Indian Crypto Exchanges See 20% Surge in Spot Trading Volumes Amid Bitcoin Rally

The Indian cryptocurrency market is experiencing a surge in spot trading volumes after Bitcoin's price rally. The rally, which started on August 19, has seen significant increases in spot and futures trading volumes at major exchanges such as CoinDCX, CoinSwitch, WazirX, Mudrex, and Giottus.

The average trading volume on CoinDCX rose from around $5-6 million to approximately $13 million between August 19 and August 21. The BTC trading volume on CoinDCX also increased from roughly $300,000, $700,000 during the earlier period to $2 million on August 21.

WazirX reported that its futures trade volumes surpassed spot trading, with daily Futures volumes increasing by almost 7x between August 16 and 22. Giottus saw a similar trend, with spot volume rising 22 percent and futures 31 percent.

The rally is attributed to positive policy discussions in the US, including the increase of the maximum size of certain long-dated bond buybacks from $2 billion to at least $4 billion per operation. This led to an upswing that forced traders to liquidate billions in short positions.