Cryptocurrencies plunge in India as the country considers a ban on digital assets – and this creates an opportunity for savvy investors | Currency News | Financial and business news

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  • The prices of shiba inu, dogecoin, bitcoin and tether fell on a popular crypto exchange in India.
  • The declines came as the country considered a repression of private cryptocurrencies.
  • The declines created an arbitrage opportunity for savvy investors, but a difficult opportunity to take advantage of.

Cryptocurrencies fell in India on Wednesday morning as the country considered a repression of digital assets – and it opened up opportunities for witty investors.

According to one Bloomberg article, shiba inu coin and dogecoin lowered more than 20% on WazirX cryptocurrency exchange in India while those on Binance and Kraken were relatively unaffected. Bitcoin, on the other hand, fell 14% on WazirX and only 0.5% on Binance, the article states. Tether, a stablecoin, also sank in the stock market, while remaining stable elsewhere, Coindesk reported.

ONE bill in India seeks to ban all private cryptocurrencies, which is likely to cause price declines on local exchanges.

The price falls opened up an opportunity for investors to buy the dive and profit elsewhere. According to CoinDesk’s report, arbitrage opportunities in India are mainly useful for small investors because major market makers are avoiding the country due to lack of regulatory clarity.

But the trick was figuring out how to transfer money to another stock exchange after buying the assets at a lower price, Bloomberg said. And it’s not easy. WazirX tweeted out that it experienced trade delays in the app, and frustrated users replied that they could not move their crypto. Several hours later, the company said the issue was resolved.

“We would like to reiterate that WazirX has an open order book and does not determine or control the price of any crypto on the stock exchange,” the platform said in a tweet. “There will always be differences from stock exchange to stock exchange, country to country, etc. depending on demand and supply.”

Options for crypto arbitrage are well documented, as prices can vary between exchanges. An Insider article from 2017 noted that the problem stems from the fact that the market is “diffused, unregulated and incoherent.”

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