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Sonys stock price rose 2% after the company released its financial report, reversing its earlier decline.July 31st - The Bank of Japan (BOJ) kept interest rates unchanged on Friday, with only one voice supporting a rate hike. Meanwhile, in its monetary policy outlook report, the BOJ lowered its inflation forecast for the current fiscal year. Fridays decision came amid escalating tensions in the Middle East. For oil-dependent Japan, inflation concerns remain. However, the central bank plans to further monitor the situation, especially after the June rate hike. On Thursday, Japan intervened in the foreign exchange market by buying yen and dollars, while US authorities also conducted currency checks. Now, all eyes are on BOJ Governor Kazuo Uedas afternoon press conference, hoping to glean clues about the central banks future policy direction and any commentary on the intervention.Piper Jaffray: Lowered its price target for Reddit (RDDT.O) from $215 to $195.On July 31, at a press conference held today, the China Council for the Promotion of International Trade (CCPIT), representing the Chinese business community, responded to the EUs efforts to accelerate the draft amendments to the Cybersecurity Act and the EUs Industrial Accelerator Act. We urge the EU to fully consider the opinions of the global business community in the subsequent legislative process and to prudently assess the impact of the relevant legislation on Sino-EU business cooperation, the EUs own industrial development, and the stability of the global supply chain. We call on the EU to adhere to the principles of technological neutrality and performance orientation, to delete or substantially modify rules and arrangements that are country-specific or discriminatory, and to effectively safeguard the common interests of existing investments and the common interests of future Sino-EU cooperation. Chinese enterprises are important partners in Europes digital transformation and industrial upgrading. The Chinese business community is willing to continue to strengthen cooperation with the EU to jointly promote cybersecurity governance and green economic development, maintain an open, fair, and non-discriminatory market environment, and jointly ensure the stability and smooth operation of global industrial and supply chains.On July 31, the Bank of Japan (BOJ) kept its policy rate at 1%, in line with expectations. Last month, the bank had already raised its benchmark interest rate to its highest level since 1995. BOJ policy board member Hajime Takada dissented and supported a 25-basis-point rate hike, arguing that the situation had entered a new phase and the BOJ needed to adopt a flexible approach to address upside risks to prices and changes in the overseas financial environment. The BOJ stated that it will continue to raise interest rates based on economic and price developments and financial conditions. Underlying inflation is approaching 2%, financial conditions remain accommodative, and both significant downside risks to economic activity and significant upside risks to prices have decreased. In its latest economic forecasts, the BOJ lowered its core CPI forecast for fiscal year 2026 from 2.8% to 2.5%, while raising its GDP growth forecast for fiscal year 2026 from 0.5% to 0.6%.

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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