India has proven to be a rather complex country when it comes to cryptocurrencies. Overall trading volume across exchanges is surging during the coronavirus, potentially hinting at things yet to come.
Similar to other countries, India is under some form of lockdown due to the coronavirus.
Crypto Demand Picks up in India
As such, it drives people to alternative investment options to make some money now or in the near future.
Demand for exposure to Bitcoin and other crypto assets has risen significantly.
So much even that most Indian trading platforms indicate a 1,000% increase in volume.
Now is a good time to learn more about cryptocurrencies and their underpinning technology.
All of this momentum comes as a rather big surprise.
More specifically, India’s government has always taken a harsh stance toward Bitcoin and other crypto assets.
While some progress was made earlier in 2020, it didn’t create a sudden interest in these assets either.
Now that the coronavirus crisis is still in full effect, things are slowly changing, or so it seems.
It is equally possible that the trading volume is rising due to the Bitcoin reward halving.
That event will take place in a few days from today.
Only time will tell what the real catalyst for this renewed interest is.
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