Top cryptocurrencies in India gain 10-50% after the SC verdict quashing RBI ban
- WazirX Tokens have nearly doubled in value after the Supreme Court announced that it is now legal for Indian banks to deal in cryptocurrencies.
- Other currencies like Chainlink and Substratum cooled off after the initial burst, but WazirX Token and Matic Network continue to hold strong.
- International currencies like Bitcoin and Ethereum have not reacted to the news, but investors believe they will likely surge once the US markets open.
India’s top court struck down a ban on trading in cryptocurrencies by the Reserve Bank of India’s (RBI) today, March 4. These currencies which trade heavily on sentiment, rallied sharply today. WazirX Tokens have nearly doubled in value today, as the SC move will allow banks to participate in the cryptocurrency market.
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In fact, some of the currencies rallied so much that a few investors are already booking profits from the surge, by selling. Others are betting on the market to pump more coin once the Indian currency gets introduced.
Immediately after the announcement, WazirX Tokens rose by 25% followed by Chainlink, which surged by 13.24%.
In 2018, the potential size of India’s cryptocurrency market was estimated to be $12.9 billion according to a report by CREBACO, with the scope to add 25,000 to 30,000 jobs to the industry once it was regulated.
Before the ban, the average volume across five major exchanges in India was around 750 Bitcoins per day. However, top international cryptocurrencies — like Bitcoin and Etheruem — are yet to react to the news. Speculation hints that their value may surge once the US markets open.
Meanwhile, cryptocurrencies in India continue to ride the high even as many believe the ‘whales’ — individuals who hold large amounts of digital currency — are offloading.
After the initial burst, trading cooled off on most digital currencies. However, WazirX tokens and Matic Network continue to surge further.
Cryptocurrency trading can restart in India after top court removes RBI ban calling it 'unconstitutional'
India’s crypto market was worth $12.9 billion in 2017 before it incurred the RBI's wrath
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