BCGAME - Free 5BTC Daily Bonus!The approval of the first US Bitcoin ETF by the Securities and Exchange Commission (SEC) created an overwhelming rush of cryptocurrency investments in India.
In this article, we will discuss:
BTC triggers after ETF
The Proshares ETF was approved by the SEC and began trading on the New York Stock Exchange on October 19th. This has resulted in a global increase in demand for BTC, especially among cryptocurrency investors in India, according to the Economic Times.
Rising demand for BTC catapulted the price of cryptocurrencies to its highest record of $66.000 on Thursday. This is the first time the value of this cryptocurrency has crossed the previous record of around $65.000 since April 2021, which was followed by a market crash. Indian cryptocurrency holders are seeing this as an opportunity to grow their BTC portfolios, as the consensus among the cryptocurrency community is that the price could rise further.
The SEC has been holding back on passing BTC ETFs for quite some time. Several ETF projects were stuck in the pipeline for months, held back by the heavy regulatory bureaucracy of the US government. However, the approval of the Proshares ETF has instilled new hope in the cryptocurrency community as most believe the SEC may be approving more ETFs in the near future, explaining the sudden surge in demand for BTCs since last week.
Indian Investors Buy Cryptos for Long Term Hold
Indian cryptocurrency investors are also growing their portfolios, with major Indian cryptocurrency exchanges experiencing a more than 100% increase in trading volumes in recent days. While the cost of the BTC has risen monumentally, investors believe there is much more room for growth now that the SEC appears to have eased its regulatory stranglehold.
The surge in demand stands out from earlier BTC highs this year, when Indian investors were eager to sell their holdings for immediate profits. In contrast, they currently seem interested in a longer-term investment journey, as is evident from their behavior.
Increased intense demand on cryptocurrency exchanges
Indian cryptocurrency exchanges WazirX and CoinDCX, both headquartered in Mumbai, recorded an increase of 167% and 200-300% in trading volumes, respectively. Business volumes too increased 130% for BuyUCoin, from Delhi, and 100% for Coinswitch Kuber, from Bengaluru.
BuyUcoin CEO Shivram Thakral responded to the increased demand, saying:
“Forty-five percent more buy deals, along with a 28% increase in sell deals, were seen recently. We've seen inactive users creating new portfolios around Bitcoin and 10 other top cryptocurrency assets, along with a considerable increase in crypto-SIP purchases. ”
