Peer-to-Peer (P2P) Cryptocurrency Trading in India is Now Surging More than Ever
Bitcoin trading on local peer-to-peer (P2P) crypto exchanges in India is increasing rapidly as major peer-to-peer exchanges including Paxful and LocalBitcoins have reported a significant increase in Indian trading volume. According to data from the analytics site “Useful Tulips”, Indian peer-to-peer trading has surged more than before over the course of the past few months. Reportedly, the Paxful P2P crypto exchange has taken over the LocalBitcoins exchange in terms of recording more bitcoin trading volume in India.
Bitcoin trading in India surged to nearly $3M in one week
As per the data from the Useful Tulips site, peer-to-peer trading in India soared in mid-May when the Indian Bitcoin trading volume reached nearly $3 million within the duration of just one week on the P2P crypto exchanges Paxful and LocalBitcoins.
Bitcoin trading on the LocalBitcoins exchange rose to $1.25 million on May 10 while on the other hand, the crypto exchange Paxful recorded a bitcoin trading volume of $1.48 overtaking LocalBitcoins. The trading volume on both exchanges totals $2.7 million. This figure was even very close to reach an all-time high of $2.9 million that was made in the month of December in 2017.
‘People in India are betting big on Bitcoin’
The CEO of the Paxful cryptocurrency exchange Ray Youssef is of the view that many people in India are betting their money big time on the top-ranked digital asset Bitcoin (BTC) which means that greater financial returns are expected as a result. Paxful CEO stated:
“The Indian market holds great potential and importance for the future of the crypto economy. People in India are betting big on Bitcoin, which is presenting an opportunity for greater financial returns. We are actively focusing our efforts on bringing cryptocurrency to the masses across the nation to aid in the eradication of poverty, boost economies and create jobs.”
Cryptocurrency and Bitcoin trading is flourishing in India since the Supreme Court of India lifted up the ban from cryptocurrency allowing banks to start providing their banking services to crypto exchanges and other crypto-related activities.