Cryptocurrency exchanges in India have witnessed a deep fall in trading on bitcoin this year, a new report says.
India's prominent finance daily, the Economic Times, reported the gloomy picture of the country's cryptocurrency market Friday, quoting Mohit Kalra, Chief Executive of bitcoin exchange Coinsecure.
He says the volume of trade across all crypto exchanges in India has reduced by more than 90 percent in the last two months, while his company's volumes are down from around 300-400 bitcoins a day (in December) to about 30-40 bitcoins a day now.
The trade volumes of top exchanges like Zebpay, Bixoxo and Koinex also have reportedly dwindled by about half, down from the highs of up to 1000 bitcoins a day in November.
Rattled by the rising uncertainty, exchanges like BTCXIndia and ETHEXIndia have suspended trading, saying they will resume operations when authorities come out with clarity in market regulation.
A number of recent developments are attributed to the setbacks for Indian cryptocurrency market.
Several bank have banned the transaction of cryptocurrency using their debit or credit cards. Top banks have also stopped or suspended accounts of bitcoin exchanges.
Last month, during the budget speech, India's Finance Minister said at his budget speech that bitcoin is not legal tender.
The global picture also is bleak as far as Bitcoin is concerned, as the most popular cryptocurrency has lost more than half its value since December 2017 when it reached a peak of about $20,000.
It lost its value by 9 percent in Wednesday's trading following news that Google banned cryptocurrency-related advertisements on its platform. Bitcoin further plunged to a low of around $7,676 - its worst level in five weeks - Thursday, before bouncing back again.
Prices of other major cryptocurrencies also saw a sharp downward trend Thursday.
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December 19, 2025 15:10 ET U.S. inflation data and interest rate decisions by major central banks were the highlights of this busy week for economics news flow. Employment data and survey results on the housing markets also gained attention in the U.S. In Europe, the European Central Bank and Bank of England announced their policy decisions and macroeconomic projections.