WazirX, the prominent Indian crypto trading platform, disclosed its business trajectory for the year 2023, shedding light on the challenges faced by the crypto market in India amid ongoing regulatory uncertainties. The platform reported a substantial decline in trading volume, reaching around $1 billion (approximately Rs. 8,315 crore), marking a stark 90 per cent drop from the previous year’s $10 billion (approximately Rs. 83,151 crore) and 2021’s figure of $43 billion (approximately Rs. 3,57,534 crore). While WazirX refrained from elaborating on the reasons behind the decline in trading volumes, its competitor CoinDCX attributed a 12 per cent reduction in its workforce to the impact of India’s tax regime, suggesting that regulatory uncertainties played a role in deterring investors. Despite the challenges, WazirX provided insights into trading patterns observed in India during 2023. Bitcoin (BTC), Shiba Inu (SHIB), Ripple (XRP), Ethereum (ETH), and Polygon (MATIC) emerged as the m...