Indian crypto exchanges have seen a spate of INR deposits and rising trading volumes since it was revealed that Elon Musk’s Tesla purchased $ 1.5 billion worth of Bitcoin. The positive sentiment gripped the Indian crypto industry despite the uncertainty surrounding the cryptocurrency law that could soon be introduced in parliament.
INR deposits and trading volumes rose following Tesla’s Bitcoin purchase news
Indian cryptocurrency exchanges saw high deposit volumes on Monday after Elon Musk’s Tesla announced that they had bought bitcoin. Tesla invested $ 1.5 billion in Bitcoin in January, and expects to start accepting cryptocurrency payments for its products and services in the near future, according to the company’s filing with the US Securities and Exchange Commission.
The move caused a massive influx of orders to cryptocurrency exchanges in India and around the world. Sathvik Vishwanath, the CEO of Unocoin, a major Indian crypto exchange, told news.Bitcoin.com on Tuesday:
We have seen a sudden surge in INR deposits and BTC trading volume on Unocoin since Tesla’s announcement. Markets in India did not react as quickly before, so this time around should be a very powerful trigger.
“INR deposits have more than doubled in the last 18 hours. The number of new registrations in the same period of time is what we normally see in a week, ”he said.
Another major Indian crypto exchange, Wazirx, saw a similar trend after the Tesla news hit. CEO Nischal Shetty told news.Bitcoin.com: “We saw three times more deposits in the first few hours than on other days. The deposits have been on an upward trend since then. “
Cryptocurrency exchanges outside of India also saw high volume after Tesla’s news, including Binance, Coinbase and Kraken. A Kraken spokesperson told Reuters: “The recent surge has far exceeded expected increases in demand, quintupling from previous all-time highs.”
On the regulatory front, the Indian government is preparing for the introduction of the crypto law that can ban cryptocurrencies while creating a regulatory framework for the digital rupee to be issued by the Reserve Bank of India (RBI). Amid reports that the government may speed up this bill, the central bank says it will soon announce the central bank’s digital currency decision. Meanwhile, the cryptocurrency industry in India has launched a campaign to convince the government not to ban cryptocurrency.
On Tuesday, the Ministry of Finance in Rajya Sabha, the upper house of the Indian Parliament, announced that the bill would indeed be finalized and will soon be sent to the cabinet.
What do you think of the Indian crypto market being affected by Tesla’s BTC purchase? Let us know in the comments below.
Photo credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or an invitation to make an offer to buy or sell, or a recommendation or approval of products, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use or reliance on any content, goods or services mentioned in this article.
