Latest news with #Coinswitch
Time of India
6 days ago
- Business
- Time of India
Indians are pouring into crypto as Bitcoin rockets to new highs
Academy Empower your mind, elevate your skills Bitcoin's meteoric rise of breaching all-time highs in the last seven days has seen Indian investors join in the rally. Top Indian exchanges CoinDCX , Coinswitch, Mudrex and Zebpay have cumulatively recorded net inflows of $150-200 million in the past seven days, estimates said daily trading volume in July has gone up 40% to 12.82 million from 9.17 million last month. Coinswitch saw a 22% increase in spot and futures trading volume week-on-week. Spot volumes alone have grown 145%, it said. Mudrex reported doubling of trading volumes in the past week, with tier-2/3 cities and towns accounting for 40%. ZebPay noted an average 75% increase in weekly Bitcoin and Ethereum continued to dominate trading activity, other meme tokens like Pengu and Bananas31 have also seen a sharp rise in volume, Zebpay said.'The spike was most notable between July 10 and 15, when BTC (Bitcoin) prices surged past $116K, driving higher engagement from both retail and high-value investors,' said CoinDCX founding partner Mridul Gupta.'BTC trading volumes in July (till July 15) touched 16.69 million, with a daily average of 1.11 million, nearly 80% higher than June's daily average of 0.62 million,' he analysts said the crypto party may calm down in the coming weeks, as US Congress on July 15 voted against President Donald Trump's three bills on digital assets: the GENIUS Act, CLARITY Act and the CBDC Act.'Bitcoin's current growth momentum is being powered by a confluence of institutional adoption, regulatory clarity and macroeconomic tailwinds,' said Harish Vatnani, head of trade at ZebPay.'Major players like BlackRock, Fidelity, and Franklin Templeton have made sizable allocations to spot Bitcoin ETFs. Corporates such as Strategy (formerly MicroStrategy) continue to accumulate Bitcoin, reinforcing market confidence,' he said, adding that the markets appeared to be approaching a new bull run, one that mirrors the highs of 2022 but with greater Patel, CEO and cofounder of Mudrex, expects Bitcoin breaching the $140,000 mark in near term. 'Awareness around Bitcoin is significantly higher, and institutional players are now entering the space in a meaningful way. However, retail adoption remains relatively untapped suggesting that despite the current surge, there is still substantial room for upside,' he Gupta cautioned that investors must tread carefully. 'Risks such as thinning liquidity near resistance levels, surprise macroeconomic shocks (e.g., inflation prints) and rising leverage in derivatives markets could lead to heightened short-term volatility.'However, the market is entering the second half of 2025 with 'clear tailwinds', and 'we may even see BTC eye the $150K–$185K zone by year-end', he Maradiya, founder and chairman at blockchain company CIFDAQ, said the rejection of Trump-backed crypto Bills is more of a procedural hiccup than a fatal blow to the current crypto bull run 'While Bitcoin dipped around 3% post-vote and crypto stocks like Coinbase, Circle and MicroStrategy also saw declines, the broader momentum remains intact, supported by strong institutional demand,' he said, adding that the US House plans to revisit the vote soon.
Mint
14-07-2025
- Business
- Mint
Bitcoin hits $123,000: How investors can book cryptocurrency gains and report them in ITR
Bitcoin crossed the $123,000 mark for the first time on Monday. The world's largest cryptocurrency scaled a record high of $122,571.19, before pulling back slightly to last trade 3 per cent higher at $121,488.08. Blame it on the massive rally, according to a Coinswitch report, over two crore crypto investors were recorded in India as of December last year. Sample this: the closing price of Bitcoin in July 2020 was about ₹ 8.7 lakh per BTC, and the current price is ₹ 1.05 crore per BTC. If you had invested ₹ 1 lakh in Bitcoin, your investment would have grown to more than ₹ 12 lakh. According to Raj Karkara, COO of Zebpay, Bitcoin's 2025 rally is being driven by a powerful mix of institutional adoption, regulatory progress, and favourable macroeconomic trends. Major asset managers like BlackRock, Fidelity, Invesco, and Franklin Templeton are allocating significant capital to spot Bitcoin ETFs, positioning BTC as a core part of diversified investment strategies," Karkara said. Karkara feels that the regulatory clarity, typically in the US, is also boosting the positive sentiment. 'Regulatory clarity is also playing a key role, especially in the US, where developments like the GENIUS Act, improved custody frameworks, and state-led treasury initiatives are strengthening the overall investment environment,' he explained. If you are a crypto investor and looking to book gains, here's a complete low-down: Redeeming your bitcoin or cryptocurrency gains is largely a two-step process, and you can do so through a Financial Intelligence Unit (FIU)-registered exchange. To name a few, ZebPay, CoinDCX, WazirX, and CoinSwitch are FIU-registered. 