Thailand Allows Exposure to Bitcoin Spot ETF, But There’s a Catch

Audy Castañeda
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Thailand Allows Exposure to Bitcoin Spot ETF, But There’s a Catch

Thailand’s SEC approves spot Bitcoin ETFs for institutional and ultra-high net worth investors. The US SEC approves Bitcoin ETFs and reclassifies them as securities in Thailand. The SEC’s move aims to take advantage of the rise of Bitcoin and targets financially sophisticated investors.

Thailand’s Securities Exchange Commission (SEC) has given asset management companies the green light to invest in spot Bitcoin exchange-traded funds (ETFs). However, only institutions and individuals with very high net worth are eligible for this investment opportunity.

This initiative underlines Thailand’s cautious but progressive stance towards integrating digital currencies into its financial framework.

Previously, regulations governing investments by asset management companies did not cover digital asset ETFs, and under the SEC Act, asset managers can only offer trading in assets classified as securities.

However, after the US securities regulator approved bitcoin spot ETFs in January, shares of bitcoin spot ETFs became defined as securities and not cryptoassets under Thai regulations.

Why Thailand Has Changed Its Stance Towards Bitcoin Spot ETFs

SEC Secretary General Pornanong Budsaratragoon announced this policy change following the US SEC’s endorsement of spot Bitcoin ETFs. By reclassifying these ETFs as securities, Thai companies now have an open path to investing in this new asset class.

The recent rise in the price of Bitcoin to $72,000 has sparked great interest in cryptocurrency investments. Consequently, the SEC approval is timely as it opens new avenues for Thai investors at an opportune time.

This strategy is aimed at capitalizing on the volatility and appeal of cryptocurrency, and is specifically aimed at a more financially sophisticated audience. Asset management companies had asked the SEC for permission to invest in digital assets in the following terms:

“Asset management companies asked the SEC to allow them exposure to digital assets, especially Bitcoin and Bitcoin spot ETFs, but we need to carefully consider whether we should allow asset management companies to invest directly in digital assets.” due to the high risk.”

Furthermore, the London Stock Exchange’s (LSE) announcement to accept Bitcoin and Ethereum exchange-traded notes (ETNs) echoes this sentiment of cautious optimism. This initiative, scheduled to begin in the second quarter of this year, is aimed at professional investors and offers an investment opportunity similar to that of bonds.

Unlike ETFs, ETNs involve investing in a debt instrument that tracks the performance of an asset. This development further illustrates the growing acceptance of digital currencies in major financial markets.

There is a Catch: Small Investors Are Excluded

The latest rules have left out the ability for retail investors to gain exposure to spot bitcoin ETFs. The use of digital assets for payments was banned by the government in March 2022, and the SEC banned the use of cryptocurrencies for loans and investments in July 2023.

However, the regulator lifted restrictions on retail investors purchasing digital tokens backed by real estate or infrastructure projects in January.

Thailand’s stance on Bitcoin Spot ETFs

In addition to these regulatory changes, the SEC has also supported new measures by the Stock Exchange of Thailand (SET) to improve market supervision. These efforts aim to increase investor confidence and promote the long-term development of the Thai market.

These updates, which cover various trading activities, ensure a stable and reliable investment ecosystem. Thailand’s broader strategy to become more crypto-friendly is evident in its recent fiscal policy adjustments.

By exempting domestic cryptocurrency trading from value added tax (VAT), the Government shows its ambition to foster an environment conducive to the growth of digital assets.

By Audy Castaneda

Ethereum Above $4000 after 26 Months

Leonardo Perez
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Ethereum Above $4000 after 26 Months

Ethereum exceeds $4000, with an annual growth of 77%, surpassing Bitcoin. Interest in Ethereum ETFs is on the rise, with meetings between the SEC and Coinbase providing potential new ETH ATH stimulus for an alternate season.

