Crypto market in turmoil! 1.68 lakh crore rupees wiped out in a single day, Indian investors turned the decline into an opportunity

US President Donald Trump’s announcement of a 100% tariff on goods imported from China caused a massive upheaval in the global crypto market. In just one day, $19 billion (approximately Rs 1.68 lakh crore) was wiped out from the cryptocurrency market. The prices of major tokens like Bitcoin and Ethereum saw a sharp decline, causing panic among investors worldwide. However, amid this massive decline, Indian investors saw this as a golden opportunity to buy, and trading volumes on exchanges saw a surge.

Indian investors engaged in buying

A sharp increase in investor activity was observed on major crypto exchanges in the country, such as CoinSwitch, CoinDCX, and Mudrex. Balaji Srihari, VP (Business) at CoinSwitch, explained that despite the market decline, investors, instead of panicking, are viewing it as an opportunity for long-term buying. This indicates that investors in India are maturing and beginning to understand market cycles.

Trading volume on CoinSwitch surges 50-fold

CoinSwitch reported that spot trading volumes increased 50-fold amid the volatility. CoinDCX co-founder Sumit Gupta said that trading volume on the platform was $11 million on October 1st, which increased to $31 million on October 10th. According to him, investors are particularly interested in top tokens like Bitcoin and Ethereum.

Record Deposits on Mudrex

Mudrex co-founder Edul Patel stated that trading volume has increased by approximately 120 percent since the morning of October 11th, and deposits have reached an all-time high. He added that the platform’s 60:40 ratio favors long positions, indicating that investors expect a market recovery soon.

More than 1.6 million traders suffer losses

According to a Bloomberg report, more than 1.6 million traders worldwide have suffered losses. More than $7 billion worth of trading was sold in just one hour of trading. Binance, the world’s largest exchange, experienced technical difficulties due to the heavy load. However, the system was later restored.