Crypto prices across the globe are demonstrating a bull run. However, the story is a bit different in India. Prices are reported to be falling amid a rise all over the world. Sumit Gupta from CoinDCX addresses the issue, clarifying what’s happening and why prices are down, particularly in India.
For reference, Bitcoin and Ethereum are trading heavily in USD. Both tokens were at $65,814.97 and $3,746.74, respectively, at the time of articulating this piece. These prices are higher than before, even if one takes into account their prices at the start of 2024. They are further poised to break previous ATHs and trade at $100k and $5k in the future.
Sumit Gupta said that prices in the Indian market were down because of the sudden selling. He called it a market correction, crediting the activity to the downfall in the prices of USDTINR. No issue with CoinDCX, he further clarified, adding that markets were previously stable because of the higher liquidity on CoinDCX.
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That fundamental principle holds validity for all exchange platforms, irrespective of their country of operation. The higher the liquidity, the more stable the market is. Some of the best crypto exchanges in India agree to the rule. This includes WazirX, Bitbns, and Zebpay, among others. Simply put, the current pressure on crypto prices is due to the temporary selling flow. The market would soon bounce back after the selling had calmed down.
Crypto-to-crypto prices are unaffected by the current scenario. It is only the INR (₹) price that has lost track for a bit. It is expected to come back once the selling pressure goes down.
One BTC in India is exchanging hands at ₹54,39,168.02, while one ETH is worth ₹3,09,223.45 at the time of writing this article.
Global markets have their sights set on the milestone of $100k for Bitcoin. Predictions previously estimated that the feat could be achieved by the end of 2025 or, at its maximum, 2026. The discussion has resumed due to the current trend, which has revised the goal for completion by the end of 2024. The first resistance level is $70,000, following which BTC could surge massively to $100k. One good pivotal moment would be Bitcoin Halving.
The case is the same for Ether. For the token to reach $5k at the earliest, it needs a major development to happen. This will likely be approved by the US SEC for Spot Ether ETF. While a timeline has yet to be officially confirmed, it is expected to happen by the middle of 2024.
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Sumit Gupta is optimistic that crypto prices in India will bounce back eventually. CoinDCX functions normally, allowing users to trade and exchange tokens conveniently. New users can also get started with CoinDCX by visiting its official website.
