CoinSwitch, a leading cryptocurrency trading platform in India, reached a significant milestone by crossing 2 crore registered users, becoming the number one platform in the country on March 6.
This development coincides with an increase in user activity within India, driven by increased investment optimism. Recent developments such as the launch of Bitcoin ETFs in the US, the possibility of Ethereum ETF approval, and the upcoming Bitcoin Halving event have all contributed to this positive sentiment.
“Since the beginning of the year 2024, user registrations on CoinSwitch have grown by 5x compared to the daily average user growth in 2023. In just the last two weeks, the crypto trading volumes on CoinSwitch platforms have increased by 7x, and the number of users. in profit increased by more than 80%,” CoinSwitch stated in a release.
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Commenting on the milestone, CoinSwitch co-founder Ashish Singhal said, “Bull markets are a magnet for new users, and crypto is now on a bullish path. Being the most beginner-friendly crypto trading app has been the priority at CoinSwitch since day one. The 2 -crore milestone – most of whom are first-time crypto investors – is a validation of these efforts, as well as a reminder to keep building and iterating for the users.”
Read also | Bitcoin surpasses the $69,000 mark, beating the record of $68,991 in November 2021
Meanwhile, More than $ 1 billion liquidated from the cryptocurrency market during the past 24 hours. This was followed by Bitcoin rising to a new all-time high in over two years, however the original cryptocurrency did not stay at its new all-time high for very long as many traders seem to have taken the opportunity to book some profit.
The token soared as much as 2.5 percent to $69,191.95 shortly after 10 a.m. in New York, then almost immediately reversed course in a dive that once sent it 14 percent below the record to $59,317.16.
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Published: 06 Mar 2024, 14:49 IST