Crypto Traders Moving to More Stable Tokens
Indian cryptocurrency exchanges have gained more trading volumes in recent days due to severe market volatility as many traders and investors liquidate some of the risks. tokens, they balanced their portfolios by moving stable currencies and also succumbed to opportunistic purchases up to the average. some portfolios.
During and after the weekend crash, ET negotiated with several stock exchanges to measure trading volumes - most recorded higher levels of transactions, but some also saw a decline. .
"We have seen an increase in numbers of almost 15%," said Avinash Shekhar, co-CEO, ZebPay.
The chief executive officer said on condition of anonymity: "Over the weekend, we saw a sharp drop in trading volume as most investors tried to find out the cause and consequences of the current cryptocurrency decline."
CoinSwitch, India's largest crypto-trading platform, says it has doubled the number of users who have purchased the platform compared to its daily average, and that the best-selling coins for the week to January 23 are Bitcoin, Cardano, Shiba Inu. , Loopring and Doge coins. "Many users of our platform are long-term retail investors. They have seen similar decay and healing in the past. "They took the opportunity to expand their portfolio," said Ashish Singhal, CEO, CoinSwitch Kuber, a crypto-brokerage firm operating several cryptobours in India.
"There has been great interest in larger declines in Cardano, Shiba Inu and Polygon, while sales pressure is high for Solana and Terra (Luna) with a sharp interest in Cosmos (ATOM) among new users," Shivam said. Thakral, General Manager of BuyUcoin Cryptocurrency Exchange.
In times of falling prices and high volatility, traders and investors often move to more secure digital assets, such as stable currencies (such as the Tether pegged to the US dollar). "We have seen investors sell assets and convert them to USDT because the rate is approaching $ 82,583, which is very favorable at the moment," said Shekhar ZebPay.
On Tuesday at 5 pm on Coinbase, bitcoin stood at 7.47% ($ 36,316), Ethereum 7.08% ($ 2,419), Binance Coin 3.88% ($ 35.30), Cardano 3.21% ( $ 1.03) and Solana 7.91% (3.91%).
Experts say that Indian investors are already used to cryptovolatility. Globally, the crypt market was disrupted by tighter monetary policy, growing geopolitical risks, confusion among regulators, wider sale of assets such as stocks, inflationary concerns and uncertainty related to Omicro
