Bitcoin nears $80,000 as rally lifts India crypto trading volumes

Bitcoin climbed 24 percent over the past week to trade near $79,000 as of Aug. 24, reviving trading activity across India's cryptocurrency exchanges as the rally drew retail participants back into the market.

"CoinDCX saw its trading volume more than double between Aug. 19 and Aug. 21," according to a Moneycontrol report citing exchange data, with spot volume rising to about $13 million from roughly $5 million to $6 million.

On Aug. 23, CoinDCX's average daily volume stood at about 11.7 million USDT, the report showed. CoinSwitch, WazirX, Mudrex and Giottus also reported higher spot and futures volumes during the rally. The move follows a week in which U.S. spot Bitcoin ETFs took in $1.9 billion, their strongest inflows since October, according to Farside Investors data.

Bitcoin's push toward $80,000 — a level it last held in May before sliding to a one-year low — now faces a test of trapped supply between $74,000 and $78,000. A convincing break above $80,000 would clear the path toward $100,000, a target Standard Chartered's global head of digital assets research, Geoffrey Kendrick, said could be reached before year-end.

Treasury buybacks and the Clarity Act drive the move

The rally was triggered by the U.S. Treasury's announcement that it would at least double the size of its long-dated bond buybacks, easing upward pressure on long-end yields and lowering the opportunity cost of holding non-yielding assets such as Bitcoin. Treasury Secretary Scott Bessent's intervention sent the dollar to a three-month low, giving Bitcoin its best week since 2023.

Regulatory momentum added to the tailwind. President Donald Trump met with crypto executives last week and urged lawmakers to pass the Clarity Act, which would establish a framework for distinguishing digital assets that are securities, commodities or payment stablecoins. The House is expected to vote on the legislation in September.

India's retail revival

The rally has been a boon for Indian exchanges, which had seen volumes stagnate during the months Bitcoin spent rangebound between $60,000 and $65,000. Bitcoin trading volumes on CoinDCX increased significantly during the week, the Moneycontrol report said, though the exchange did not disclose a full breakdown.

The pickup in Indian activity mirrors broader retail participation in the rally, which has also lifted Ethereum 2 percent to $2,480. Bitcoin's 24-hour trading volume has climbed well above its seven-day average as leveraged short positions were liquidated, adding to upward pressure.

For Indian exchanges, sustained momentum above $80,000 could drive a durable recovery in volumes and revenue after a year-long slump. But the rally also sharpens attention on India's regulatory stance toward digital assets, which has kept many domestic platforms operating in a policy gray area. A retreat below $77,000 would signal the move is losing steam, with the next support at $74,000.

This article is for informational purposes only and does not constitute investment advice.