WazirX Market's Desk

"Bitcoin traded around $77,000 over the last 24 hours, while Ethereum held near $2,100, as crypto markets continued to react more to macroeconomic conditions than to crypto-native catalysts. BTC's current levels are being supported by rising long-to-short ratios among top traders, which has helped strengthen the $76,000 support zone. However, upside momentum remains limited as persistent Bitcoin ETF outflows and rising U.S. bond yields continue to weigh on broader market sentiment.

The biggest macro driver remains the "higher for longer" interest rate narrative. Rising Treasury yields and ongoing inflation concerns have reduced risk appetite across global markets, keeping both equities and crypto volatile.

Altcoin momentum stayed concentrated in a few major tokens rather than the broader market, with Solana and TON continuing to show relative strength.

Overall, the market remains range-bound for now, with strong downside support for Bitcoin, but limited breakout potential toward $82,000 until ETF flows improve and macro conditions stabilize."

JFrog Ltd. (Nasdaq: FROG), the Liquid Software company  and creators of the JFrog Software Supply Chain Platform, the system of record for trusted  software artifacts, binaries, and AI assets, today released its 2026 Software Supply Chain  Security State of the Union, a global study examining how organizations are building,  securing, and managing software in an increasingly AI-driven economy. The findings reveal  that Indian organisations are among the most AI-active in the world, but critical gaps in  malicious package detection, container security, and secrets scanning leave them exposed  as attackers weaponise AI models, compromise developer tooling through stolen  maintainer credentials, and infiltrate open-source ecosystems at unprecedented scale.

Last year was the most dangerous on record for software developers globally, wherein malicious npm packages surged 451% year-over-year to more than 171,000 unique  instances. npm overtook Maven as the most-used enterprise ecosystem for the first time,  and a wave of npm supply chain attacks, including the self-replicating "Shai-Hulud" worm.  For India, where defensive tooling lags significantly, that exposure is especially acute.

"AI is accelerating how software is built, but it is also expanding the potential attack surface  and increasing vulnerabilities," said Sudhir Narla, General Manager for JFrog India, and VP  of Customer Success. "We're seeing a shift from isolated vulnerabilities to systemic risk  across the entire software supply chain. Indian organisations will need to move beyond  traditional security approaches and rethink how they establish trust in increasingly AI powered, automated environments."

Divya Kumar Gulati, Chairman, CLFMA of India

India and Italy's strategic partnership reflects the growing importance of international collaboration in strengthening agri-food ecosystems, sustainability, and trade resilience. The agreement signed between India's Marine Products Export Development Authority (MPEDA) and Italian stakeholders is a positive development for the seafood, aquaculture, and allied feed sectors, creating opportunities for technology exchange, quality enhancement, and market expansion. At a time when the global feed and aquaculture industries are facing rising input costs and geopolitical uncertainties, such partnerships can play a crucial role in driving innovation, improving supply chain efficiency, and advancing nutritional and export security for both nations.

Raj Karkara, COO, ZebPay

Bitcoin Pizza Day serves as a powerful reminder of how innovation, long-term conviction, and community-driven adoption can transform the future of finance. What began in 2010 as the purchase of two pizzas for 10,000 BTC has evolved into a defining moment in financial history, with Bitcoin today increasingly being recognized as a strategic digital asset within modern investment portfolios.

Over the last decade, Bitcoin has matured from an experimental technology into a globally acknowledged asset class, witnessing participation from retail investors, institutional players, corporates, and even sovereign entities. Its continued adoption highlights the growing importance of decentralized technologies and digital assets within the evolving global financial ecosystem. As the investment landscape shifts toward diversification and alternative asset exposure, Bitcoin is steadily positioning itself as a meaningful component of long-term portfolio strategy.

Nischal Shetty, Founder, WazirX

"Bitcoin Pizza Day is one of the most important moments in crypto history because it transformed Bitcoin from an internet experiment into a real economic network. It was actually the first proof that a decentralized digital asset could facilitate real-world commerce.

On May 18, 2010, Laszlo Hanyecz posted on the BitcoinTalk forum, offering 10,000 Bitcoins to anyone who would order two pizzas to his home. On May 22, 2010, another forum user had two pizzas delivered to Hanyecz's home. This move aimed to trigger mainstream commercial payments using Bitcoin which was barely established in 2010.

Back then, Bitcoin processed only a few hundred transactions daily with almost no merchant infrastructure, payment processors, or institutional participation. Today, the ecosystem has evolved into a global financial and settlement network processing roughly 500,000-550,000 transactions per day on average, with peak activity crossing 900,000 transactions in a single day during 2024.

What is remarkable is how Bitcoin's utility has expanded over the years. Beyond trading and investing, Bitcoin is now increasingly used for cross-border transfers, merchant payments, institutional settlement, remittances, treasury management, and Lightning-powered micropayments. Merchant adoption has also scaled significantly, growing from virtually zero businesses in 2010 to more than 20,000 merchants globally accepting Bitcoin payments today, alongside large payment ecosystems enabling Bitcoin transactions for millions of merchants worldwide.

WazirX will commemorate the day with a pizza buffet at our office. However, we intend to spend no more than 0.00075 BTC equivalent for the same.

