Bitcoin reaches new high boosting optimism in India's crypto market

The price of Bitcoin has reached a new high of over $82,000, bringing renewed optimism to India's struggling cryptocurrency industry. Domestic exchanges report a significant increase in active users, with some platforms seeing a 500-700% rise in activity over the past week. Despite this surge, challenges remain. Heavy taxation and the Reserve Bank of India's negative stance on cryptocurrencies could limit long-term growth. Industry leaders express caution, noting that trust has been shaken by incidents like the WazirX hack. While the U.S. election results may influence a more favorable global outlook for cryptocurrencies, India's regulatory environment continues to pose obstacles. Stakeholders are concerned that without clearer policies, the local market may struggle to sustain growth.