'To redeem Bitcoin profits in India, investors must sell their BTC holdings on an FIU-registered exchange like ZebPay by converting them into Indian Rupees (INR),' Karkara said. Step 1: Sell your crypto assets—Log in to a crypto exchange, go to the trading section, select an asset like Bitcoin, Ethereum, Doge coin, etc., and sell it for INR. Your account should be KYC compliant. The proceeds will be credited to your wallet on the exchange. Step 2: Withdraw INR to your bank account— Once you see the proceeds in your wallet on the exchange, go to the withdraw/payout section, select your bank account, enter the amount and complete the transaction. The funds will be credited to your bank account. 'A 1 per cent Tax Deducted at Source (TDS) is applied at the time of sale, and the net proceeds are credited to the investor's account. Once the transaction is complete, the funds can be withdrawn directly to a linked bank account and used like any regular balance,' Karkara added. In India, cryptocurrencies are classified as virtual digital assets (VDAs), and the profit earned from such investments is taxable. 'Profits from the sale of cryptocurrencies are taxed at a flat rate of 30 per cent. No basic exemption limit or benefit of tax slabs is available. Only the cost of acquisition is allowed as a deduction—no other expenses or losses can be set off or carried forward," said Abhishek Soni, CEO of Tax2win. The Indian government had clarified its official stance on cryptocurrencies and other VDAs in the 2022 Union Budget. While filing the income tax return, crypto gains must be reported under the VDA schedule. 'Taxpayers earning crypto income should use ITR-2 if they are salaried or pensioners. Those having business or professional income along with crypto gains should file ITR-3,' Soni added. Looking at the rally and past returns, cryptocurrencies may seem like a great investment option, but this space is unregulated. Unlike capital market products like mutual funds or equities, which are regulated by the Securities and Exchange Board of India (SEBI), there's no watchdog for cryptocurrencies. Earlier in May, the Supreme Court had also urged the government to formulate a 'clear cut' policy on regulating cryptocurrency while underlining its impact on economy.
Time of India
02-07-2025
- Business
- Time of India
Coinswitch debuts its Web3 coins
Cryptocurrency exchange CoinSwitch is introducing Web3 Coins , an offering which allows users to trade over 1 lakh emerging crypto tokens directly in INR — without the usual complexities of wallets, token swaps, or network fees. The launch comes amid rising investor interest in early-stage tokens such as meme coins, utility tokens, governance tokens, and stablecoins. Over 34% of CoinSwitch's active users have engaged with new tokens in the last six months, and the company expects at least 25% of its user base — currently over 2 crore — to explore Web3 Coins, Ashish Singhal, co-founder, Peepal Co, the holding company of Coinswitch told ET. 'Today, 99.9% of Indian users are unable to access decentralised tokens due to the technical complexity. Web3 Coins brings the simplicity of buying Bitcoin on CoinSwitch to thousands of new tokens,' he said. Crypto Tracker TOP COIN SETS NFT & Metaverse Tracker 3.25% Buy Crypto Blue Chip - 5 0.73% Buy DeFi Tracker 0.67% Buy Web3 Tracker -1.95% Buy AI Tracker -2.76% Buy TOP COINS (₹) Bitcoin 9,061,834 ( -1.37% ) Buy BNB 55,416 ( -1.7% ) Buy XRP 187 ( -2.91% ) Buy Ethereum 206,438 ( -3.09% ) Buy Solana 12,627 ( -4.65% ) Buy Decentralised tokens such as Lido, Uniswap, Jupiter, PancakeSwap are fast growing and today hold a market cap of nearly $11.83 billion, according to crypto data platform CoinGecko. Globally, decentralised exchanges account for nearly 200 million unique trading addresses. Did you Know? The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors. View Details » These are different from centralised tokens such as Bitcoin, Ethereum, Solana which are listed and managed by centralised crypto exchanges like Binance, or Coinbase. These platforms control which tokens get listed, provide customer support, and manage custody. But decentralised tokens can be created by anyone leading to faster innovation but also higher risks. Web3 Coins by CoinSwitch bridges these two worlds. Unlike traditional centralised exchanges, which take weeks or months to list new tokens, Web3 Coins allows users to access eligible tokens within 24 hours of their launch — giving investors an early advantage in discovering high-potential crypto assets , Singhal explained. For instance, while a popular meme coin like Shiba Inu became widely available months after launch, early adopters trading via decentralised exchanges had already seen significant gains. Founded in 2017, CoinSwitch is has raised $300 million from global investors such as Coinbase Ventures, Tiger Global, and Sequoia Capital India. In the last 7–8 months, CoinSwitch has seen a 50% jump in organic signups. Although trading volumes are lower than the 2021 peak, Singhal said 2025 is shaping up to be one of the company's strongest years in terms of investor participation, Singhal said.
