A resurgent bitcoin is rekindling Indian interest in cryptocurrencies with reports suggesting many dormant holders are back to trading.
A report in Livemint is also attributing the piqued interest to a recent Indian supreme court decision to overturn a prohibition that barred banks from dealing with cryptocurrency exchanges. The ban was imposed by the Reserve Bank of India (RBI) in April 2018.
Nischal Shetty, founder and CEO of Wazirx, a cryptocurrency exchange in India, says they are witnessing a renewed excitement.
Shetty said bitcoins price, which breached the $11,000 mark on Tuesday, resulted in Wazirx seeing a big jump in our trading volume.
Another expert, Sumit Gupta, a co-founder and CEO at Coindcx, another cryptocurrency exchange, offers a different take for the current interest in bitcoin.
According to Gupta, the surge in bitcoin prices comes amid a rush for safe-haven assets that are considered alternatives to cash and stocks. The decreased supply of available bitcoin following the halving event in May is another factor behind the price rally.
Prior to the halving, the bitcoin block reward was 12.5 bitcoins but this was reduced further to 6.25 bitcoins. This means fewer bitcoins have been released onto the market to date when compared with the same period last year.
Another expert, Ajeet Khurana, a member, Blockchain and Cryptocurrency Committee of the Internet and Mobile Association of India (IAMAI), focuses on market participants in his explanation for the price surge.
He explains:
The common investor in any asset class is primarily driven by asset price inflation. The trader in an asset class is driven by volatility, and expects to make money on price movements in both directions. For both of these, bitcoin has been a delight in the recent past.
Khurana also believes that crypto investors do not invest in other asset classes. Therefore, the rise in bitcoin prices could fuel a surge in crypto market participants, both investors and traders.
In other words, the cult-like following of cryptocurrency gets strengthened when there is a rally in its prices.
Meanwhile, India still does not have a regulatory framework for cryptocurrency some four months after the supreme court ruling. In addition, a draft government bill on cryptocurrencies seeks to criminalize the mere possession of cryptocurrency.
Subhash Chandra Garg, the former Finance and Economic Affairs Secretary of India, told an Indian crypto community earlier this month, that crypto assets should be regulated as commodities. Despite making these comments, Garg says he still stands by the current crypto bill.
Will clarity on crypto regulation further boost interest in bitcoin? Share your thoughts in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
View post:
Bitcoin Tops $11000 Reigniting Interest in India - Bitcoin News
- Bitcoin Cash: Why It's Forking the Blockchain And What That ... - January 26th, 2018 [January 26th, 2018]
- Bitcoin Cash: Peer-to-Peer Electronic Cash (BCH) - January 29th, 2018 [January 29th, 2018]
- Bitcoin Cash Definition | Investopedia - January 31st, 2018 [January 31st, 2018]
- Bitcoin Cash: The New King of Cryptocurrency? | Investopedia - January 31st, 2018 [January 31st, 2018]
- What is Bitcoin Cash? - January 31st, 2018 [January 31st, 2018]
- Bitcoin vs. Bitcoin Cash: What's the Difference ... - February 12th, 2018 [February 12th, 2018]
- Why Bitcoin Cash Is Not Bitcoin [BTC vs. BCH - Differences ... - March 24th, 2018 [March 24th, 2018]
- What is Bitcoin Cash | Learn about Bitcoin Cash - June 21st, 2018 [June 21st, 2018]
- What is Bitcoin Cash? BCH vs Bitcoin | CoinCentral - July 6th, 2018 [July 6th, 2018]
- Bitcoin Cash (BCC) : Everything You need to know about ... - July 22nd, 2018 [July 22nd, 2018]
- Bitcoin Cash, Litecoin and Ripple Daily Analysis 20/07/18 - July 29th, 2018 [July 29th, 2018]
- What is Bitcoin Cash? - cointelegraph.com - July 29th, 2018 [July 29th, 2018]
