A shadow of fear and uncertainty in India's cryptocurrency ecosystem has brought the top exchanges in the country to their knees with trading volumes for the likes of Bitcoin BTC/USD, Ethereum ETH/USD, and Dogecoin DOGE/USD hitting a six-month low.
Crypto exchanges WazirX, ZebPay, and Giottus saw their trading volumes decline at a faster pace since the introduction of the 30% tax on the profits earned from digital assets by the Indian government, according to the Economic Times.
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The Coingecko data showed that the trading volume of WazirX was down over 70% compared to March 31. At the same time, ZebPay’s trading volume was down over 51%. The trading volumes on top cryptocurrency exchanges slid 92-98% on April 10 at one point compared to peaks observed last year.
The downfall came around the same time when the Indian regulators are cracking down on UPI wallets providing services to cryptocurrency exchanges.
Indian payment service provider MobiKwik, which had partnered with top exchanges like CoinDCX and WazirX stopped its services after NPCI, the UPI watchdog said it is “not aware of any crypto exchange using UPI.”
Almost 65-90% of WazirX’s business erode after the e-wallet MobiKwik disabled its services on the platform, according to the publication.
Price Action: According to Benzinga Pro data, Bitcoin traded at $40,118, gaining 1.47% in the last 24 hours, at the time of writing. Ethereum traded at $3,015, up 1.24% over the same period.
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