Cryptocurrency Craze Rises in Thailand, Overtaking Traditional Stock Accounts: Report

Leonardo Perez
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Cryptocurrency Craze Rises in Thailand, Overtaking Traditional Stock Accounts: Report

Digital asset exchanges in Thailand have more than 2.94 million user accounts, making up 4.27% of the total population, as well as exceedingly more than half of the 5.5 million accounts in the exchange market values.

HashKey Capital, a renowned Asian crypto fund, released its annual report in Singapore on December 7, 2023, showing Thailand’s outstanding growth in the global crypto industry, which has been driven by widespread adoption, a significant increase in digital asset trading volume, favorable regulations, and a thriving ecosystem of digital companies.

Thailand has become a crucial player in the cryptocurrency scene in Asia. This is attributed to significant adoption rates, a notable increase in digital asset trading volume, a favorable regulatory environment, and a flourishing ecosystem of digital services in the country.

CoinGecko data on major digital asset exchanges in Thailand, including Bitkub, Bitazza (broker), and Satang, indicates that the cumulative trading volume from January to October 2023 amounted to $116.43 million, equivalent to approximately 4 .1 trillion Thai baht.

Thai Traders Flock into Digital Assets

According to the latest HashKey report, throughout 2023, Bitkub emerged as the market leader, with a 77.04% share of the total trading volume for the year. Bitazza and Satang obtained market shares of 21.60% and 1.36%, respectively. Notably, Satang was acquired by KASIKORNBANK (KBANK) in 2023 and later renamed Orbix.

Meanwhile, Thailand ranks 10th according to Chainalysis’ Cryptocurrency Adoption Index, taking into account the country’s collective user participation in centralized exchanges, peer-to-peer trading, and decentralized finance (DeFi) protocols as factors that contribute to your overall evaluation.

Between January and November 2023, Binance in Thailand experienced an average of 116,877 monthly visits, with the highest number recorded occurring in January 2023 with 303,057.

From September 2020 to August 2023, the Southeast Asian country recorded more than 797,931 MetaMask wallet downloads. The peak occurred in November 2021, with 88,539 downloads, likely driven by the growing popularity of GameFi and the metaverse.

Reverse Trend of Thailand’s DEX and NFT Sectors

In the 2021 bull market, decentralized exchange (DEX) platforms like PancakeSwap recorded an average of 35,000 monthly visits. However, these visit numbers decreased during the bear market.

The non-fungible token sector experienced a similar downtrend. Looking at the NFT boom in 2022, Opensea experienced an average of 48,000 monthly visits from Thailand, peaking at 65,000 visits in July. But traffic slowed during the bear market.

Despite this, Sanjay Popli, co-founder and CEO of Cryptomind, remains optimistic:

“The adoption of Web3 technologies by financial institutions, banks and conglomerates in Thailand is a significant development, indicating broader acceptance and integration of blockchain and crypto into mainstream businesses. Together with a balanced regulatory framework, these developments are propelling Thailand to a leading position in the global cryptocurrency and blockchain arena.”

Traditional financial institutions are providing substantial support to the cryptocurrency market in Thailand, as evidenced by Siam Commercial Bank’s (SCB) plans to explore opportunities in the crypto space. Earlier this year, Srettha Thavisin, a property developer, took office as Prime Minister of Thailand following a highly controversial election.

Before entering politics, Thavisin was active in the country’s digital asset sector. A central theme of Thavisin’s political campaign revolved around a commitment to a nationwide “airdrop”, in which each Thai citizen would receive 10,000 Thai baht ($300). This amount is intended for people over 16 years of age, with the stipulation that it can only be spent within a four-kilometer radius of their residence.

By Leonardo Perez

Could Bitcoin Ordinals Disappear Due to Rising Fees?

Audy Castañeda
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Could Bitcoin Ordinals Disappear Due to Rising Fees?

Ordinals protocol’s popularity is growing.

Ordinals protocol’s popularity is growing again, which in turn exposes the vulnerability of the popular Bitcoin Nucleus wallet. Meanwhile, the costs of transacting on the BTC network are also increasing.

