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Bitcoin: Day trading in crypto keeps young Indians busy at night

Bitcoin: Day trading in crypto keeps young Indians busy at night
Written by publisher team

Mumbai: At 7pm every day, technician Anish Gupta shuts down his company laptop and launches his personal device. The 27-year-old programmer turns crypto trader, taking advantage of late-night opportunities in the highly volatile market.

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

Gupta, who largely trades Bitcoin, Ethereum and Tron, is among a growing tribe of small investors who have taken to cryptocurrency to make quick cash gains and supplement their income.

Market watchers said that with cryptocurrencies such as Bitcoin, Ethereum, Doge, Shiba Inu and Solana reaching all-time highs, the number of traders has grown exponentially.

The top exchanges have recorded a 200-500% jump in the number of day traders who make money just by taking positions in different crypto assets.

In all, about 105 million Indians own crypto assets, and the number of traders is just over a million, according to the exchanges.

“We have a daily trader base of more than 80,000 high frequency Indian traders, which was previously between 20,000-25,000 during the bull run from 2017-2018. Intraday traders generally tend to lean towards higher volatility assets, along with new and upcoming ones,” Shivam said. Thakral, CEO of BuyUcoin, a cryptocurrency exchange, said the projects with wild movements they are trying to capitalize on.

Cryptocurrency exchange CoinSwitch Kuber stated that average monthly trading volume has increased with trading growth.

Most Started Investment During Lockdown

Another exchange, Wazir X, has 10 million users. The total trading volume saw $36 billion in 2021.

“WazirX has seen 44% monthly volume growth, while new signups have increased 10 times,” a WazirX spokesperson said.

Most of the Indians started investing in cryptocurrency during the lockdown period, when businesses moved to work from home, drawing good returns despite the inherent volatility and being affected by high-voltage advertising campaigns run by well-funded cryptocurrency exchanges.

When companies began requiring employees to return to offices, merchants moved into after-hours trading. Most cryptocurrency exchanges in India allow traders to trade all day, even on weekends. Industry trackers said this is what appears to be attracting young investors. They said that most global traders would rather stick to bitcoin.

“On OKEx, the balance of BTC (the number of bitcoins) reached an all-time high as of November 5, 2021, which is the second highest balance against CoinBase Pro,” said Lennix Lai, director of financial markets at the cryptocurrency exchange.

However, many Indian traders have also started experimenting with new digital currencies, including meme coins.

Indian investment in cryptocurrency has reached the $10 billion mark, ET first reported on November 1.


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