The weekly trading volume of Bitcoin (BTC) against the Indian rupee has spiked substantially on Paxful. It is currently sitting at an all-time high.<\/p>\n
Interest in Bitcoin seems to be on an uptrend in India as trading volumes spike to levels never seen before.<\/p>\n
Peer-to-peer Bitcoin trading platform Paxful recently recorded a record for BTC\/INR. This past week, 53M INR was traded against BTC on the platform. The spike is a culmination of a clear uptrend since the beginning of this year but has substantially accelerated in the past week or so.<\/p>\n
The trading volume on Paxful is still significantly less than LocalBitcoins, however. Last week, around 83M INR was traded on LocalBitcoins compared to 53M INR on Paxful.<\/p>\n<\/p>\n
Still, the explosion of volume on Paxful is an indicator that something may be brewing in the background. It is a clear sign that over-the-counter trades are becoming more common in India possibly due to the governments hostility towards cryptocurrencies.<\/p>\n
Investors might also be buying Bitcoin in anticipation of a possible resurgence of blockchain interest in the country spurred by Chinese competition. As BeInCrypto reported a few days ago, President Xi recently made blockchain a key focus of the states future plans. Since China is now considering blockchain as a core component of its future digital infrastructure, India will surely take notice.<\/p>\n<\/p>\n
It is quickly becoming clear that we are in the middle of a blockchain arms race of sorts and the first country to implement this digital technology will possess a major advantage. India would be smart to respond to these developments and, judging from the spike in Bitcoin volume in the country, some Indian investors paying attention.<\/p>\n
It remains to be seen whether or not the peer-to-peer Bitcoin trading volume will continue to pick up in India.<\/p>\n
Images courtesy of coin.dance.<\/p>\n
Did you know you can trade sign-up to trade Bitcoin and many leading altcoins with a multiplier of up to 100x on a safe and secure exchange with the lowest fees with only an email address? Well, now you do!Click here to get started on StormGain!<\/p>\n
<\/p>\n
Original post:<\/p>\n