As a result, the so-called Ordinals’ “issue” once again divided the first cryptocurrency community into two camps, and representatives of one of them also want to put an end to this protocol.

Bitcoin Ordinals and the Fee Problem

There are currently 46.3 million NFTs based on the Ordinals protocol. The peak of creation of new “tokens” occurred on November 11: then 505,000 were created in the Bitcoin network, second result 482,000. New NFTs were registered last week, December 3, 2023.

NFTs and so-called BRC-20 tokens on the Bitcoin network drive an increase in user activity on the blockchain, which in turn causes its overload and an increase in transaction fees.

Yesterday, the average was the equivalent of $19.48, which is too much for regular interaction with this blockchain. As high fees disrupt the normal use of the Bitcoin network to transfer value, some BTC developers are calling for censorship of NFT transactions.

What is happening with the Bitcoin Network?

The “issue” was reported on Twitter by Bitcoin Core developer Luke Dash Jr:

“Commons are exploiting a vulnerability in Bitcoin Core to spam the blockchain. Since 2013, Bitcoin Core has allowed users to set a limit on the size of additional data in transactions they upload or withdraw. By masking its data as programming code, Ordinals avoids this limitation.”

This is not the first time Luke Dash has spoken out against the popularization of Ordinals-based NFTs and called them spam. In May 2023, he proposed banning these types of transactions. This trend then caused a significant increase in commissions. Basically, the idea was to censor certain transfers due to the developers’ personal opinions.

There are currently over 270,000 unconfirmed transactions in the mempool. This refers to transfers that users have sent to the network, but have not yet received confirmation. It should be remembered that the Bitcoin network is only capable of carrying out between 6 and 7 transactions per second, so resolving the congestion situation will take some time.

Jason Fung, partner and co-founder of Sora Ventures, disagrees with Dash Jr.’s beliefs. The expert recalls the economic interest of Bitcoin miners in the popularization of NFTs. However, they attract new users to the BTC blockchain, which overloads it and causes fees to increase. Commissions affect the profitability of miners, so they may not agree with the prospect of censoring Ordinals transactions.

Bitcoin: This Group Is Ready to Block Ordinals

Some mining platforms are ready to block transactions of users who interact with the Ordinals protocol. In this case, pool creators treat Ordinals-based NFTs as spam. What they don’t tell their miners is that blocking Ordinals-related transactions will make them less money, while the transactions themselves will continue to pass (although theoretically more slowly) thanks to the presence of other pools.

In May 2023, when Ordinals first became popular in the industry, Binance was even forced to suspend BTC withdrawals for some time. The reason for this decision was the accumulation of more than 400,000 unconfirmed transactions in the mempool.

By Audy Castaneda

Weekly Roundup: Top Bitcoin Mining Industry News

Leonardo Perez
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Weekly Roundup: Top Bitcoin Mining Industry News

A few months before the halving, digital mining becomes one of the most important centers in the cryptocurrency market.

Last week closes with very positive numbers for companies linked to the Bitcoin mining industry. The notable increase in activity on the network and the improvement in the price of the currency places miners in good reception.

Companies in the sector are enjoying an excellent prosperity thanks to the continued increase in Ordinals subscriptions. Despite the controversy with these internal Bitcoin tokens, they could be fundamental. Basically, they would make the difference between bankruptcy and survival for many medium and small mining companies.

Miners’ ASIC Purchases Accelerate While Waiting for the Halving

Large companies in the sector are in the process of securing million-dollar purchases. One of the most shocking cases reported this week was that of Riot Platforms. The firm reached an agreement with MicroBT to purchase 66,560 devices worth $290.5 million dollars. Likewise, he reached an agreement for a higher purchase.

Other large companies such as Marathon, Bitfarms and Hut 8 (recently merged with US Bitcoin Corp) also do the same. The goal is to reach the highest hashrate possible so that the May 2024 cut is as painless as possible in revenue and operating expense coverage.