- How to Claim Your Bitcoin Cash and Sell it for Bitcoin ... - August 2nd, 2018 [August 2nd, 2018]
- Robinhood Adds Bitcoin Cash & Litecoin Trading, Will ... - September 18th, 2018 [September 18th, 2018]
- Bitcoin Cash: Peer-to-Peer Electronic Cash (BCH) - reddit - October 7th, 2018 [October 7th, 2018]
- Bitcoin Cash (BCC) price, rating, news, and analysis ... - November 1st, 2018 [November 1st, 2018]
- Bitcoin Cash | The best Bitcoin can be. - November 1st, 2018 [November 1st, 2018]
- Bitcoin Cash (BCH) Price, Chart, Info | CoinGecko - November 19th, 2018 [November 19th, 2018]
- 'Real Risk': Blockstream Exec Warns Over Bitcoin Cash 51 ... - November 19th, 2018 [November 19th, 2018]
- Is Bitcoin ABC Really Winning the Bitcoin Cash "Hash War ... - November 19th, 2018 [November 19th, 2018]
- Bitcoin Cash: ABC Futures Cross $300 in Hard Fork Aftermath - November 19th, 2018 [November 19th, 2018]
- Top 11 Best Bitcoin Cash Wallets (BCH) to Store Bitcoin Cash ... - November 19th, 2018 [November 19th, 2018]
- Bitcoin Cash vs. Bitcoin | The Pros and Cons - CoinCentral - December 27th, 2018 [December 27th, 2018]
- Bitcoin Cash is 41.7% Up, Will the Upside Momentum Sustain? - December 27th, 2018 [December 27th, 2018]
- Bitmain Fires Entire Bitcoin Cash Development Team: Report - December 31st, 2018 [December 31st, 2018]
- Best Bitcoin Cash Wallets (BCH): Free Money For Every ... - March 21st, 2019 [March 21st, 2019]
- Litecoin & Bitcoin Cash Fuel Staggering $33 Billion Crypto Rally - April 9th, 2019 [April 9th, 2019]
- Bitcoin Cash Has Nearly Doubled Since Monday - forbes.com - April 9th, 2019 [April 9th, 2019]
- Bitcoin Cash, Litecoin And Dogecoin Bulls Aim Higher Despite ... - April 9th, 2019 [April 9th, 2019]
- Bitcoin Cash, Tron (TRX), BNB, LTC & EOS Could Continue To ... - April 9th, 2019 [April 9th, 2019]
- Bitcoin Cash Futures Volumes: A Prelude to the Recent BCH ... - April 20th, 2019 [April 20th, 2019]
- Bitcoin Cash (BCH) Downside Thrust Underway Before Sharp ... - April 20th, 2019 [April 20th, 2019]
- SBI Delists Bitcoin Cash | Keeps Support for Bitcoin SV - April 20th, 2019 [April 20th, 2019]
- Bitcoin Cash: Where BCH Stands the Day after the Hard Fork - April 20th, 2019 [April 20th, 2019]
- Crypto Market Near Turning Point: BNB Up 10%, Bitcoin Cash ... - April 20th, 2019 [April 20th, 2019]
- Crypto Market Wrap: Bitcoin Cash (BCH) Leading $6 Billion Surge - May 9th, 2019 [May 9th, 2019]
- Crypto Investing in the 2020s - FXStreet - October 16th, 2019 [October 16th, 2019]
- Latest cryptocurrency news and prices, 16 October 2019 - The South African - October 16th, 2019 [October 16th, 2019]
- More than 87% of Global Virtual Asset Trading Now Traceable with CipherTrace - Business Wire - October 16th, 2019 [October 16th, 2019]
- More than 87 per cent of global virtual asset trading now traceable with CipherTrace - HedgeWeek - October 16th, 2019 [October 16th, 2019]
- Litecoin (LTC), Ethereum (ETH) and Bitcoin Cash (BCH) Price and Analysis Will the Bulls Maintain the Unbeatable Trend? - NullTX - October 16th, 2019 [October 16th, 2019]
- Ex-CEO of Google Africa: Bitcoin a Gift That Will Change Humanity - Cointelegraph - October 18th, 2019 [October 18th, 2019]
- 10 of the Best Telegram Crypto Channels - Bitcoin News - October 18th, 2019 [October 18th, 2019]
- Coinbase, Cash App, Remain Top Rated Places To Easily Buy Bitcoin - newsBTC - October 18th, 2019 [October 18th, 2019]
- Talking Money: The rise and fall and rise again of cryptocurrencies - The Scotsman - October 18th, 2019 [October 18th, 2019]
- The Crypto Daily Movers and Shakers -16/10/19 - Yahoo Finance - October 18th, 2019 [October 18th, 2019]
- CipherTrace adds support for over 700 crypto assets, including bitcoin cash, ether and tether - Yahoo Finance - October 18th, 2019 [October 18th, 2019]
- Binance.US Allowed USA Users To Buy Bitcoin with Debit Cards - Bitcoinik - November 2nd, 2019 [November 2nd, 2019]
