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Showing posts with the label rupee

India's Demonetization Is Causing Bitcoin To Surge Inside The Country

A bitcoin is essentially a digital token or code mimicking a virtual currency. With India's recent  demonetization , the volume of bitcoins being traded there has substantially increased to nearly two times its prior levels, pushing its value to new highs. Since the early days of demonetization, bitcoin prices in India have been hovering in an upper range of $866 to $896 a piece; in a mere 18 days after the demonetization speech of Prime Minister Narendra Modi, the price of bitcoins on Zebpay, which claims to have over 130,000 users, had surged from $757 to $1,020 (per bitcoin), whereas in the U.S. (the benchmark market for most cryptocurrencies), bitcoins are trending at $770 apiece, marking a clear premium on the Indian bitcoin exchanges. Some part of this price buoyancy in bitcoins can be attributed to market-making initiatives of Indian exchanges. In order to maintain a tight order book, exchanges increased the bitcoin price when there was high demand. Post-demonetiza