EUR/USD 1.15625
0.174%
Gold 4167.15
-2.167%
Oil 87.644
0.335%
USD/JPY 160.353
-0.006%
GBP/USD 1.34066
0.209%
GBP/JPY 214.984
0.205%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Fed mouthpiece Nick Timiraos: May core CPI rose 0.21% month-over-month, very close to expectations, pushing the 12-month core CPI annual rate to 2.9%.German Chancellor Merz: The Future Combat Air System (FCAS) project will continue to be pursued as a European system. Discussions on the project will take place in July.German Chancellor Merz: French President Macron and I have agreed not to proceed with the development of the Joint Fighter Jet.June 10th - U.S. consumer prices rose at their fastest pace in three years in May, as conflict in the Middle East pushed up prices for gasoline and other energy products, providing more justification for the Federal Reserve to keep interest rates unchanged until 2027. Data released Wednesday showed that the CPI rose 4.2% year-over-year in the 12 months ending in May, the largest increase since April 2023. Month-over-month, prices rose 0.5%, following a 0.6% increase in April. The third consecutive month of sharp CPI increases highlights growing pressure on households, as signs emerge that more consumers are drawing on savings to pay for expenses. Furthermore, inflation outpaced wage growth for the second consecutive month, potentially negatively impacting overall economic growth. Meanwhile, the sharp rise in the cost of living is a significant political burden for President Trump and his party as they try to retain control of Congress in the November midterm elections.June 10th - The U.S. Labor Department reported on Wednesday that the Consumer Price Index (CPI) rose 4.2% year-on-year in May, accelerating from 3.8% in the previous month. This is the highest year-on-year increase since April 2023, indicating that high energy costs due to the conflict with Iran continue to exert upward pressure on prices. Americans have been feeling the pain of rising oil prices since the U.S.-Israel attacks on Iran in late February. Rising energy costs have eroded consumer confidence. Currently, there are few signs that oil tankers will receive continued permits to pass through the Strait of Hormuz, meaning that supply pressures in the global energy market are expected to persist.

Indian Exchange Volumes Benefiting from Bitcoin Price Drop

Cory Russell

May 12, 2022 10:09

微信截图_20220512095859.png


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.

Suggestion