Indian cryptocurrency exchanges reported a significant increase in trading volumes in pairs with BTC against the backdrop of coronavirus and the lifting of the ban of the Reserve Bank of India.
According to Ashish Singhal, CEO of CoinSwitch, the activity of Indian traders is due to the fact that in early March, the Supreme Court lifted an injunction of the Reserve Bank of India (RBI) on banking services to cryptocurrency companies. Traders decided to take this opportunity until the government again declared trading in digital assets illegal, as RBI intends to appeal against this court decision.
Kumar Gaurav, head of Cashaa’s online banking platform, said the trading volume of the site increased by 800% within 48 hours after the court order, which clarified the regulation. Within a day after the court order, the site received over 600 BTC. According to Gaurav, the trading volume in March doubled compared to the previous month.
Besides, the Indian cryptocurrency market revived due to panic caused by the bankruptcy of Yes Bank, which was one of the four largest banks in India. This event undermined the confidence of citizens in the country’s banking system. The situation was also aggravated by the fall of the traditional assets market amid the coronavirus, and on March 24th, the Indian Prime Minister announced a three-week quarantine. Taken together, these events “played into the hands” of Bitcoin. According to Cashaa, daily trading volume grew to 450% on different exchanges.
Nischal Shetty, General Director of WazirX, noted a significant inflow of traders due to coronavirus crisis. During the isolation, the number of new user registrations increased by 25% and the daily trading volume of the exchange jumped by 60%. According to Sumit Gupta, executive director of CoinDCX, the volume of trading operations with BTC/INR pair increased by 78.36%.
Justin Gillespie, CEO of Titus Investment Advisors and Bitcoin supporter, suggested that in this situation, many people cannot go out to work or conduct their business, so they begin to pay attention to Bitcoin, which can be safely traded from home.
Recently, the heads of Indian cryptocurrency exchanges said they were optimistic about the development of the cryptocurrency market in the country, as traders are increasingly interested in cryptocurrency derivatives.
Technical analysis of Bitcoin (BTC):
Over the past day, the price of bitcoin dropped to the support level of $6,900. Now, it is $6,915. In the future, we predict a continuation of the negative movement. The nearest resistance levels are $7,070, $7,250, $7,450, $7,660, $8,000, $8,020, $8,140. The nearest support levels are $6,900, $6,700, $6,300, $6,000, $5,780, $5,450, $5,000.
Technical analysis of Ethereum (ETH):
Over the past day, the price of ethereum fell to the support level of $156. Now, it is $156. In the future, we predict a continuation of the negative movement. The nearest resistance levels are $161, $166, $169, $174, $176, $183, $200. The nearest support levels are $156, $153, $150, $142, $140, $137.
Technical analysis of Ripple (XRP):
Over the past day, the price of ripple fell to the support level of $0.1860. Now, it is $0.1870. In the future, we predict a continuation of the negative movement. The nearest resistance levels are $0.1950, $0.2050, $0.21, $0.2240. The nearest support levels are $0.1860, $0.1770, $0.1750, $0.1680, $0.1570.
