Indians are pouring into crypto as Bitcoin rockets to new highs

Bitcoin’s meteoric rise of breaching all-time highs in the last seven days has seen Indian investors join in the rally. Top Indian exchanges CoinDCX, Coinswitch, Mudrex and Zebpay have cumulatively recorded net inflows of $150-200 million in the past seven days, estimates showed.

CoinDCX said daily trading volume in July has gone up 40% to 12.82 million from 9.17 million last month. Coinswitch saw a 22% increase in spot and futures trading volume week-on-week. Spot volumes alone have grown 145%, it said. Mudrex reported doubling of trading volumes in the past week, with tier-2/3 cities and towns accounting for 40%. ZebPay noted an average 75% increase in weekly volumes.