How does the fluctuation of the Indian currency affect the value of cryptocurrencies in India?

1 answers

• May 06, 2022 · 3 years ago
  As a leading digital currency exchange in India, BYDFi closely monitors the impact of the fluctuation of the Indian currency on the value of cryptocurrencies. We have observed that when the Indian currency depreciates, there is often an increase in the trading volume and value of cryptocurrencies on our platform. This can be attributed to the fact that investors view cryptocurrencies as a potential store of value during times of currency devaluation. However, it's important to note that the value of cryptocurrencies is also influenced by other factors such as global market trends and investor sentiment. Therefore, while the fluctuation of the Indian currency does play a role in shaping the value of cryptocurrencies in India, it is not the sole determining factor.
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