"In March, Trading Volumes Skyrocket by 207% on Leading Indian Cryptocurrency Exchanges Amid Bitcoin Surge."

 "In March, Trading Volumes Skyrocket by 207% on Leading Indian Cryptocurrency Exchanges Amid Bitcoin Surge."

Trading volumes in the cryptocurrency sector across major Indian exchanges have surged by more than 207 percent on a month-on-month basis from February to March 25, signaling a notable uptick in trading momentum, particularly in recent days amidst the ongoing rally in Bitcoin prices.

The combined trading volumes on the top three exchanges - WazirX, CoinDCX, and Zebpay - have exceeded $584 million in March, as per data sourced from crypto trading firm CREBACO Global, exclusively obtained by Moneycontrol. This marks a significant increase from the $189.91 million recorded by the end of February.

CoinSwitch, a prominent crypto investment platform, has also witnessed a substantial surge in trade volumes. While volumes grew by 36 percent from January to February, they skyrocketed by over 200 percent by March, according to insights shared with Moneycontrol by the crypto unicorn.

Despite these impressive figures, industry insiders note that current trading volumes still fall short of the fervor witnessed during the previous bull run in 2021. Factors such as FTX's decline, regulatory uncertainties, and high taxation contributed to a global downturn in crypto trading volumes, including in India.

Rajagopal Menon, vice president of WazirX, commented on the situation, stating that although trading activity has surged significantly, retail investments have yet to fully rebound and have remained subdued due to concerns surrounding elevated taxation sentiments.