Since the start of January, the value of Bitcoin has risen over 85 percent, hitting $65,000 in mid-April, driven in part by Tesla chief Elon Musk and partly by the billionaire hedge fund managers who consider bitcoin as a digital equivalent of Gold.
But after enjoying a massive bull rally, a sell-off in early May crippled the crypto market. It was triggered by the concerns of regulatory crackdowns, rising inflation, environmental issues, and slowing institutional demand.
Despite that, the interest in this asset class has gone up. Indians, traditionally obsessed with gold (Indian households own over 25,000 tonnes of gold) have turned their eyeballs to cryptos.
According to data from Chainalysis, crypto investments in India have grown over 600 percent from April 2020 to May 2021.
As interest spikes, investors are looking for cryptocurrency exchanges that allow them to buy and sell digital coins like Bitcoin.
Here's a look at some of the biggest crypto exchanges in India:
(Edited by : Yashi Gupta)
First Published: Jul 1, 2021 12:34 PM IST
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