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The final reading of Frances April CPI will be released in ten minutes.On May 13th, Indonesian Finance Minister Purbayar stated in Jakarta on the 12th that, given the Middle East tensions pushing up international oil prices and increasing the burden of energy imports, Indonesia is accelerating its energy consumption structure transformation and plans to launch a new round of electric vehicle subsidies starting in June 2026. Purbayar stated that the Middle East tensions have lasted longer than expected, and global oil prices may remain high in the short term, increasing Indonesias fuel and crude oil import costs. To mitigate external risks, the government is studying incentive measures to encourage greater public use of electric vehicles and electric motorcycles, reducing dependence on fossil fuels.May 13 - According to customs data, Vietnam increased its imports of refined petroleum products after the outbreak of the Iran-Iraq War to compensate for reduced crude oil supplies from its domestic refineries. This shift helped the Southeast Asian industrial hub mitigate the impact of the Gulf crisis. However, it also led to an unusual trade deficit for the export-dependent economy and triggered a sharp rise in consumer prices – the countrys consumer price index rose 5.46% in April, exceeding the governments target of 4.5%. A Reuters analysis of Vietnamese customs data shows that Hanois imports of refined petroleum products increased by nearly 17% year-on-year between March and April, while the import value (in US dollars) increased by 144%. Data shows that the country increased its purchases from Malaysia and South Korea. During these two months, South Koreas refined petroleum product exports to Vietnam almost caught up with its largest supplier, Singapore, with exports increasing by over 60% year-on-year to 610,000 tons, accounting for about one-third of Vietnams total refined petroleum product imports. Meanwhile, Vietnams imports of refined petroleum products from Malaysia nearly doubled to 403,000 tons, making Malaysia Vietnams third-largest supplier of refined petroleum products.The Abu Dhabi National Oil Company (ADNOC) of the United Arab Emirates set the official selling price for June Murban crude oil at $104.44 per barrel (compared to $110.75 per barrel last month).According to the German magazine Der Spiegel, the German Association of the Automotive Industry predicts that the industry will lose approximately 225,000 jobs by 2035.

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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