The utility of WazirX, which claims to be India’s largest cryptocurrency exchange, rose 929.89% in a seven-day period leading up to the press period.
What happened: WazirX (WRX) traded 195.16% higher at $ 4.76 on Sunday night.
WazirX CEO Nischal Shetty acknowledged in a tweet on Sunday that the WRX token had crossed $ 1 billion in market capitalization. He simply tweeted #IndiaWantsCrypto, a hashtag meant to indicate support for cryptocurrencies in India where the government is allegedly considering a ban.
#IndiaWantsCrypto https://t.co/e6FDd5bwzj
– Nischal (WazirX) (@NischalShetty) 4 April 2021
A delay in introducing a bill in the Indian parliament that would ban cryptocurrencies has also raised the minds of investors in that country, according to local Indian media.
Investors said the delay was a sign that the government was studying the issue further rather than issuing an outright ban, reports The Quint, an Indian news portal.
At the time, WRX had a market capitalization of $ 1.14 billion, according to CoinmarketCap data, slim compared to the apex cryptocurrency Bitcoin (BTC), which has a market capitalization of $ 1.09 trillion.
BTC traded 1.47% higher at print time at $ 58,257.32.
What else: Sunday night, WazirX crashed. According to for Shetty, the crash was due to ‘internal limits’ set by the exchange’s infrastructure providers. Shetty revealed that the system load on Twitter was ‘crazy’.
Shetty issued an update in the early hours of the morning (Indian time) saying the trade was underway but warned of ‘alternating errors’.
We are awake and watching the systems. There may be alternate errors, the team is working to fix them. https://t.co/qPrHIwL7O0
– Nischal (WazirX) (@NischalShetty) 4 April 2021
It is noteworthy that the crash of WazirX occurred on the same day when its sign peaked at $ 5.87.
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