India's Cryptocurrency sparked lots of debates after the Supreme Court of India lifted the banking restrictions for exchanges. Back in March, a three judge bench ruled out the Reserve Bank of India ban crypto trading and the banking services to crypto exchanges. The measure was applied in 2018 and took two years for the petition against RBI's decision to reach a decision, after several court hearings.
The Government tried to retaliate and back in June they were discussions about banning cryptocurrencies through law and move crypto trading into illegality. However, this move was abandoned foe now as it was clear that the law will be challenged by everyone, based on the Constitution rights.
As a direct result of the ban lifting, since March the crypto trade volume skyrocketed on the Indian Market and the Bitcoin peer-to-peer trade volume reached an all-time high in July. This was backed up by the substantial grow of the crypto industry and the return of exchanges. Some local crypto exchanges registered an extraordinary number of signups while the trading volume multiplied ten times.
How India crypto market can influence the Bitcoin bull run?
The current population of India is 1,381,419,000 and even if a small fraction of the population is interested in cryptocurrencies and Bitcoin than the global demand will rise, trending the price upwards. As well, Bitcoin value and market principles makes it attractive compared to dodgy governmental policies.
In recent days, the BTC activity on India's peer-to-peer exchanges Paxful and LocalBitcoins are reaching new highs. The Coingecko chart shows the way India’s peer-to-peer bitcoin transaction volumes have doubled in the last months.
Because the price of Bitcoin is influenced by market demand, therefore India's growing market and trade volume is beneficial for both miners and sellers. If the demand is higher than the supply will become more valuable. This demand from Indian users will shuffle the market and exchanges will do their best to match it. All this will help Bitcoin to increase the price per unit and spark a massive bull run.
The freshness from the Indian market will spread in the global market and will also rejuvenate the altcoins linked to BTC.
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