India’s crypto market was worth $12.9 billion in 2017 before it incurred the RBI's wrath
- India’s crypto enthusiasts were at the centre of the bitcoin boom in 2016-2017.
- At that time, India’s cryptocurrency market had a potential market size of $12.9 billion.
- Several Indians had indulged in buying bitcoins, which also led to fast growth of startups like Zebpay, Unocoin, Koinex, which worked as cryptocurrency exchanges.
India’s Supreme Court today held the complete ban on cryptocurrency on RBI as unconstitutional. And for India’s crypto community, it’s a way to get back to the highs of 2017.
View all Offers
View all Offers
- 48% OFF
Pigeon by Stovekraft Amaze Plus Electric Kettle with Stainless Steel Body, 1.5 litres boiler for Water, instant noodles, soup etc.₹ 625₹ 1195Buy On
- 55% OFF
Glun Multipurpose Portable Electronic Digital Weighing Scale Weight Machine (10 Kg - with Back Light)₹ 358₹ 798Buy On
- 49% OFF
VR 18 Pcs - 3 Different Size Plastic Food Snack Bag Pouch Clip Sealer Large, Medium, Small Plastic Snack Seal Sealing Bag Clips Vacuum Sealer (Set of 18, Multi-Color) (Multicolor)₹ 153₹ 299Buy On
- 40% OFF
Prestige Electric Kettle PKOSS - 1500watts, Steel (1.5Ltr), Black₹ 745₹ 1245Buy On
- 56% OFF
Pigeon by Stovekraft Cruise 1800 watt Induction Cooktop (Black)₹ 1399₹ 3193Buy On
India’s crypto enthusiasts were at the centre of the bitcoin boom in 2016-2017. At that time, India’s cryptocurrency market had a potential market size of $12.9 billion.
TOP VIDEOS FOR YOUAccording to a report by CREBACO, here’s a look at the volume of the cryptocurrency dealings in India right before the ban.
|Average volume across 5 major exchanges in India||750 Bitcoins per day|
|Average calculated at the everyday closing price for 180 days||$10,551|
|Per Day Volume Approx||79,13,250|
|180 Day Volume Approx||1,42,43,85,000|
Several Indians had indulged in buying bitcoins, which also led to fast growth of startups like Zebpay, Unocoin, Koinex, which worked as cryptocurrency exchanges.
In the peak of the bitcoin madness, Zebpay was reportedly adding 300,000-400,000 users every month with an annual turnover of ₹500 crore. Another major crypto exchange Koinex too saw a similar growth story. In December 2017, Koinex was recording $265M in trading volume and on boarding 40,000 new users in 24 hours.
But it all came crashing down in April 2018, when the Reserve Bank of India directed banks to stop all transactions with cryptocurrency exchanges.
“This short-lived astronomical growth curve was stalled with the emergence of issues with formal banking channels on which exchange services were deeply dependent on,” Koinex wrote in the blogpost where it announced that it was shutting down.
But today, the story has changed again – as crypto exchanges welcomed the move from the Supreme Court.
AdvertisementEven after the ban, many traders in India had simply moved from Indian exchanges to the ones registered abroad. With the SC uplifting the ban, these traders can start trading in the Indian exchanges again.
Crypto community in India is rejoicing — exchanges are ready to reopen
Cryptocurrency trading can restart in India after top court removes RBI ban calling it 'unconstitutional'
- Tokyo Olympics: India's P V Sindhu loses to world number one Tai Tzu Ying of Chinese Taipei in the semis
- Droom founder explains why he is considering a US IPO and where he intends to spend the money
- 21 new COVID-19 cases reported at Tokyo Olympics, no athletes among them
- Tokyo Olympics: Vandana's hat-trick keeps India's quarter final hopes alive in women's hockey
- The Tokyo Olympics are a hive of NFT activity — from pins to moments to artwork