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Why did WazirX token (WRX) jump 30% after India announced its big crypto tax?

Published 02/02/2022, 07:13 AM
Updated 02/02/2022, 09:20 AM
WRX/USD
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WazirX exchange’s native token, WRX, benefited the most from India’s latest U-turn on crypto this week.

WRX’s price surged nearly 30% to over $1, hitting a three-week high after the Indian government had announced a new tax regime for the regional crypto sector, reversing entirely from its earlier strict stance that even contemplated an outright ban on the emerging industry.

WRX/USD three-day price chart. Source: Javon Marks, TradingView
WRX/USD daily price chart featuring descending triangle setup. Source: TradingView

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