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The Dow Jones Industrial Average opened 153.61 points higher, or 0.30%, at 51,718.31 on Monday, June 22; the S&P 500 opened 12.22 points higher, or 0.16%, at 7,512.80; and the Nasdaq Composite opened 3.49 points lower, or 0.01%, at 26,514.44.U.S. stocks opened higher, with the Dow Jones Industrial Average up 0.27%, the S&P 500 up 0.12%, and the Nasdaq Composite down 0.08%. Micron Technology (MU.O) opened 5.28% higher after announcing a strategic agreement with Anthropic to expand its next-generation artificial intelligence infrastructure. SpaceX (SPCX.O) opened 5.3% lower after announcing its first issuance of senior unsecured bonds, which will use net proceeds to repay outstanding debt.On June 22, U.S. Treasury Secretary Bessenter stated that under the leadership of President Trump and the Vice President, the U.S. remains committed to promoting a safer and more prosperous world. According to constructive talks currently underway in Switzerland, Iran has pledged to ensure free and open passage through the Strait of Hormuz and to allow IAEA inspectors access to its territory. As part of the framework agreement, the U.S. Treasury Department has issued a 60-day temporary general license authorizing the production, delivery, and sale of Iranian oil. According to the U.S. Treasury Department website, the newly issued general license authorizes transactions including the importation of crude oil, petrochemicals, and petroleum products originating from Iran into the United States, but does not authorize transactions involving countries such as Cuba and Ukraine.Qatars Energy Minister: We have enough natural gas to meet domestic consumption until we complete the maintenance, and we can cover the demand.German government bonds continued their upward trend, with the yield on 2-year bonds falling 5 basis points to 2.59%.

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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