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On September 8th, global mining giant Rio Tinto issued a statement saying it had agreed to acquire the Aurukun bauxite project in northeastern Australia from Glencore and Mitsubishi Development. A Rio Tinto spokesperson stated, "The acquisition price was not disclosed and is subject to approval from the Queensland government and other Australian regulatory bodies." The statement noted that Aurukun currently holds a mineral development license, but a mining lease has not yet been approved. The project is located near Rio Tintos bauxite mine west of Cape York.The SC crude oil futures contract rose by 2.00% intraday, currently trading at 702.30 yuan/barrel; the PTA futures contract rose by more than 2.00% intraday, currently trading at 6042.00 yuan/ton.Hong Kong-listed application software stocks fell sharply during the session, with Tuya Smart (02391.HK) dropping more than 9.5%, MiniMax (00100.HK) and Weimob Group (02013.HK) both falling by nearly 7%, Zhipu (02513.HK) dropping by nearly 6.5%, Qunhe Technology (00068.HK) falling by nearly 4%, and Kingdee International (00268.HK) falling by more than 2%.September 8th - According to data from the General Administration of Customs, Chinas integrated circuit exports reached US$40.731 billion in August, a year-on-year increase of 129.8%; automobile exports reached US$18.33 billion, a year-on-year increase of 43%; rare earth exports reached US$73.5466 million, a year-on-year increase of 33.7%; and mobile phone exports reached US$8.798 billion, a year-on-year increase of 29.6%.On September 8th, YH Cha, a foreign exchange economist at Eugene Investment & Securities, stated that the recent strong rally in the Korean won may eventually subside if it rises to the 1250-1300 range against the US dollar. Strong exports driven by South Koreas semiconductor industry, a large trade surplus, and exporters repatriating dollar revenue have propelled the won to a 23-month high. The won has appreciated by over 12% against the dollar in the past three months. However, the won still faces long-term pressure from continued growth in South Korean personal overseas investment and the resulting increased demand for the US dollar.

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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