Rich profits generally come with big dangers, and the highly volatile cryptocurrency market is no exception. Because of the worldwide uncertainties in 2020, the general public and huge institutional investors have become more interested in trading cryptocurrencies, a new asset class. In the previous year, increasing digitization, a more flexible regulatory framework, and the Supreme Court's relaxation of the ban on banks engaging with crypto-based enterprises have attracted more than 10 million Indians to invest.
Several large worldwide cryptocurrency exchanges are studying the Indian crypto market, which has seen a steady increase in daily trading activity over the last year, despite a significant decrease in prices as many investors sought value. As the cryptocurrency craze continues, a slew of new cryptocurrency exchanges have popped up around the country, allowing users to buy, sell, and trade using user-friendly apps.Between January and March 2021, WazirX, India's largest cryptocurrency trading platform, quadrupled its user base from one million to two million.
What Is Attracting the World's Biggest Crypto Exchanges to India?
Binance, the world's largest cryptocurrency exchange by trade volume, purchased WazirX, an Indian trading platform, in 2019. Coin DCX, a cryptocurrency startup located in the Seychelles, has received funding from BitMEX and Coinbase, both of which are situated in San Francisco. By June 15, 2021, India's crypto and blockchain start-ups had received USD99.7 million in funding, up from roughly USD95.4 million in 2020. Global investment in the Indian crypto sector has surged by 1487 percent in the last five years.
Despite India's ambiguous policies, international investors are betting heavily on the country's digital coin ecosystem for a variety of reasons, including:
• Indians who are tech savvy
Cryptocurrency may become to Indian millennials what gold is to their parents!
• Fintech startups are on the rise.
• Conflicting Government Reactions.
According to a TechSci Research report titled "Global Cryptocurrency Market By Offering (Hardware & Software), By Process (Mining & Transaction), By Type (Bitcoin, Etgereum, Bitcoin Cash, Ripple, Dashcoin, Litecoin, Others), By End User (Banking, Real Estate, Stock Market & Virtual Currency), By Company, By Region, Forecast & Opportunities, 2025," the global cryptocurrency market is expected to grow at a robust