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June 30, 2021
Crypto investments in India grew from about $200 million to nearly $40 billion in the past year, according to data from blockchain firm Chainalysis, representing a phenomenal increase of about 200-fold.
The number of traders in India now totals more than 15 million, compared to 23 million in the U.S.
India is experiencing continued growth demand despite ongoing pressures from authorities such as warning from the central bank on concerns about cryptocurrencies as an asset class and a proposed government ban on crypto trading.
As a beneficiary of returns, India still lags other markets ranking 18 out of the top 25 countries by estimated bitcoin gains in 2020, according to Chainalysis.
U.S. ranked first at $4.1 billion followed by China ($1.1 billion), Japan ($900 million), U.K. ($800 million) and Russia ($600 million).
The growth of crypto in India is coming from 18-35-year-olds, the report said. The latest World Gold Council data indicates that Indian adults under the age of 34 have less appetite for gold than older consumers, according to the report.
CoinGecko data show that the four biggest crypto exchanges in India have seen daily trading volume jump to US$102 million from US$10.6 million a year ago.
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