Crypto industry's winter deepens as trading volumes plunge, funds dry up

Volumes tumble over 80% in Jan-Sept; several entities receive 'drawdown notices' from investors

India’s cryptocurrency industry is in for a long, harsh winter, with investment drying up and trading volumes on the exchanges falling sharply this year. If the situation continues, industry executives say, some of the crypto exchanges may cease operations within a year.

The combined cryptocurrency volumes at the country’s top four exchanges – Bitbns, CoinDCX, WazirX, and ZebPay, which account for nearly 80 per cent of the crypto trade – plunged more than 84 per cent during January-September, from $72.3 million to $11.3 million, according to data from crypto research and consulting firm Crebaco.

The volume decline has been particularly