Daily Income per EH/s Approaches Annual Maximums

Daily revenue per exahash per hour is approaching its annual cap at 2.53 bitcoins, equivalent to just over $110,000. This income is just below that reported during the month of May. Likewise, monthly revenues reached a new high in November and are expected to hit another annual high in December as well.

All of this increase in profits is directly related to the increase in activity on the Bitcoin network and the rally. The powerful rise of the Ordinals is one of the fundamental factors for miners to obtain the extra income necessary to increase the computing power that allows them to face the halving.

Hive Production Increased Dramatically in November

Hive Digital Technologies broke its own record for Bitcoin production during that period. According to recently collected data, the company mined a total of 276.3 bitcoins in November. This represents an increase compared to October production, which was 265.9 coins.

Consequently, this shows that the company is also taking the necessary due diligence to expand its infrastructure. With these numbers, the mining firm consolidates itself as one of the most important in its space.

Dorsey Mining Pool Refuses to Process Ordinals

The controversy with Ordinals is not only present among crypto trading enthusiasts, but also in Bitcoin mining. In that sense, the mining pool of Jack Dorsey, one of the greatest evangelists of Bitcoin, refuses to process Ordinals transactions. The latter are the controversial internal tokens of the Bitcoin network.

OCEAN, the aforementioned Dorsey pool explained its reasons through a publication by its CTO, Luke Dashjr. In it he clarifies that the reasons were the vulnerabilities discovered in the network, which were linked to the Ordinals. The latter was confirmed after the v26.0 update that was recently carried out.

DGM Blockchain Announces Millionaire Purchase of Mining Equipment

The firm secured the purchase of 4,550 devices in this series for a value of $12.1 million dollars. This equates to a price of $14 per terahash per second. The new equipment will add a total of 1.06 EH/s for the mining firm. The new equipment is expected to be delivered in March, that is, a few weeks before the halving.

By Leonardo Perez

Casio Computer Co. Presents Virtual Ride, and Other Metaverse News

Audy Castañeda
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Casio Computer Co. Presents Virtual Ride, and Other Metaverse News

Exploring the fascinating world of the metaverse.

Casio announced the launch of G-SHOCK THE RIDE, a virtual attraction that allows users to experience what it would be like to participate in Casio’s durability testing of its line of shock-resistant G-SHOCK watches. The virtual attraction, similar to an amusement park, is available on the social virtual reality platform VRChat.

In particular, the attraction invites users to use a G-SHOCK with their avatars, as if they were riding a ride at an amusement park, to enjoy the kind of immersive, fantastical experiences beyond reality that are only possible in virtual reality spaces.

GOGA: The Revolutionary Metaverse Project

GOGA marks an important step forward in the field of the Metaverse, adjusting to the creation of meta-classrooms, event rooms and immersive gaming experiences.

GOGA stands out as a transformative force in the Metaverse, combining educational and entertainment aspects. It offers a novel approach to learning by integrating traditional educational methods with advanced technology. The GOGA Metaverse includes versatile event spaces, where users can host, rent, buy or sell event halls.

Reebok Enters the Metaverse with Blockchain and AI Games

The sportswear brand Reebok announced its entry into the Metaverse, with the help of the Startup Futureverse, to develop numerous games and digital experiences supported by Artificial Intelligence (AI) and Blockchain.

The stated goal of the collaboration is to extend the Reebok brand presence into virtual realms and “revolutionize fashion in the digital world.” Specifically, next year, Reebok and Futureverse will debut “Reebok Impact,” a “mind-blowing digital footwear experience” that will incorporate AI technology and on-chain digital wearables.

Cher Joins the Metaverse at Roblox Christmas Event

In partnership with Warner Music Group (WMG) and leading Metaverse game developer Gamefam, players can meet a virtual version of the legend, play games, and earn merchandise inspired by Cher’s iconic look.

By the way, Harmony Hills features hallways decked out in festive decor, new holiday-themed locations, and limited-time virtual merchandise inspired by some of the superstar’s most iconic looks.

