Indian crypto exchanges report over 20% surge in spot trading volumes as Bitcoin rallies

Bitcoin’s sharpest rally in three years, which started last week, has breathed fresh life into India’s crypto market, sending spot trading volumes at major exchanges up over 20 percent.

After nearing $80,000 last week, Bitcoin was trading at $77,000 on August 24 morning.

CoinDCX, CoinSwitch, WazirX, Mudrex and Giottus have recorded significant surge in spot and futures trading volumes.

Users were buying more in spot trades rather than liquidating, as positive policy discussions in the US improved sentiments, the exchanges said.

CoinDCX’s trading volume more than double between August 19 and August 21. Its spot trading volume rose from around $5-6 million to approximately $13 million in the final two days.

On August 23, the average trading volume was about 11.7 million USDT.

BTC trading volume on CoinDCX rose from roughly $300,000–$700,000 during the earlier period to $2 million on August 21, Sumit Gupta, Co-founder and CEO, CoinDCX shared with Moneycontrol.

On Mudrex, spot volumes went up 20 percent week-on-week, reflecting higher engagement from traders looking to participate in the momentum.

WazirX said its futures trade volumes surpassed spot trading.

“Futures reacted more sharply than spot, with daily Futures volumes increasing by almost 7x between 16 and 22 August. We also saw a meaningful increase in the number of active Futures traders during the same period,” Rajagopal Menon, VP, WazirX, said.