This Crypto Token Price Surged 63% Hours After Indian Crypto Ban Cancellation

Wed, 03/04/2020 - 12:45
Vladislav Sopov
The Indian Supreme Court's decision to cancel the cryptocurrency ban imposed by the Reserve Bank two years ago is a top story in crypto today. Will Indian tokens pump?
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Crypto markets are the first to react to meaningful regulatory novelties in the legal frameworks of the blockchain sphere. Today, with the two-year-old Indian crypto ban lifted, the reaction is exciting.

Top performer: WazirX

WazirX (WRX), the native token of leading Indian crypto-to-fiat exchange WazirX acquired by the Binance ecosystem in Q4, 2019, skyrocketed within the past few hours. Yesterday it was worth $0.068 while this afternoon it traded at $0.10. 

Image via Coingecko

As a result, the WRX price has made a more than 60% run in mere hours. This is its second splendid rally after one caused by post-IEO euphoria one month ago. After the Binance-based lottery tokensale, the price of WazirX (WRX) skyrocketed 250% in two days.

WazirX is the most popular Indian peer-to-peer digital assets exchange. It was acquired by Binance, as the most trusted Bitcoin (BTC) provider within the Indian crypto community. Starting back in November, 2019, Binancians can buy and sell cryptos with Indian Rupees (INR).

Indian pump right around the corner?

WRX isn't the only Indian token that is performing well on recent regulatory news. The Matic Network Token (MATIC) price surged 27%. In the case of MATIC, their run is also fueled by the upcoming launch of Coinbase Custody for its users. 

Matic (MATIC) Price Surges 27% Spurred by Indian Crypto Ban Recall

Also, after a splendid community management campaign, the Matic Network on-boarded decentralized applications, 80-90% of which were from India-based teams. Matic addressed the second-layer scalability solutions atop the Ethereum (ETH) network via Plasma-based sidechains.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (, Monoreto, Attic Lab etc.)

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