Despite harsh tax rules and RBI’s open anti-crypto stance, Indians seem to continue to be interested in these virtual digital assets. Crypto trading volume on major virtual currency exchanges in India like WazirX, ZebPay, and CoinDCX jumped over 100% this week as positive sentiments returned to global crypto markets.
The total trading volume on WazirX on 17th July was $4.2 million. It jumped more than 121% to over $9.3 million on 18th July. As of 20th July, trading volume on this exchange was $6.2 million, according to Nomics, a crypto asset data company.
The total trade volume on CoinDCX jumped around 118% from $1.6 million on 17th July to over $3.5 million on 18th July. Similarly, ZebPay’s trading volume jumped over 128% from $1.4 million on 17th July to $3.2 million on 18th July.
| Date | WazirX | CoinDCX | ZebPay |
| 7/20/2022 | $6,202,989 | $2,731,214 | $2,051,176 |
| 7/19/2022 | $8,183,326 | $3,203,523 | $2,152,778 |
| 7/18/2022 | $9,300,623 | $3,571,835 | $3,299,051 |
| 7/17/2022 | $4,222,742 | $1,695,537 | $1,480,747 |
| 7/16/2022 | $4,453,239 | $1,819,269 | $1,463,971 |
Volume Declines
However, the trade volume on these exchanges has declined since 18th July. According to Comics data, WazirX trade volume has declined by over 10% since yesterday. Trade volume on CoinDCX has declined by 1.16%. There has been a decline of 19% in trade volume in the last one day on ZebPay (See above chart).
A massive decline in trading volume on Indian exchanges was noted after the 1% TDS rule came into effect on July 1.
Meanwhile, the global crypto market volume has climbed to $1.12 trillion in the last few days. Prices of top cryptocurrencies have recovered in the last few days. Bitcoin is now trading at over $23,437 while Ethereum’s price has jumped to $1537. The biggest gainer coin in the last 7 days is Polygon (MATIC), which has jumped over 71% to $0.912. MATIC’s ranking also improved to 12, according to CoinMarketCap data at the time of writing.
“Bitcoin rallied by nearly 5% yesterday to edge above the $23,000 level for the first time in over a month. The MACD has climbed above the “0” level, indicating the start of a bearish cycle as trading volumes picked up on exchanges. On the daily time-frame, the BTC trend has broken out of the descending triangle pattern. The next key resistance level for BTC is expected at $32,300,” analysts at WazirX Trade Desk shared in a note.
“The weekly RSI had dipped below 30 earlier and has now started to move higher away from that level. Historically, whenever the weekly RSI approached 30, Bitcoin made a turnaround and an upward rally followed as buyers made a comeback. We can see a similar instance being repeated now, as BTC seems to be on a bullish uptrend,” they added.
(Cryptos and other virtual digital assets are unregulated in India. They are considered extremely risky for investment. Please consult your financial advisor before making any investment decision)
