Bitcoin is 5% More Valuable in India: Why?

Cryptocurrencies can have a different value from the global as a result of the excessive demand in the local markets, as well as with the global demand. For example, in South Korea, which is an example of this situation recently, Bitcoin is one of the global markets. 1.6% trades at a more valuable level.

But the statements shared today showed that the situation is much larger in India. So much so that the gap between the value of Bitcoin traded on Indian stock exchanges and Bitcoin in global markets is 4 times the size of South Korea. bitcoin, 5.7% higher than in India is being traded.

So why does this occur?

Sathvik Vishwanath, CEO of cryptocurrency exchange Unocoin, made a statement on the subject. Sathvik, emphasizing the demand for cryptocurrencies in the country “Prices are higher in India because there is more demand than there is supply in the country. The price difference is usually between 2 and 5 percent. and varies according to the trading volume on the stock exchanges.” he said.

Among the reasons for the increase in demand for Bitcoin in India is the devaluation of the rupee. In the days when TL depreciated rapidly against the dollar Similar to the increasing interest in the dollar and crypto money, the people of India are also turning to Bitcoin and cryptocurrencies. So much so that India is currently the second country with the highest adoption of cryptocurrencies.