Additionally, players can earn wearable avatar merch by successfully completing tasks such as delivering gifts, climbing Christmas trees, and participating in snowball fights.

Gabar Creates a Captivating Beauty Store Experience in the Metaverse

Fragrance brand Gabar is cultivating its space with a captivating digital beauty store experience. The effort, supported by the British Beauty Council, ONEWAYX and The Red Tree as part of the Get Versed in the Metaverse competition, unfolds as a floating circular structure of chrome steel amid a vibrant desert sunset.

For Gabar, the Metaverse is not simply a digital frontier, it is a marketing opportunity with much deeper resonance potential than traditional channels. Indeed, Phway Su Aye, co-founder and creative director of Gabar, envisions the Metaverse as a space in which smaller brands can make a significant impact with fewer resources.

Jack Daniels and IW Group Enter the Metaverse with Spatial

Jack Daniels, the legendary spirits brand, joins the growing number of companies building global communities with the Metaverse. It opened its virtual doors to the public last September with an experience in the metaverse using technologies from the company XR Spatial.

Metaverse News interviewed Keenan Harris, Chief Brand Officer of Jack Daniel’s Tennessee Honey, and Telly Wong, Chief Content Officer of IW Group, to discuss the two companies’ collaboration on The Verse. The interview discussed the implementation of Web3 technologies to promote iconic brands like Jack Daniels, end-user responses on specific Web3 and metaverse technologies, and emerging trends in the future of advertising.

By Audy Castaneda

United States, South Korea and Japan Unite Over North Korean Crypto Thefts, And Other News

Leonardo Perez
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0
United States, South Korea and Japan Unite Over North Korean Crypto Thefts, And Other News

The United States, South Korea and Japan met to address increasing cryptocurrency thefts perpetrated by North Korea.

National security officials from the United States, South Korea and Japan met in Seoul, South Korea. This, to address the worrying situation of cryptocurrency thefts perpetrated by North Korea.

US National Security Advisor Jake Sullivan, ROK National Security Advisor Cho Tae-Yong and Japanese National Security Advisor Takeo Akiba led the meeting, which also addressed other critical issues, such as North Korea’s weapons of mass destruction program.

In a statement issued by the White House, officials reportedly reviewed progress on various trilateral initiatives. Including a commitment to consult on regional crises. Additionally, the importance of ballistic missile defense data sharing was highlighted. As well as joint efforts to confront North Korea’s use of cryptocurrencies to finance its illicit activities and weapons of mass destruction programs.

Qatar Fund Plans to Invest $500 Billion in Bitcoin, Raising Expectations for Mass Crypto Adoption

Information has been leaked that a Qatar-based fund plans to make a massive investment of up to $500 billion in Bitcoin. The news has shaken the cryptocurrency world, raising expectations about the possible mass adoption of the leading cryptocurrency.

Bitcoin analyst Michiel Brunet of Roche₿rune conducted a survey among his followers on the LinkedIn platform, asking which country could be the next to publicly adopt Bitcoin. Qatar emerged as the favorite, taking 44% of all votes and winning the poll decisively.

Speculation about Qatar’s involvement in the Bitcoin market has intensified, with Max Keiser, a prominent Bitcoin maximalist, claiming that the Qatar Wealth Fund (QSWF) would be considering investing up to $500 billion in the cryptocurrency. This fund, responsible for managing oil and gas wealth, could play a crucial role in the mass adoption of Bitcoin.

On December 3, Max Keiser posted the following on X:

“I have 1 word for you $100,000 #Bitcoin God Candle fans . . . QATAR

The rumors are getting very loud on this. 

Their SWF rumored to looking to buy 1/2 trillion BTC.”

YieldMax Looks to Launch First Yield ETF Based on Michael Saylor’s MicroStrategy

The firm specializing in exchange-traded funds (ETFs), YieldMax, has filed an application with the United States Securities and Exchange Commission (SEC) to launch an innovative product. The first performance ETF based on the company MicroStrategy, led by Michael Saylor.

