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South Korean President Lee Jae-myung: We must expedite the administrative processes related to the chip industry cluster.July 6th - Members of the New Zealand Institute of Economic Researchs (NZIER) Shadow Monetary Policy Committee held nearly equal views, reflecting uncertainty about the Reserve Bank of New Zealands (RBNZ) policy outlook ahead of its July meeting. The NZIER Shadow Monetary Policy Committee narrowly supported keeping the RBNZs Official Cash Rate (OCR) unchanged at 2.25% in July, but called it a move roughly equivalent to a 25 basis point rate hike. Those supporting raising the OCR to a neutral level as soon as possible cited rising inflation as the primary reason. Weak demand and high unemployment were considered key reasons for carefully weighing tightening policies. Members differed on the impact of oil prices, with some believing the inflationary impact was temporary and waning, while others warned that price pressures could persist for a longer period. Some members indicated that the next significant policy assessment would be around the time of the second-quarter CPI data release. The committee unanimously agreed that the OCR should rise to 3% to 3.25% over the next year. Several committee members stated that monetary policy needs to gradually return to a neutral level, while also pointing out that weak demand and high unemployment mean the Fed should carefully manage the pace of tightening.International crude oil prices are trending weakly. A chart provides a quick overview of the pre-market conversion prices of crude oil between domestic and international markets.Spot gold and silver rebounded from their lows; a chart provides a quick overview of the pre-market prices of precious metals, converted between domestic and international markets.July 6th - Samsung Electronics, the worlds largest memory chip manufacturer, is set to release its second-quarter results on Tuesday. Analysts average forecast predicts preliminary operating profit of 84.3 trillion won (approximately $55.1 billion), an 18-fold increase year-over-year, exceeding its full-year profit for 2025. Revenue is expected to grow by 127%, reaching a record 169 trillion won. Since June, chip stocks have experienced several significant corrections due to market concerns about intensified competition, potential overcapacity, and the return on massive AI investments. This further amplifies the importance of Samsungs results, as market expectations are already high, leaving little room for the company to disappoint. Dave Mazza, CEO of Roundhill Financial, stated, "Samsungs results come at a time when the market is simultaneously questioning both the supply and demand sides of the memory chip investment logic. If the results are close to market expectations, it will help quell the controversy and benefit Samsung."

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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