• Following the approval of a US ETF, crypto investments in India have skyrocketed

  • The Securities and Exchanges Commission’s approval of the first US Bitcoin Exchange-Traded Fund (ETF) has resulted in a flood of crypto investments in India.

    BTC skyrockets after the SEC approves an ETF.

    On October 19, the SEC approved the Proshares ETF, and it began trading on the New York Stock Exchange. According to the Economic Times, this has resulted in a global increase in demand for BTC, particularly among crypto investors in India. The increased demand for BTC has propelled the cryptocurrency’s price to an all-time high of $66,000 on Thursday. This is the first time the value of this cryptocurrency has surpassed the previous all-time high of around $65,000 since April of 2021, when the market crashed. Indian crypto holders see this as an opportunity to build up their BTC portfolios, as the crypto community believes the price will continue to rise.

    For quite some time, the SEC has been delaying the approval of Bitcoin ETFs. Multiple ETF projects have been stalled in the pipeline for months, stymied by the US government’s heavy regulatory red tape. However, the approval of the Proshares ETF has given the crypto community renewed hope, as most believe the SEC will approve more ETFs in the near future, explaining the sudden increase in demand for BTC since last week.

    Indian Investors Purchasing for Long-Term Holding

    Indian crypto investors are also stockpiling funds, with top Indian crypto exchanges reporting a more than 100 percent increase in trading volumes over the last few days. Despite the fact that the price of Bitcoin has skyrocketed, investors believe there is still plenty of room for growth now that the SEC appears to have eased its regulatory grip. The rising demand contrasts with previous BTC rallies this year, when Indian investors were eager to liquidate their holdings in order to reap immediate profits. In contrast, their current behavior suggests that they are interested in a longer-term investment journey.

    Indian Crypto Exchanges are seeing a surge in demand.

    WazirX and CoinDCX, both based in Mumbai, saw their trading volumes increase by 167 percent and 200-300 percent, respectively. Trading volumes increased by 130 percent for BuyUCoin in Delhi and 100 percent for Coinswitch Kuber in Bengaluru.

    Shivram Thakral, CEO of BuyUcoin, addressed the rising demand, saying,

    “Recently, 45 percent more buy-trades were observed, with a 28 percent increase in sell-trades. We’ve seen inactive users build new portfolios around Bitcoin and the top ten crypto assets, as well as a significant increase in crypto-SIP purchases.”

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