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In India, interest in cryptocurrency trading is surging, particularly in smaller cities, as individuals seek alternative income sources amid economic uncertainty. Trading volumes for major cryptocurrencies have more than doubled, driven by younger populations eager to supplement their earnings. Despite stringent taxes and regulatory ambiguity, many are turning to crypto as a potential financial lifeline.
Ripple CEO Brad Garlinghouse attributes a 370% surge in XRP to Donald Trump's pro-crypto policies, which have revitalized U.S. operations and accelerated hiring, with 75% of new roles now based domestically. The anticipated leadership change at the SEC under Paul Atkins could further unlock XRP's potential, as Ripple's legal battles with the SEC have previously hindered growth. The launch of Ripple's stablecoin, RLUSD, has also contributed to this momentum, marking a significant shift in the company's focus and optimism for the crypto market.
The crypto market faced a significant downturn, with Bitcoin dropping below $97,000 after a brief rise above $100,000, triggering widespread selloffs among altcoins like XRP, Tron, and Cardano. XRP fell 12% from its recent high, while Tron and Cardano saw declines of 16.6% and 13.5%, respectively. Despite the volatility, experts suggest this phase may be a temporary consolidation before potential recovery as investors reassess their strategies.
Edul Patel
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
crypto trading surges in smaller indian cities amid economic uncertainty
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12:04 01.03.2025
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