The world is struggling in the merciless grip of COVID-19, and the extended lockdown has tossed the economic sector of every nation into a state of chaos and depression. However, amid all the darkness and economic slump, cryptocurrency is shining like a ray of hope. Indeed, cryptocurrency trading has surged in quite a few countries like India and Malaysia. Malaysia has witnessed an unanticipated rise in cryptocurrency trading that has blessed the country’s economy with almost $550 million every day.
The regulated crypto exchanges of Malaysia are revealing reports of substantial growth in trading volume as new investors are flocking into the cryptocurrency market with hopes of raking in good fortune amid the pandemic crisis and the lockdown. India, too, is experiencing a surge in cryptocurrency trading, and other countries are following suit to fight the economic crunch. Read on to find out more about the rise in the level of cryptocurrency trading and explore thedubailifestyleapp.com to get down to business and rake in huge profits.
Why is there a surge in cryptocurrency trading during a lockdown?
There has been a surge in cryptocurrency trading during the lockdown because of the following reasons:
- Businesses are shut down all over the world, incurring losses in millions every day, and so cryptocurrency trading online is the only hope.
- With restrictions on business travel and on import and export as well, the economic sector is almost in ruins. At such a critical juncture, only online cryptocurrency trading can help.
Which countries are witnessing a surge in cryptocurrency trading?
Countries including Malaysia and India are experiencing a steep inclination in cryptocurrency trading volume. The approved crypto exchanges, Luno and Tokenize Technology, of Malaysia, reported a rapid surge in trading volume along with an increase in the number of user registrations. These reports are evidence of the growing acceptance of Bitcoin and other cryptocurrencies by the general public to fight against the financial crisis that has taken over the world as a result of the lockdown.
Another country that has witnessed a surge in the cryptocurrency trading volume is India. The cryptocurrency analysts of India firmly believe that the crippled Indian economy is striving to rise again with the aid of cryptocurrency trading amid the pandemic crisis and lockdown.
Cryptocurrency trading surges in Malaysia as lockdown cripples the economy
Malaysia has imposed a lockdown on businesses, and the restrictions have contributed to the growing interests of business investors in cryptocurrencies. With the thriving businesses and companies shut down all over Malaysia due to the global pandemic, the country has estimated a loss of approximately $553 million every day, which is an incomprehensible loss indeed.
The daily loss of millions of dollars have urged businessmen and financial analysts to resort to cryptocurrency trading in an attempt to make up for the epic losses incurred every day. Luno, the government-approved cryptocurrency exchange of Malaysia, reported to The Malaysian Reserve publication, about how the trading volume has increased by more than 33% over the past few weeks. Aaron Tang, the manager of Luno, declared that there had been a huge inflow of investors, and the crypt exchange has recorded a heavy activity of users ever since the extension of the lockdown period. He believes that the surge in trading volume is being driven not only by the loss of conventional business revenue but also because investors have decided to put faith in cryptocurrency as a safe haven asset in these trying times of financial crisis.
Crypto trading in India surges during COVID-19 lockdown
Even though India shares a precarious relationship with cryptocurrencies, there is no denying that in these trying times of global economic depression, only Bitcoin can rescue India from bankruptcy. As a result of the Supreme Court’s verdict on the legalization of Bitcoin, Indians have now started accepting cryptocurrency as a safe haven asset. With the country-wide shutdown of businesses and the economic sector groveling in the crisis, Indian investors are turning to cryptocurrency trading. While the cryptocurrency exchange, CoinSwitch, witnessed a surge in crypto trading volume, the banking platform Cashaa, noted considerable spikes and an increase in trading volume by 800%. The collapse of Yes Bank further contributed to the surge of crypto trading volume in India.
The global economic slump is compelling investors to resort to cryptocurrency trading. Ever since the extension of the lockdown, there has been a massive surge in the cryptocurrency trading volume to fight against the financial crunch that has engulfed the world. Countries like Malaysia, India, and more are witnessing surges in cryptocurrency trading, and the trend will continue as well.