Bitcoin: crypto day trading keeps young Indians busy at night

Mumbai: At 7 p.m. every day, technician Anish Gupta shuts down his company’s laptop and turns on his personal computer. The 27-year-old coder turns into a crypto trader, exploiting late-night opportunities in a highly volatile market.

“Sometimes my monthly day trading income is more than my salary,” said Gupta, who works for an IT outsourcing company in Gurgaon.

Gupta, which largely trades Bitcoin, Ethereum, and Tron, is part of a growing tribe of small investors who have turned to crypto to make quick monetary gains and supplement their income.

With cryptocurrencies such as Bitcoin, Ethereum, Doge, Shiba Inu and Solana reaching historic highs, the number of traders has also grown exponentially, market watchers have said.

Major exchanges have seen a 200-500% increase in the number of day traders making money simply by taking positions in various crypto assets.

In total, there are around 105 million Indians who hold crypto assets, and the number of traders is just over one million, according to the exchanges.

“We have a daily trader base of over 80,000 high frequency Indian traders, which was around 20,000 to 25,000 during the bullish period of 2017-18. Day traders generally tend to look to assets with high volatility, as well as new and upcoming assets. projects with wild moves that they’re trying to capitalize on, ”said Shivam Thakral, CEO of BuyUcoin, a cryptocurrency exchange.

Cryptocurrency exchange CoinSwitch Kuber said that the average monthly trading volume increased as the trading grew.

Most started investing during the lockdown

Another exchange, Wazir X, has 10 million users. He saw the global volume reach $ 36 billion in 2021.

“WazirX has seen an average 44% month-over-month growth in volume, as new listings have increased tenfold,” a spokesperson said.

Most Indians began investing in cryptocurrencies during the lockdown, when businesses shifted to working from home, attracted by good returns despite the inherent volatility and influenced by the high-tension advertising campaigns carried out by the exchanges. well funded crypto.

When companies started asking employees to return to their offices, traders switched to trading after office hours. Most cryptocurrency exchanges in India allow traders to trade all day long, even on weekends. This is what seems to be attracting young investors, industry trackers have said. Most global traders prefer to stick with Bitcoin, they said.

“At OKEx, the BTC (number of Bitcoins) balance is at an all time high as of November 5, 2021, the second highest compared to CoinBase Pro,” said Lennix Lai, director of financial markets for the crypto platform. cash.

Many Indian traders, however, have also started experimenting with new cryptocurrencies, including meme coins.

Indian cryptocurrency investments hit the $ 10 billion mark, ET reported for the first time on November 1.

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