Over the past week or so, the price of Bitcoin has been exploding across Indian cryptocurrency exchange platforms. Although this trend was first noted across low-volume platforms, other companies are seeing a similar development in the past day or so. Zebpay noted Bitcoin trades surpassing the US$1,000 value, despite the global average falling short of US$750.
India Remains Extremely Bullish on Bitcoin
What was first believed to be a temporary uptrend has turned into a phenomenon. Indian residents are flocking to Bitcoin as a way to hedge against future volatility. Moreover, with the recent cash debacle in the country, new assets have to be found sooner rather than later. Bitcoin, with its global appeal, seems to be attracting a lot of attention.
Earlier this week, smaller Bitcoin exchanges had noted trades far exceeding the global price per BTC. Paying a premium to buy bitcoin is not unusual, although price differences were as high as US$500 per Bitcoin. Considering the current global market average is US$735 per BTC, its nearly double the price other traders would spend at the time of writing.