Time of India
26-06-2025
- Business
- Time of India
'Big red flag': Coinswitch co-founder Ashish Singhal explains how middle class is funding India's ultra rich
Ashish Singhal, co-founder of Coinswitch took to social media to talk about the rising ultra rich class, adding why it would pose as a 'red flag' for the Indian middle class. India will witness the world's fastest growth in the number of ultra-high-net-worth individuals (UHNWIs), with their population expected to surge by 50 per cent between 2023 and 2028, according to a report by McKinsey & Company and BoF. Check full post here: You're calculating groceries while someone just bought a ₹6L handbag Soon, that someone will multiply in numbers. India's about to see a 50% jump in its ultra-rich by 2028. Live Events Fastest growth in the world. No one else is even close. What's going on? 1/ India's GDP just nudged past Japan — we're now #4 globally 2/ Luxury market growing 15–20% a year 3/ New malls, big brands, and tax tweaks making people shop local (and loud) 4/ The ₹700K+ import tax? Just made domestic luxury a lifestyle flex The top 0.1% is living its best life. The middle 60%? Quietly adjusting → Savings stagnant → EMIs rising → Credit funding lifestyle → Real estate, equity, even fixed deposits are increasingly out of reach So here's the tension: India is growing. But not everyone's riding that wave. And honestly, if you're not investing in the places where wealth is moving, you might just be paying for someone else's portfolio. See, it's not just about inequality. It's about unintentional wealth transfer. So ask yourself: Are you part of the upside? Or just funding someone else's? And from a money lens: Is your portfolio catching this luxury surge or stuck in the slow lane? Is this a sign of booming growth or a red flag for the middle class? India's growing ultra-rich population The state of fashion luxury report says that the Indian luxury market is expected to grow between 15 and 20 per cent in 2025, fuelled by demographic and structural shifts. According to the report, new luxury malls and department stores, such as the Jio World Plaza and Galeries Lafayette, are increasing luxury real estate in tier-one cities. It further adds that the newly increased taxes on imported goods over Rs 700,000 (USD 8,400) are expected to encourage domestic spending, although the domestic Goods and Services Tax on luxury goods remains high at 28 per cent. Compared to the Indian growth, the Japanese luxury market is expected to grow between 6 and 10 per cent in 2025, retaining its position as a core luxury market. The growth in Japanese markets will be driven by both solid domestic demand and tourism spending. Recently, NITI Aayog CEO BVR Subrahmanyam announced that India has overtaken Japan to become the world's fourth-largest economy. Citing data from the International Monetary Fund, the CEO of India's apex think tank stated that India's economy has reached the USD 4 trillion mark. As per the report, Japan is home to the second-largest number of UHNWIs in Asia, which is expected to grow by more than 12 per cent from 2023 to 2028. The growth rate of UHNWIs in India is more than that of Japan. According to the IMF's April edition of the World Economic Outlook report, India's nominal GDP for fiscal 2026 is expected to reach around USD 4.187 trillion. This is marginally more than Japan's likely GDP, which is estimated at USD 4.186 billion. The report added that over the past five years, the luxury industry experienced a period of exceptional value creation. Between 2019 and 2023, unprecedented demand for personal luxury goods -- fashion, handbags, watches and jewellery among them -- combined With a deep well of supply allowed the sector to achieve a 5 per cent compound annual growth rate. Luxury brands outperformed global markets and achieved new profitability records. But in the year 2025 so far, the luxury industry has faced a significant slowdown that has hit even top brands hard. For the first time since 2016 (excluding 2020), luxury value creation declined. Several of the industry's growth-driving engines have stalled. Macroeconomic headwinds --especially in the key China market, which grew more than 18 per cent annually from 2019 to 2023 -- are weighing heavily on the sector, the report highlighted. Economic Times WhatsApp channel )