SB Seker, Head of APAC, Binance

Bitcoin Pizza Day has become one of crypto's most celebrated traditions because it captures something essential: innovation happens when someone is willing to try something new, even if it seems impractical at the time. In 2010, Laszlo Hanyecz used Bitcoin to buy pizza because he believed digital currency should have use cases-not just sit in a wallet. Today, we are seeing that vision materialize at scale. Stablecoins are processing trillions in monthly volume and users in markets like India are discovering crypto's practical applications-from everyday transactions to wealth creation and preservation. Bitcoin Pizza Day celebrates the moment crypto moved from theory to practice, and reminds us that the real work is making that utility accessible to everyone.

Welspun Corp Ltd (WCL), the flagship company of Welspun World, announced its consolidated financial results for the quarter ended March 31st, 2026.

Unlike bank accounts, mutual funds, or FDs, crypto doesn't come with a relationship manager, a branch office, or a standard recovery process. Read full report here

For years, Bitcoin existed largely among programmers and internet enthusiasts. But nobody knew whether it could actually function as money. Read full report here

The Thesis

Conviction is tilting toward resilient domestic consumption paired with commodity participation as Brent spiked to $104.52 overnight on US-Iran tension. Wall Street's modest green close and a positive GIFT Nifty set up a constructive open, but the book is positioned for a market that absorbs higher energy without breaking demand - autos and PSU commodity are the signature trades, healthcare the defensive offset.

Where We're Concentrated

The cluster is unusually clean: two auto names - one OEM, one supply chain - anchor the consumption thesis, while PSU commodity and the integrated conglomerate carry the crude beta. Defensives sit underneath. The book breaks if Brent runs past $108 and re-introduces demand-destruction fears, or if DII flows soften and stop absorbing the ₹25,897 Cr of FII outflows that have hit the tape this month.

Conviction Picks

Maruti SuzukiHIGHEST CONVICTION

Auto demand resilience is the playable counter-narrative to crude pressure - the book's anchor trade for a rate-cut-supported consumption tape.

Samvardhana MothersonPAIRED CONVICTION

Supply-chain confirmation that the auto call is structural, not single-name - the OEM and the ancillary moving together is the cleanest signal on the file.

Coal IndiaCOMMODITY BETA

PSU energy exposure that wins directly from the overnight crude bid - high-yield, low-beta hedge against the FII outflow drag.

Reliance IndustriesCORE ANCHOR

Conglomerate ballast - energy upside from Brent, consumer steadiness from retail, the only large-cap that mirrors the entire book in one name.

Apollo HospitalsDEFENSIVE OFFSET

Healthcare hedge if crude refuses to cool and consumption stumbles - insulates the book without surrendering directional bias.

One Thing to Watch

Brent at $104.52. A close above $108 flips the auto thesis from resilience to risk. Today's US-Iran talks are the trigger - watch the headlines, not the chart.

BTC is trying to stabilize after a choppy session, but the recovery still looks limited. Price bounced from the $76.7K-$77K area and is now hovering near $77.5K, yet it continues to trade below $78K. The bigger resistance zone sits around $80K-$83K, where options positioning, ETF-holder breakeven levels, and the 200-day moving average all overlap. This makes the next leg higher difficult unless buyers return with stronger conviction. ETF outflows are still a drag, though limited selling from Top ETF Holder IBIT and falling exchange reserves suggest long-term holders are not rushing to exit.

For years, Bitcoin existed largely among programmers and internet enthusiasts. But nobody knew whether it could actually function as money. Read full report here

Meta recently began laying off employees across several regions, including Singapore, Europe, and the US. Read full report here

Rajesh Palviya, Head of Research, Axis Direct

The Nifty 50 ended largely unchanged at 23,654.70 on Thursday, as an initial 170-point gap-up opening witnessed profit-booking at higher levels, resulting in the formation of a long bearish candle on the daily chart. Global cues, however, remained mildly supportive. Wall Street closed in positive territory overnight, with the Dow gaining 0.55%, the S&P 500 rising 0.17% and the Nasdaq inching up 0.09%, amid continued volatility in oil prices and Treasury yields driven by developments around US-Iran negotiations.

Asian markets are trading firm this morning, with Japan and Korea advancing on improving geopolitical sentiment and renewed peace optimism. Commodity prices also remained relatively stable, with gold easing towards $4,510/oz, silver trading near $77 and Brent crude holding around $104.5 amid lingering concerns over the Hormuz region. GIFT Nifty at 23,621.0 indicates a flat to mildly positive start for domestic equities.

Technically, the overall bias remains cautiously positive. A sustained move above the 23,800 mark could trigger fresh momentum towards the 23,900-24,000 zone. On the downside, immediate support is placed at 23,500, while 23,400 remains a crucial support level that bulls need to defend to maintain the ongoing positive undertone.

Meta 8,000 Job Cuts: According to an internal memo, Meta's Head of People said the company wants flatter teams and smaller AI-focused groups. Read full report here

At the close on Thursday (May 22), the total market cap of all BSE Sensex companies stood at Rs 4,62,11,073.