- Bitcoin and Altcoins Sighting Next Significant Break - Cryptonews - November 2nd, 2019 [November 2nd, 2019]
- Anonymous Bitcoin Price Prediction Finally Poised to Fail - BeInCrypto - November 2nd, 2019 [November 2nd, 2019]
- Bitwage Allows Companies in the EU, UK and US to Pay Wages in Bitcoin Cash - Inside Bitcoins - November 2nd, 2019 [November 2nd, 2019]
- Bitcoin Cash Price Changed by -2.38 percent - ICO Brothers - November 2nd, 2019 [November 2nd, 2019]
- The Crypto Daily Movers and Shakers -01/11/19 - Yahoo Finance - November 2nd, 2019 [November 2nd, 2019]
- Bitcoin Cash Retraces and Attempts to Retest the Previous High of $300 - Coin Idol - November 2nd, 2019 [November 2nd, 2019]
- Bitcoin Cash more vulnerable to timestamp manipulation than Bitcoin: BitMEX Research - AMBCrypto - November 2nd, 2019 [November 2nd, 2019]
- Bitcoin Cash, NEO and XRP Price Prediction and Analysis for October 29th - NullTX - November 2nd, 2019 [November 2nd, 2019]
- Bitcoin Cash First Halving Countdown Begins, To Happen in May 2020 - Coinpedia - November 2nd, 2019 [November 2nd, 2019]
- The resolution of the Bitcoin Cash experiment - CoinGeek - November 2nd, 2019 [November 2nd, 2019]
- Bitcoin Cash's Q3 performance was horrid here's what happened - The Next Web - November 2nd, 2019 [November 2nd, 2019]
- Bitcoin and Altcoins Topside Bias Vulnerable - Cryptonews - December 4th, 2019 [December 4th, 2019]
- Bitcoin Cash Price Changed by -0.4 percent - ICO Brothers - December 4th, 2019 [December 4th, 2019]
- SoFi gets New York BitLicense, set to offer crypto trading in the state - Decrypt - December 4th, 2019 [December 4th, 2019]
- Bitcoin and Altcoins Gaining Bearish Momentum - Cryptonews - December 4th, 2019 [December 4th, 2019]
- Bitcoin Cash Price Changed by -0.01 percent - ICO Brothers - December 4th, 2019 [December 4th, 2019]
- Bitcoin Cash Price Changed by -1.04 percent - ICO Brothers - December 4th, 2019 [December 4th, 2019]
- Bitcoin Cash ABC, Litecoin and Ripple Daily Analysis 04/12/19 - Yahoo Finance - December 4th, 2019 [December 4th, 2019]
- Moon Cash | Free bitcoin cash faucet - December 4th, 2019 [December 4th, 2019]
- Altcoin apocalypse the dramatic fall of XRP, Bitcoin Cash and ZEC - Born2Invest - December 7th, 2019 [December 7th, 2019]
- The Crypto Daily Movers and Shakers -07/12/19 - Yahoo Finance - December 7th, 2019 [December 7th, 2019]
- Bitcoin's bumpy revolution may be only just beginning - The Independent - December 7th, 2019 [December 7th, 2019]
- Early BTC Investor Roger Ver Says Bitcoin Cash Set to Skyrocket A Thousand Times From Where It Is Now - The Daily Hodl - December 7th, 2019 [December 7th, 2019]
- Bitcoin Cash Price Analysis - Will The Uptrend Continue Above $212? - KryptoMoney - December 7th, 2019 [December 7th, 2019]
- Award-Winning Bay Area Nonprofit Now Accepts Bitcoin, Bitcoin Cash, and Ethereum Donations through BitPay - Send2Press Newswire - December 7th, 2019 [December 7th, 2019]
- Understanding the distribution of the crypto market: Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Cardano - FXStreet - December 7th, 2019 [December 7th, 2019]
- Open Positions Report: Where's the money in the crypto market? Bitcoin, Ethereum, Litecoin, Bitcoin Cash - FXStreet - December 7th, 2019 [December 7th, 2019]
- Bitcoin Cash Price Analysis: BCH/USD ruthless bears gnaw the price towards $200 - FXStreet - December 7th, 2019 [December 7th, 2019]
- Bitcoin Cash (BCH) Bounces, a Move above $227 Increases the Prospect of a Rally - Coin Idol - December 7th, 2019 [December 7th, 2019]
- Rebranded Localcryptos Lets You Cash Out BTC Peer to Peer Minus the Hassle of KYC - Bitcoin News - January 30th, 2020 [January 30th, 2020]
- BCH Price Momentum Astounds the Traders Overnight - NameCoinNews - January 30th, 2020 [January 30th, 2020]
- Bitcoin.com Update: Dev Fund Proposal 'Will Not Go Through' Without More Agreement - Bitcoin News - January 30th, 2020 [January 30th, 2020]