Over the past couple of weeks, the crypto markets have experienced a slump in prices, after months of a strong bull market. However, over the past 24 hours, the crypto markets have recovered, with most major coins having a 10-15 per cent rise in price. The WazirX Token (WRX) saw a major rise in price, rising from a price of Rs 100 to Rs. 161, at the time of writing this article. Read on to know why is WazirX Token going up.
Why is WazirX Token going up?
There are several reasons behind WazirX Token Price rising significantly over the past 24 hours. First, on May 31, the RBI clarified the situation with cryptocurrencies in India, announcing that banks cannot threaten or stop customers from investing in cryptocurrencies. As reported by many people on Twitter, a few banks such as the SBI and HDFC had been sending warnings to their customers who were purchasing cryptocurrencies and also threatened to terminate their bank accounts. Moreover, banks refusing payment services to cryptocurrency exchanges combined with the unclear future about crypto in India created an atmosphere of FUD (Fear Uncertainty and Doubt) among the Indian crypto community.
However, RBI’s latest notice to the banks cleared out the issue and made Indian crypto investors surer of their crypto investments. WazirX, being India’s premier crypto exchange, benefited from this positive news. In the midst of all this, WazirX announced the launch of their WazirX NFT Marketplace. These two positive announcements lead to a massive WazirX Token price increase.
Yesterday before the announcements, the price of WazirX Token stood at around Rs.100. After the announcements, the price of the WRX token jumped up to a price of Rs 176.5. Since then the price has dropped down to about Rs. 161, which is still a big increase compared to its price 24 hours ago. However, the WazirX token highest price stands at Rs. 349, which was achieved on April 15, 2021, in the middle of the biggest crypto bull run.
