India’s cryptocurrency is seeing some optimism despite the scare of Coronavirus pandemic. While most of the stock exchanges and financial sectors were being hit by the uncertainty of the times, the country’s data for digital currency banks and others say otherwise, according to a report of a media agency Bit2buzz.
The survey also revealed that revealed trading behaviors among Indians including studies on women representation and participation, as well as the aftermath of COVID19 in crypto entities and its ripple effect on the economy. Moreover, the reports showed folks ages 18-35 were using some blockchain technology that is involved in the market. Some of the mentioned ones were Pocktbits, Coindcx, Bitbns Casha, Unocoin, Bank of Holders, and the like.
The media outlet gave some breakdown of percentage users in various exchanges such as Oropoxket, 39%, Casha, 30%Unocoin, 15%; Bitbns, 11%; Bank of Toddlers, 5%, and Pocketbits, 2% Confirmation also disclosed a surge of heavy traffic middle-aged group users, that is, 35-50 years old.
Substantial information also highlighted the data on women’s participation in trading in recent months, dropping a 43.24% mark in the first quarter. Strong trader’s volume also were women youngsters from tier -2 and -3 cities and places and are users of CoinSwitch.
More interesting facts are that lasses from small towns were inquiring about options to invest in the stock market and mutual funds In another related interview, WazirX CEO Nischal Shetty, he revealed that these women supported #indianwantscrypto in a social media trend he has seen in the last days. His said 470% increase in sign-ups.
Daily trading, according to a statement from Coindcx CEO Summit Gupta revealed, were mainly reaching $15million. This result was coming from Indian’s inquiries to learn about the benefits of crypto followed by some techniques to sustain one. As well, Pocketbits CEO Sohail Merchant quipped that the volumes of interest and searches were triggered with most people staying at home and killing their time.
The lockdown due to the COVID-19 pandemic meant that Indians spent more time at home, sustaining the national interest and curiosity in cryptocurrencies that was already high due to the favorable supreme court verdict.
In earlier news, the Indian government would be banning cryptocurrency across the country. According to media reports, there were some sources of blockage to this new industry. But some companies have refuted these effects to not creeping down to their business yet although there were indeed plans on crypto regulation, specifically from the Reserve Bank of India, among others.