WazirX, Coinswitch Kuber see drop in trades as prices continue to fall

MUMBAI: The crypto frenzy that engulfed exchanges in the first half of 2021, on the back of a historic bull run in Bitcoin and other tokens, is finally simmering down.

WazirX, India’s largest exchange by volume, reported a 60% decline in trading activity in June compared to May. Other crypto platforms such as CoinDCX and Coinswitch Kuber also experienced a similar drop. User sign-ups have also declined, although exchanges did not reveal the numbers. The dip indicates that frequent traders have exited while long-term investors are holding their positions.