Interest in bitcoin refuses to fade off even with the crypto appearing overvalued at record highs above the $40,000 mark. The meteoric rise has come at the back of increased investment interest worldwide. Indian cryptocurrency exchanges are the latest to register a four-fold increase in Bitcoin interest in recent weeks.
Cryptocurrency exchanges and trading platforms in India have registered a 4 times increase in deposit requests. The increase stems from people looking to profit as the cryptocurrency continues to power to record highs.
The increase has also coincided with Tesla confirming that it has bought $1.5 billion worth of the flagship cryptocurrency. The announcement resulted in Bitcoin powering to record highs of $47,000 with the $50,000 level insight.
Mumbai-based crypto exchange Wazirx has already registered a 300% increase in bitcoin transactions since Tesla made the announcement. Vauld is another crypto platform to see the volume of transactions more than double mostly fuelled by growing interest as people look to profit from price swings. The exchange has registered a 60% increase in new users and 20% in returning users. Trading volume has already risen to more than $10 million from the daily average of $4-$5 million.
The increase in Bitcoin interest comes even on authorities in India maintaining a tough stance against Bitcoin and other cryptocurrencies over concerns they could be used to fuel money laundering. A lack of a definite definition of what cryptocurrencies are has essentially placed traders and exchanges in a tight spot.
Russia Bitcoin Mining Spree
India is not the only country to increase in Bitcoin interest and trading interest. Russia is also seeing an increase in Bitcoin-related activities. An unknown client in the country has reportedly stacked 20,000 bitcoin miners in Siberia.
The thousands of mining devices point to a robust mining operation as the race to take advantage of the record high Bitcoin prices heat up. The total bitcoin mining power of the imported hardware amounts to 70MWh, which is the largest single batch in Russia.
The acquisition comes amid heightened uncertainty about crypto mining in the country. Russia is yet to implement any law to clear the regulatory framework of the sector that is eliciting strong interest. While local authorities have already proposed the prohibition of Russian crypto miners from receiving crypto payments nothing concrete has been passed yet.
The lack of a substantial regulatory framework has done little to curtail Bitcoin’s growing popularity. The crypto has powered to record highs at the back of growing mainstream interest. Tesla is the latest to place a $1.5 billion bet on the altcoin.
The timing of the investment is still unknown even on a Reddit user claiming early in the year that the EV giant had bought 24701 BTC at an average price of $33,142. The purported insider has already announced that the information he provided early in the year was not true.
Separately, over $3 billion worth of Bitcoin seized as part of a Department Justice investigation belongs to Silk Road. The findings come amid reports that Carl Mark Force a former Drug Enforcement Administration and former secret service agent Shaun Bridges was part of the team that stole Bitcoins from the defunct darknet marketplace.
The secret service agent has already been convicted for allegedly using an informant’s credentials to steal BTC from Silk Road.