The rise of Ethereum (ETH) exceeded $4,000, for the first time since December 27, 2021. In March, it records a growth of 20.88%, bringing the annual performance to +77%. Towards

The current price is listed at $4,036. and is approximately 20% away from its November 2021 all-time high, equivalent to $4,868 on the ETH/USD pair.

Ethereum Exceeds $4000 After 26 Months

In this phase, Ethereum is moving better than Bitcoin, which has stopped at +69% since the beginning of the year. Despite this, Bitcoin continues to dominate mainstream interest thanks to its new all-time high and the large collection of Spot BTC ETFs.

In this sense, there have been important developments lately regarding ETFs linked to Ethereum with a meeting between SEC and Coinbase. Additionally, Bloomberg reported that the London Stock Exchange is considering accepting ETN listing applications for Bitcoin and Ethereum.

Best Quarter for ETH since January 2021

ETH recorded eight consecutive positive closes quarterly, between January 2020 and October 2021. However, for a global evaluation it will be necessary to wait until the end of March.

Even at a statistical level, if the month of March for Ethereum closes positively, it will be the seventh in a row. To find a similar series, we will have to review the movements between October 2020 and April 2021.

Ethereum Scenario on the Weekly Chart

Moving on to an analysis of the weekly chart, Ethereum’s acceleration began after breaking the resistance area between $2,200 and $2,400. Subsequently, resistance at the $2,900/$300 area also broke the momentum and is now approximately 20% away from its all-time high.

Now ETH is approaching static resistance at $4,130, a level that will probably be surpassed without any difficulty. The probable achievement of its historical maximum with a possible new ATH has a very important value for the entire Altcoin sector.

Moving on to an evaluation of the short side of Ethereum, the focus on the two long-term supports. The first level goes through an area. $2,900, while the main support is in the $2,500 area at almost -40% of the current price.

ETH is the first of the Altcoins and on many occasions its rise gives rise to the so-called Alternative Season. While there is no hard and fast rule that guarantees the start of an Alt Season every time Ethereum rises, there are important precedents.

Several Altcoins are still well below their all-time highs, some even in bear market phases, which could encourage speculative interest in smaller capitalization cryptocurrencies, pushing them up.

No matter how bullish traders are, selling risk increases the longer it takes for Ether to surpass $4,000 while the futures premium remains high.

Brief “Fast Crypto RSI” Trading Strategy and Scenario

A look at the daily chart offers a snapshot of the bullish leg that began in February. Considering this vector, it can be seen that the first short-term support level is $3,350 while the most relevant is at $3,100.

The chart also shows the trend of “Fast Crypto RSI” Trading Strategy presented in a trading strategies guide, which entered a long position on February 7 at a price of $2.372, which is currently equivalent to +69.50%.

By Leonardo Perez

Closing of Digital Legend Taringa, and other News

Audy Castañeda
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Closing of Digital Legend Taringa, and other News

“They can call us virgos, acidic, unbearable, antisocial and whatever they want. But we have made history and no one can ever deny that to us,” Taringa said when announcing the cessation of its operations.

Taringa, the emblematic Argentine social network, has announced its definitive closure after two decades of life on the Web. The platform, which stood out for its active community and its constant support for Bitcoin, shared the news through an emotional statement on its official portal.

The news was revealed in a post shared a few hours ago on the official Taringa page, announcing the end of the platform for next March 24. Founded in 2005, the social network left an indelible mark on millions of Spanish-speaking users. Positioning itself as the second most visited in Argentina and the third in Latin America.

MicroStrategy Advocates Viewing Bitcoin as a Durable Asset

According to MicroStrategy president Michael Saylor, Bitcoin investors should take a different perspective, treating the cryptocurrency less like a currency and more like a “billion-dollar building in cyberspace,” intended to be preserved for a century.

In an interview with CNBC on March 11, Saylor argued that there is a “fundamental misunderstanding” among those who view Bitcoin simply as a currency. According to him, the true strength of Bitcoin lies in its ability to preserve capital over hundreds of years, considering it a “deadly weapon” in the financial field.

