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The yield on Japans two-year government bonds rose 0.5 basis points to 1.73%, the highest level since April 1995.Tensions in the Middle East escalated again over the weekend, causing a surge in crude oil prices this morning, which is expected to support a higher market opening this week. If the situation in the Middle East continues with both peace talks and conflict, the market is likely to continue consolidating at high levels this week.SoftBank Group shares fell about 4.8%, and Tokyo Electron shares fell more than 4%.On August 31st, Japans industrial production rose 0.1% month-on-month in July, better than the expected 0.7% decline; retail sales rose 2.4% month-on-month and 4% year-on-year, both significantly exceeding expectations. Manufacturers expect industrial production to grow by 6.4% in August, followed by a 4.2% decline in September. The much stronger-than-expected industrial production data mitigated some short-term downside risks priced into the markets assessment of Japans economic growth prospects. The sharp rebound in retail sales, both month-on-month and year-on-year, indicates that consumer spending performed better than suggested by the decline in June. This is significant for the Bank of Japans ongoing discussion on whether domestic demand can continue to drive inflation. The manufacturers survey indicates that industrial production is expected to grow strongly by 6.4% in August, but will decline significantly in September, suggesting that the current strong performance may be partly due to advance production or a rebound after a previous decline, rather than a genuine acceleration of the industrial cycle. According to the US financial website InvestingLive, combined with US Treasury Secretary Bessants recent remarks that the pace of interest rate hikes is effectively left to Bank of Japan Governor Kazuo Ueda, the resilience of economic growth and consumption further weakens the reasons for the Bank of Japan to postpone further tightening of its policy.The Nikkei 225 index opened down 731.46 points, or 1.10%, at 65,674.10 on Monday, August 31.

Indian Exchange Volumes Benefiting from Bitcoin Price Drop

Cory Russell

May 12, 2022 10:09

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Bitcoin's anticipated fall from grace in recent days was a phenomenon that surprised investors and dealers. However, this was a happy moment for Indian crypto exchange operators, as trading volumes increased dramatically once BTC's price retested the lower $29,000 zone.

Indian Stock Exchange Volumes Increase

Following a dry period, trade volumes on Indian crypto platforms increased. For the most of this year, Bitcoin and other altcoins experienced a range bound price movement, and Indian crypto exchange volumes were similarly modest.


As bitcoin's price fell by more than 56% from its all-time high of $69,000 in November 2021, transaction volumes increased throughout marketplaces as a result of the selling pressure.


According to accounts from local news organizations, the increase in volumes in India was enormous and lasted almost two days. Trade volumes on crypto trading platforms including WazirX, CoinDCX, and Unocoin increased by 20 to 75 percent.


"Overall volumes increased by 70% between May 8 and 9," stated Nischal Shetty, Co-founder and CEO of WazirX, in an interview. In terms of trading, there is a mood of 'buying the drop,' as buyers have been somewhat controlling the market."


He went on to say that such purchasing activity shows that investor confidence in the market is still high, even at current levels.

India's Web3 Developments Increasing My Pace

According to a recent research, the number of Web3 developers reporting their locations climbed the highest in India and Russia, respectively, increasing to 5.3 percent and 4.3 percent of the market share. The United States, on the other hand, has lost over 20% of its market share since 2015.


With the emergence of Web3 and blockchain development in the Indian subcontinent, an increase in trading volumes amid a wider market fall indicates market players' trust. This meant that Indians succumbed to the "buy the dip" mentality.


"Volatility usually leads to a rise in volume on platforms like ours," said Minal Thukral, Executive Vice President, Growth and Strategy at CoinDCX. We're witnessing an increase in the number of people purchasing the dip and a decrease in the number of users selling it."


However, since the new tax policy took effect on April 1, trade volumes on Indian crypto exchanges have decreased. However, it seems that Indians are increasingly taking greater risks, indicating a growing interest in hazardous asset investments in the country.

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