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Lifting of Central Bank Sanctions and COVID-19 Lockdown: Perfect Conditions for Rise of Crypto Trading in India

Only a few days ago, India used to stand with the countries which adopted a skeptical attitude towards cryptocurrencies. But the recent financial crisis caused by a global pandemic further exposed the flaws in the traditional business models and highlighted the need for a change of system. As a result, like everywhere else in the world, crypto trading has risen in the country with unprecedented speed.

‘People Have Time to Trade on Their Computers’

On March 4, 2020, the Indian Supreme Court had revoked the blanket ban imposed on cryptocurrency payments by the Reserve Bank of India. This was soon followed by the COVID-19 health crisis which brought the entire world to a standstill. Consequently, crypto trading freedom combined with a pressing need for alternate trading solutions, have led to a huge scale adoption of crypto in the country.

According to a recent report, a crypto exchange firm based in India called CoinDCX has claimed that ever since the order, they had seen nearly a 10x spike in sign-ups on their platform. They also revealed that the BTC/INR (Bitcoin to Indian Rupees) trading pair has seen 78.36% growth in the past 50 days.

Further in the report, Ajeet Khurana, former head of the BACC and former CEO of Zebpay, cited two reasons for the surge in crypto trade in the country — on one hand, the judgment by the Supreme Court has resulted in the return of the crypto traders to the market, while on the other, people who are sitting at home during the lockdown find crypto trading a new opportunity.

This pattern is being followed in other countries as well and a crypto trade revolution seems nearer at hand than it earlier was.

The Right Time to Invest in Crypto Is Now

Considering the massive mainstream adoption of crypto trading, now is the time for adopting crypto as the standard trading system. This view was also echoed by Tim Draper, who recently said, “It will be bitcoin, not banks and governments that save the day.” He also believes that the price of bitcoin could reach an all-time high of $250,000 by 2022.

Naturally, for beginners, dabbling in crypto can be a bit confusing at first and they may end up making the right choices during panic adoption of crypto. While one must give full credits to the leap that crypto trading has seen in the past few days, one must also remember that a decision made in haste without guidance can lead up to no good. Some social trading platforms like Tycoon are helping to patch the gap between experience and adoption.

Crypto traders who are new in the business can reap the benefits of learning the trading tactics of professionals on a trusted platform like Tycoon. As a first of its kind, fully-automatic trading platform, Tycoon offers its users real cryptocurrency and a highly secure interface with professional traders.

Thus, for those who have not entered crypto trading until now, this is the right time to begin and Tycoon is the right impetus to the journey.

Register and get ready. Do not miss your chance!