/ .verified-article img {display:inline-block;margin-right:5px;} @media screen and (max-width:766px){.common-all-content .verified-article img {width:25px!important;}} span.verified-article {background: #3aa84f1f;border-radius: 15px; padding-right: 10px;color: #3aa84f;display: inline-block;margin-bottom: 10px;} / virified logo / Bitcoin (PC-Pixabay) India’s leading cryptocurrency trading platform ‘CoinSwitch’ has surpassed 2 crore registered users and became the first platform to do so in the country on March 6.
CoinSwitch First Indian Cryptocurrency With 2 Cr Registered Users The surge in CoinSwitch investment has seen after investors optimism towards Bitcoin ETFs and also upcoming Bitcoin Halving event.
“Since the turn of 2024, user registrations on CoinSwitch have grown by 5x as compared to the daily average user growth in 2023.In just the last two weeks, the crypto trading volumes on CoinSwitch platforms have increased by 7x, and the number of users in profit has increased by over 80%,” CoinSwitch stated in a release, reported Mint
Is it the right time for you to invest in cryptocurrency like Bitcoin or Coinswitch? Read this article below for more information.
Bitcoin Investment Surge The world’s largest cryptocurrency Bitcoin hit a high of $69,202, topping November 2021’s all-time peak of $68,999.99.
Bitcoin touched a record high on 5th March, fueled by investors pouring money into U.S.spot exchange-traded crypto products and the prospect that global interest rates may fall, reported Reuters.
Why Did Cryptocurrencies Collapse Earlier? In 2022 many crypto firms were caught under the allegations of several manipulations and frauds.The decline in crypto currency became more severe after the FTX crypto exchange, founded by Sam Bankman-Fried, collapsed which cost customers around 8 Billion US dollar.
Another reason behind the fall of Bitcoin earlier was reduced liquidity and rising interest rates in the financial markets reduced Bitcoin’s price much lower.
How Did Bitcoin Again Rise? Investor interest has increased since the Securities and Exchange Commission approved 11 spot bitcoin ETFs in late January.It then reversed course and was recently down around 7% at $63,400.
The recent peak in Bitcoin is primarily driven by U.S.regulators approving spot bitcoin exchange-traded funds (ETFs).BlackRock’s iShares bitcoin trust gets major benefits of such investment flows.
Another reason for the Bitcoin surge is that traders poured into the world’s biggest cryptocurrency ahead of April’s “halving” event, which could reduce supply and push prices up.
Supply of bitcoin is limited to 21 million, of which 19 million tokens have already been mined, reported Reuters.
Is Cryptocurrency Boom Different Than Earlier? Earlier Cryptocurrency Boom was led by ordinary investors.
They also bought memecoins, which were based on jokes.
Current rise in Bitcoin is also with the support of major financial institutions like BlackRock and Fidelity.
Is the Crypto Boom Really Back? According to certain crypto experts this is just a start for the cryptocurrency boom and it will grow to more like 100,000 dollars per month in future.
However many institutions, governments, courts and regulators are still skeptical about Cryptocurrencies.
The are doubtful about its operations that it should be based like stocks, debentures like regular market and weighing its in on lawsuits.All these perceptions and decisions will decide the future of cryptocurrencies.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice.).
