After taking a rapid flight on Saturday, BTC fell below $24,000. The largest cryptocurrency in market capitalisation was recently at $23,350, falling slightly within the last 24 hours.
BTC completed its second consecutive positive week, with a rise of above 13% from its low on Monday, at a point on the top at $24,500 amidst economic signs of hope was slowing enough for the U.S. central bank to soon consider scaling back interest rate hikes. For July, bitcoin went over 23% rising, while Ether was high, above 55%, to be on balance with just under $1,700.
The Federal Reserve pushed up interest rates by a broadly anticipated 75 basis points on Wednesday. The next day, the U.S. Commerce Department reported an unexpected declination of gross domestic product (GDP) by a high 0.9%.
“The FOMC (Federal Open Market Committee), some tech earnings and the GDP numbers didn’t really dent market confidence last week,” CEO of the crypto asset managing firm BitBull Capital, Joe DiPasquale, said. “BTC had been showing positive signs regarding price stability and bidding action below $20,000. All those things resulted in a rally of sorts, seeing BTC trading just below $25,000.”
Thailand is a country famous for its high interest in crypto. At the top of the previous year’s bull market, there were a lot of crypto trading accounts being created in the country than stock brokerage accounts, with a growth rate of 27.6% against 2.9% for brokerage accounts. The market regulator in Thailand, the Securities and Exchange Commission, has been highly active in crypto.
Last year the Thai SEC prohibited specific tokens with “no clear objectives or substance” from licensed exchanges. DOGE was one of them. SEC did put NFTs in the same category but seemed to ease up as regional incumbent bank Kasikorn made involvement in the market.
Recently, the SEC has informed the concerned ones that stricter digital asset rules are on the way. The policy is in the initial stages of deliberation. Still, Secretary-General of Thai SEC, Ruenvadee Suwanmongkol, told Bloomberg that supervision needs to be made more robust: “Our main focus will be to provide more protection for small investors, some of whom are putting most of their savings into these assets,” she said.
More at: Cryptocurrencyessentials.com