryptocurrency by India’s apex court in March came as a big moment for crypto players. A lot many new developments are being noticed from the new players for launching the old platforms again to enhance sentiments of investors. But the way the Indian crypto industry turning corona crisis to an opportunity, it seems a positive development.

Cryptocurrencies during corona have experienced many drawbacks in their prices. But now things are showing slight improvement, where there are hopes by crypto investors who regard Bitcoin to be a safe haven. India’s leading cryptocurrency exchange, WazirX has noticed an impressive surge in its regular volume in the last few days. However, not many positive results are expected for equity markets. It has resulted in wiping off a trillion dollars all over the world. In the battle of crypto vs corona, many cryptocurrencies experienced a deep fall due to this deadly virus. But to the surprise, in comparison to equity markets, the crypto market has however remained stable.

In the last few days, the daily volume of WazirX has seen a surge of around 473%. There have been good signs of stability by cryptocurrencies. Many investors are now stepping up to explore crypto despite the financial crunch in the country. But it won’t be right to say anything early. Now, this can be an example of how the Indian crypto industry turning corona crisis to an opportunity. Even the situation of the corona outbreak is persisting, so one needs to wait to see any further changes in the cryptocurrency world in times of global crisis. But striking down the ban has come as a boost for the Indian crypto exchanges. Once again the sector has gained trust among the crypto lovers.

If you want to know another example of how the Indian crypto industry turning corona crisis to an opportunity, then, Unocoin, another leading Indian cryptocurrency exchange, who stopped the business amid fear of covid19 has once again restarted their functioning. There has been a daily increase of visitors on the site, which has prompted Indians to confidently invest in cryptos without any fear from coronavirus. A similar improvement can be seen in another popular Indian cryptocurrency exchange, CoinDCX. The lifting of the ban has brought positive changes where more and more people are now taking initiative in the cryptocurrency market.

Conclusion

It is a very positive development to see how the Indian crypto industry turning corona crisis to an opportunity. Indian crypto exchanges like WazirX and CoinDCX have been showing remarkable improvements in the last few weeks. In comparison to the equity market, the crypto market has remained stable. Investors are still optimistic about the Bitcoin and consider it to be a safe haven. Now more and more people are turning up to crypto exchanges which have brought back their lost glory and trust once again. It has generated hope among the crypto enthusiasts, who can confidently invest in cryptocurrencies. Still, it will be too early to estimate the upcoming developments. Till then, wait and watch.

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