India’s crypto investors and cryptocurrency exchanges continue to lead a struggle to keep the domestic cryptocurrencies market active which could be affected by the new regulations and bans imposed on cryptocurrencies transactions within India, announced last month by the Reserve Bank of India (RBI).
Sources point out that Indian crypto investors remain optimistic about the market outlook for the coming months after banks and lenders begin to abide by the ban on facilitating any transaction with cryptos within India, as they believe that peer-to-peer negotiations will be able to survive the new regulations and elevate the decentralized cryptocurrencies market.
This vision has allowed cryptocurrency exchanges trading volumes to skyrocket in India, reaching daily trading volumes of $75 million, according to data from the Indian cryptocurrencies stock exchange, Coindelta. In this way, the domestic cryptocurrencies market would have recovered to the levels prior to the regulatory measures and is positioning itself to begin a new trading season in the beliefs of the old cryptocurrencies investors.
Despite Indian regulatory targeting crypto investors and cryptocurrency exchanges, Indian cryptocurrencies market investments are on the rise
Today, Bitcoin (BTC) prices have also been recovering in the market, trading again at $10,000 but dropped back to a little above $9,500US. Despite all these, Indian crypto investors decided to put more money on BTC, in comparison to early April when the sentiment was bearish. Therefore, Indian cryptocurrencies market is surrounded by a bullish sentiment.
Shivam Thakral, CEO at BuyUcoin, one of the most reliable cryptocurrency exchanges an crypto asset Indian origin, noted that exchange operators, cryptocurrencies investors and analysts are taking advantage of the 3-month delay in the application of the government ban on trading Rupees for cryptocurrencies, a phenomenon that has also helped the rise of the local cryptocurrencies market.
Thus, India’s cryptocurrencies market traders and the crypto investors are having a bullish attitude as the Indian traders don’t believe regulations will negatively influence cryptos unless they are completely outlawed in India.