According to the application filed on December 7, YieldMax is officially looking to launch its Option Income Strategy ETF, the focus of which is based on MicroStrategy shares. The expected launch date for this financial product is 2024. The strategy behind this pending YieldMax ETF involves the use of a “synthetic covered call.” Thus combining the purchase of call options and the sale of put options to generate income. These proceeds will be distributed to MSTY ETF holders in the form of monthly payments.

Microsoft Revolutionizes Windows with the “Hudson Valley” Update Focused on Artificial Intelligence

Microsoft is preparing a revolutionary update for its Windows operating system, scheduled for 2024 and dubbed “Hudson Valley.” This new version will focus on the integration of artificial intelligence (AI) and will be based on the “Germanium” platform, which promises to take the user experience to a new level.

The “Hudson Valley” update will impose new hardware requirements, demanding a minimum of 8GB of RAM to run Windows 12. AI features are expected to take advantage of neural processing units (NPUs). Which will allow AI-powered tasks to be carried out more efficiently.

By Leonardo Perez

Next Week’s Crypto Macro Catalyst: Crypto Market Focus Shifts to CPI and FOMC Meeting

Audy Castañeda
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0
Next Week’s Crypto Macro Catalyst: Crypto Market Focus Shifts to CPI and FOMC Meeting

Next week is expected to be quite volatile for cryptocurrency investors, who are preparing for two major economic events that are yet to happen in 2023.

The cryptocurrency market is gearing up for a big week ahead as all eyes are now on the upcoming CPI news.

Bitcoin’s recent rise from $27,000 to over $43,000, initially due to anticipation of US ETF approvals, also appears influenced by falling interest rates in major bond markets, which suggests a possible change in central bank policies towards the end of rate increases and the easing of monetary measures.

Crypto Market Set for Volatile Week

The focus of the economic agenda is on Tuesday’s release of the US consumer price inflation report for November. Predictions suggest that this report will indicate a continued slowdown in the annual CPI.

In addition, the Federal Reserve’s last meeting of the year will be held on Wednesday, where it will declare its decision on rates. The consensus among investors is that the central bank will likely maintain the status quo, as there is a general belief that the Federal Reserve has concluded its monetary tightening measures.

Taking these factors into account, the coming week is expected to cause significant fluctuations for Bitcoin, with effects that could be felt for several months.

US CPI Report: December 12

Next week’s US CPI inflation data is gaining importance, especially as investors increasingly anticipate a rate cut by the Federal Reserve in March.

According to forecasts, the consumer price index is expected to show a slight increase of 0.1% for the month, after stagnation. figure in October. The projected annual inflation rate is expected to be around 3.1%, a slight decrease from the 3.2% rate reported the previous month.

If inflation data reveals a rate of 3% or lower, which would be colder than expected, it will likely fuel further hopes of a rate cut. Conversely, if the inflation rate rises unexpectedly, it could force the Federal Reserve to continue its efforts to combat inflation.

If the CPI data shows inflation of 3% or less, indicating that inflation is slowing more than expected, it could raise expectations for a cut rate. This scenario may lead to a surge in the cryptocurrency market as investors could look for higher returns on riskier assets like cryptocurrencies.

FOMC Meeting: December 13

At its December meeting, the FOMC is likely to keep rates unchanged at 5.25% to 5.50%. Despite earlier hints of possible further tightening, the market consensus now leans towards an end to rate hikes.

Attention is focusing on when the Fed could begin cutting rates, with some expecting a cut as early as May 2024, although the Fed may be cautious in signaling such moves due to lingering inflation concerns.

The focus of the December meeting will be on any hint of future rate cuts as inflation is still expected to remain above the 2% target until at least 2025. This may not have any impact on the bond market. cryptocurrencies.

However, any hint of rate cuts could lead to a more dovish monetary policy outlook. Lower interest rates generally reduce the attractiveness of yield-producing assets, making riskier investments, such as cryptocurrencies, more demanding.

By Audy Castaneda

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