This year, the amount of cryptocurrency trading in India has drastically decreased.
The issue has worsened as a result of the FTX collapse, harming “the mood across crypto tokens.” Unless something dramatic occurs in the next Union Budget, local crypto specialists do not anticipate a comeback in the near future.
“Dead” Indian cryptocurrency market Says since April Expert
At India’s top exchanges, the amount of cryptocurrency trading has drastically decreased this year.
According to statistics from research firm Crebaco, major exchanges in India have lost between 34% and 50% of trading volumes since the bankruptcy of cryptocurrency exchange FTX.
Wazirx, one of the biggest cryptocurrency trading platforms in India, saw a decline of 97.99% in trade volume from January 1 to December 22.
I don’t believe that FTX was primarily responsible for the recent decline in trade volume.
“Until anything significant is stated in the Union Budget, I don’t expect any action or recovery for the sector in India in the next six months,” he concluded.
How FTX’s Demise Affects the Indian Crypto Market
A key executive at a crypto exchange told the publication that FTX “exaggerated the bad attitude in the sector.”
The FTX crisis negatively impacted “the sentiment across crypto tokens,” according to Sogani. “What came out subsequently has put the crypto sector behind by a few years,” he continued.