Bitcoin News and Finance
Indian Crypto Exchanges Flooded With INR Deposits and New Users After Elon Musk’s Tesla Revealed Bitcoin Purchase Skip to main content

Indian Crypto Exchanges Flooded With INR Deposits and New Users After Elon Musk’s Tesla Revealed Bitcoin Purchase

Indian Crypto Exchanges Flooded With INR Deposits and New Users After Elon Musk's Tesla Revealed Bitcoin Purchase

Indian crypto exchanges have been experiencing a flood of INR deposits and surging trading volumes since it was revealed that Elon Musk’s Tesla purchased $1.5 billion worth of bitcoin. The positive sentiment swept the Indian crypto industry despite the uncertainty of the cryptocurrency bill that may soon be introduced in parliament.

INR Deposits and Trading Volumes Spiked After Tesla’s Bitcoin Buy News

Indian cryptocurrency exchanges experienced high deposit volumes on Monday after Elon Musk’s Tesla revealed that it bought bitcoin. According to the company’s filing with the U.S. Securities and Exchange Commission (SEC), Tesla put $1.5 billion into bitcoin in January and expects to accept payment in the cryptocurrency for its products and services in the near future.

The move caused a massive inflow of orders on cryptocurrency exchanges in India and globally. Sathvik Vishwanath, the CEO of Unocoin, a major Indian crypto exchange, told news.Bitcoin.com Tuesday:

We have seen a sudden uptick in INR deposits and BTC trading volumes on Unocoin since Tesla announcement. The markets in India were not reacting so quickly before, so this should be a very strong trigger this time.

“The INR deposits have more than doubled since the last 18 hours. The number of new registrations in the same time span is what we generally see in a week,” he further shared.

Another major Indian crypto exchange, Wazirx, saw a similar trend after the Tesla news broke. CEO Nischal Shetty told news.Bitcoin.com: “We saw 3x more deposits in the first few hours compared to other days. Deposits have been on an upward trend ever since.”

Cryptocurrency exchanges outside of India also experienced high volumes after Tesla’s news, including Binance, Coinbase, and Kraken. A spokesperson for Kraken told Reuters: “The recent run-up far exceeded anticipated increases in demand, up over five-fold from previous all-time highs.”

On the regulatory front, the Indian government is preparing to introduce the crypto bill that may 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 fast-track this bill, the central bank says it will soon announce the decision regarding the central bank digital currency. Meanwhile, the cryptocurrency industry in India has launched a campaign to convince the government to not ban cryptocurrency.

Then on Tuesday, the finance ministry revealed in Rajya Sabha, the upper house of India’s parliament, that the bill is actually being finalized and will soon be sent to the Cabinet.

What do you think about the Indian crypto market being influenced by Tesla’s BTC buy? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory