Bitcoin P2P trading volume: India witnesses massive growth
- India Bitcoin P2P trading grown massively
- Adoption of the crypto asset is also growing
India and China are currently the leading countries when it comes to peer-to-peer Bitcoin trading.
India has recorded a huge amount of growth in its P2P trades this year. At this rate, the country is poised to surpass China as the leading contributor to the Asian P2P transaction volume.
China banned its teeming population from directly buying the crypto asset using their Yuan currency, this led to a drop in the amount of trades being carried out with the coin. India, on the other hand, has seen an increase in its trades.
As the value of the coin has risen, many traders have become more inclined to increase their tradings in the coin. Not only that, there had been a rapid rise in the numbers of startup jobs in the crypto industry.
India’s growth in P2P trades
Reports have shown that LocalBitcoin had dominated the crypto market of the country, until September when it tried to implement the KYC guidelines.
Paxful was able to take a major share of the market when it implemented KYC guide. This, however, did not stop Asia’s trading volume from nosediving.
The growth of P2P trade in India can be linked with the judgment of the Indian Supreme Court that overturned the ban placed on crypto assets by RBI earlier in the year.
Price of Bitcoin keeps rising
The price of Bitcoin has risen drastically in the last two to three weeks. Presently, the coin is selling for over $15,000.
The coin had suffered a dip in its price due to the pandemic early in the year but it has consistently risen. Many analysts have predicted that the coin could go on to sell for as high as $20,000.
The rate of adoption and acceptance of Bitcoin has immensely grown. Institutions like PayPal, Square etc have played an active role in the acceptance of the coin.
