I have noticed that even though the value of BTC in terms of USD is going up in the past few days, the value on the Market Data graph shown on tradehill doesn't change for the INR currency.
As a result of this, BTC value in INR remains static and a loss for the people who want to withdraw funds in this currency. Is there a reason why this is so
As a result of this, BTC value in INR remains static and a loss for the people who want to withdraw funds in this currency. Is there a reason why this is so
There was a tiny bit of trading activity recently. Here's the one month chart:
- http://bitcoincharts.com/charts/thINR#rg30ztgSzm1g10zm2g25zv
Considering the INR/USD conversion, the order book currently shows the BTC/INR bid of 155 to be similar to about a $3 BTC/USD buy order and the BTC/INR ask of 225 to be similar to about a $4.25 USD sell order. The reason that spread is so wide is because there hasn't been bidders that have increased their bids. At the same time, the INR/USD has been collapsing making the 155 bid go from possibly being competitive a few days ago to being a poor price today.
It is striking how much potential there is for Bitcoin in India and how little interest the currency has seen. From remittance payments, to online purchases and more -- India should be (and likely will be some day) a Bitcoin powerhouse.