BlackRock Bitcoin ETF Surpasses 200,000 BTC in Two Months

In an impressive achievement, after just two months of trading, BlackRock’s IBIT spot bitcoin exchange-traded fund has surpassed the 200,000 BTC mark in assets under management, reaching an approximate value of 14.7 billion dollars at current prices.

According to the latest fund disclosure, BlackRock’s IBIT has accumulated around 204,000 BTC. This achievement positions it at the top among the nine newly launched spot Bitcoin ETFs, excluding Grayscale’s converted GBTC fund.

Overall, these nine ETFs add up to more than 420,000 BTC, consolidating the growing acceptance and adoption of Bitcoin as an investment asset.

Founder of Crypto Mixing Service Guilty of Laundering $400 Million in Drug Trafficking on the Dark Web

Roman Sterlingov, the mastermind behind Bitcoin Fog, a notorious cryptocurrency mixing service, has been found guilty by a federal jury. The verdict, the product of a month-long trial, exposes a decade-long operation that allegedly facilitated the laundering of hundreds of millions of dollars in illicit funds. This conviction marks a significant victory for US authorities in their ongoing battle to curb the misuse of cryptocurrencies for criminal activities.

Prosecutors presented a compelling case, meticulously tracing a trail of crypto transactions that flowed through Bitcoin Fog and ultimately originated from dark web markets known for drug trafficking. The total value of laundered funds was estimated to be over $400 million, with a significant portion ($78 million) directly linked to these illegal platforms.

The case also sheds light on the growing trend of sanctioned entities using cryptocurrency mixers to circumvent financial restrictions. A recent report from Chainalysis, a blockchain data platform, revealed that more than 60% of illicit crypto transactions in 2023 were linked to sanctioned individuals or organizations.

While Sterlingov admitted to using Bitcoin Fog, he denied receiving fees for the service, a claim that directly challenged the prosecution’s narrative. Despite his defense, the jury ultimately found Sterlingov guilty of all four counts of money laundering, paving the way for a possible sentence of up to 20 years in prison.

By Audy Castaneda

Banco do Brasil Will Test Offline Payments Integrated into Drex

Leonardo Perez
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Banco do Brasil Will Test Offline Payments Integrated into Drex

Banco do Brasil announces partnership to test offline payments with Drex, the Brazilian CBDC. Ghana and Thailand have already tested the technology. The solution has the potential to become an alternative payment method to cash, in addition to popularizing Drex.

As a participant in the Brazilian CBDC pilot project, Banco do Brasil (BB) will test payments in an offline environment for integration with Drex.

Led by the Central Bank, the Brazilian digital currency consortium, still in a test environment, has 16 institutions. They all work on the creation, development of solutions and tools to support the new tokenized economy and the reality of Brazil.

Brazil: Financial Inclusion with Drex

With recent technological advances, it is now possible to validate payments with a cell phone or even a “bracelet”, such as smart watches. However, with the use of these technologies it is still necessary for the user to be connected to an internet network to complete the payment.

Banco do Brasil and Giesecke+Devrient Currency Technology (G+D), specialized in monetary technology, are collaborating in a technical partnership to implement the solution that aims to allow offline payments, already tested in Ghana and Thailand. According to Banco do Brasil, the offline payment solution will allow exploring new uses for Drex:

“If the tests are successful, it will be possible to develop models to use encrypted digital currency in everyday transactions, such as small purchases in commerce, payments for services and benefits, for example.”

Another advantage, according to BB, will be the possibility of greater adherence to Drex for people with Internet access difficulties, without financial inclusion or who live in places with precarious infrastructure.

Yesterday a local media outlet reported via X the following:

“Banco do Brasil signs a partnership to test payments with Drex; the technological solution was announced in countries such as Thailand and Ghana.”

 Or, for those without bank accounts, they will be able to load digital wallets on the devices, which can even be accessories such as bracelets or rings, and make secure transactions at local establishments.

Brazil: Use of Money on the Rise

Despite the greater adoption of banking services by the population and the spread of Pix, the preference for physical money remains significant in Brazil. According to a Tecban study, 29% of Brazilians choose physical money as one of the main payment methods.

However, this percentage increases to 32% in social classes C, D and E, and reaches 40% in the Northeast Region. Among the reasons for preferring paper money are the lack of a bank account or credit card and difficulties accessing the Internet.

The results of the study highlight the coexistence between physical and digital media, with a strong presence of physical money and ATMs in the daily lives of the Brazilian population. Of those interviewed, 63% use cash. According to the survey, a third of classes D and E use money as the main means of payment. The study is one of the actions that mark the 40th anniversary of Banco24Horas.

For BB, a solution that allows payments without an Internet connection, safely and easily. In addition, it has the potential to become an alternative payment method to cash, in addition to popularizing Drex.

By Leonardo Perez

London Moves Towards Cryptocurrency Inclusion: Stock Exchange Will Support Bitcoin and Ethereum ETNs, and other News

Audy Castañeda
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London Moves Towards Cryptocurrency Inclusion: Stock Exchange Will Support Bitcoin and Ethereum ETNs, and other News

In the official statement, the LSE mentioned that it will follow a detailed process, which has already been outlined in a previously published fact sheet. Although the exact release date has not yet been confirmed, it is expected to be announced in the near future.

The London Stock Exchange today announced a major step towards cryptocurrency adoption. Starting in the second quarter of this year, the exchange will begin accepting applications for the admission of Bitcoin and Ethereum exchange-traded notes (ETNs).

The Exchange is encouraging potential issuers interested in supporting Crypto ETNs to participate early in the process. This is intended to mitigate any risk of delays in the admission schedule. However, it is relevant to note that crypto ETNs will only be available to professional investors, as specified in the admission information sheet.

Donald Trump Open towards Cryptocurrencies, especially Bitcoin, in case of Returning to the Presidency

During a recent interview, Donald Trump surprised by revealing an open stance towards cryptocurrencies, such as Bitcoin, if he were re-elected as president. In contrast to his previous preference for traditional currency, Trump expressed that his administration would not use its regulatory powers to suppress Bitcoin and other digital currencies.

The former president, a favorite for the Republican presidential nomination, shared how his perspective on currencies has evolved. Despite his historic defense of the dollar, Trump acknowledged the growth and adoption of the digital currency, especially after the success of cryptocurrency transactions made during the launch of Trump-branded luxury sneakers.

Although Trump admitted to not having personally purchased Bitcoin, he highlighted the utility and growing acceptance of cryptocurrency payments.

Ethereum Dencun Update Coming Up This Week

Ethereum’s upcoming Dencun upgrade, scheduled to launch on March 13, is generating great anticipation in the crypto community. This hard fork is expected to be one of the most significant since the Merge.

Ethereum’s Dencun upgrade promises to be a milestone in Layer 2 scaling solutions. It is anticipated to significantly reduce transaction fees on Layer 2 networks and improve the overall scalability of Ethereum. The Dencun hard fork incorporates a total of nine Ethereum Improvement Proposals (EIP). The name of the update is a combination of the Cancun update in the Ethereum execution layer and the Deneb update in the consensus layer.

While Cancun focuses on improving transaction handling and processing at the execution layer, Deneb aims to improve the consensus layer, which is crucial to how network participants reach agreement on the state of the blockchain.

“Buy Bitcoin”: Financial Guru Predicts Bleak Future for Retirement Funds

Financial guru and Bitcoin (BTC) supporter Robert Kiyosaki shared a gloomy prediction about the future of the retired generation. The author expressed concern and suggested that BTC and other assets are the best protection against a possible market crisis.

On his X account (formerly Twitter), the investor sounded the alarm for Americans, especially retirees. Last Friday, Kiyosaki reaffirmed this concern by means of a warning and a reassurance: “Do not be afraid: be prepared.”

Elon Musk to Release Source Code for Grok, His AI Model

Elon Musk has announced his decision to release the source code of his artificial intelligence (AI) model, Grok, as a lawsuit moves forward against ChatGPT’s rival developer OpenAI. According to Musk, this week the Grok model will be open source.

Although he did not provide specific details about his plans to make Grok open source, reactions to his announcement have been mostly positive. Users on the X platform praised Musk’s decision, highlighting his commitment to transparency and open access to technology.

By Audy Castaneda

PEPE Whale Reaches $8.13 Million Profit as Bullish Rally Continues

Leonardo Perez
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PEPE Whale Reaches $8.13 Million Profit as Bullish Rally Continues

Pepe coin (PEPE) has shown incredible performance along with the rest of the crypto market.

This weekend, the two largest cryptocurrencies, Bitcoin and Ether, showed notable price growth. BTC continues to hit new all-time highs (ATH) and ETH surpassed the $4,000 mark for the first time in two years.

Similarly, PEPE joined the party after hitting a new ATH over the weekend, causing whales to take profits from their exchanges.

Whale Makes Big Profits After Price Increase

After its launch in April last year, the frog-themed coin shook up the crypto space and the memecoin market, becoming one of the most recognizable memecoins in the sector. Despite the great start, PEPE’s price began to decline as the market turned its eyes towards competitors like BONK and other Solana-based memecoins.

However, the bull run has driven market prices to levels not seen since 2022, and PEPE has taken advantage of the bullish momentum. As reported by blockchain analytics platform Lookonchain, one whale made over 431% profits in just two weeks.

The address shows that the trader withdrew more than 1 billion PEPE tokens from Binance in three transactions before the price skyrocketed.

On March, 10, Lookonchain posted on X the following:

“In just 2 weeks, this trader made $8.13M (+431%) on $PEPE!

This trader deposited 196.18B $PEPE($1.7M) to Binance for profits 4 hours ago, with 1T $PEPE($8.31M) left.

I have withdrawn 1.19T $PEPE (cost ~$1.88M) from Binance before the price of $PEPE increased.”

The first transaction of 713.12 billion PEPE was made 15 days ago, when it was trading at around $0.00000138. The second withdrawal, around 316.36 billion tokens, was made a day later when the price of the token was $0.00000180. Finally, the trader withdrew 116.7 billion tokens once again when the price was around $0.00000269.

Lookonchain said these withdrawals represented 1.19 trillion PEPE tokens, which cost around $1.88 million. Yesterday, the whale deposited 196.18 billion tokens on Binance for a profit of $1.7 million.

Management still has 1 trillion PEPE left, worth around $8.13 million and these holdings had increased by more than $1 million and were worth $9.13 million. As a media outlet reported, whales have benefited from their PEPE holdings since memecoin began its resurgence in late February.

PEPE’s Massive 800% Increase

Despite the volatile cryptocurrency market and whales selling large amounts of PEPE, its community apparently feels safe in the frog-themed coin and considers it THE memecoin of this lockdown.

Since interest in memecoins increased, the Pepe coin has followed suit and shown massive growth. In the last 14 days, the token has recorded a staggering 549% price increase. Even more impressive is that the price has increased by 799.5% in the last month. The token has risen to the top of the memecoin rankings after launching tokens like BONK and CorgiAI.

PEPE now stands as the third largest memecoin with a market capitalization of $3.85 billion, an increase of 8.41% in the last 24 hours. Similarly, its daily trading volume has increased by 16.85% to $1.49 billion, suggesting that market activity and interest in the memecoin has increased over the past day.

Currently, PEPE is trading at $0.000009135. This represents an increase of 8.5% in 24 hours and a decrease of 5.95% from its ATH of $0.000009793, recorded two days ago.

By Leonardo Perez

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