Thailand’s crypto market seeks clearer regulations as industry interest peaks

Thailand currently lays claim to one of the more regulated crypto trading markets in the world, with exchanges having to adhere to strict regulatory standards. For example, at the start of the year, Bitkub, the country’s largest cryptocurrency exchange, was shut down by regulators after the trading platform faced a series of lengthy service outages.  Despite these seemingly stringent conditions, the country’s crypto market has continued to thrive. That being said, a tipping point came recently when Thailand’s Securities and Exchange Commission released a statement that it plans to enact…

Crypto companies valued at billions as market booms

Cryptocurrency and blockchain firms are attracting billion-dollar valuations as the space continues to see major investment in 2021. The likes of exchanges Coinbase and Kraken have had mind-boggling numbers attached to their plans to raise funds, with the former set to go public through a direct listing and the latter preparing for a lucrative fundraising round. Since it formally announced its plans for a public listing, Coinbase has been tipped to be valued at around $28 billion by cryptocurrency analytics firm Messari. Meanwhile, news of Kraken’s efforts to receive investment…

Polkadot futures market flippens Litecoin as its open interest hits $573M

Polkadot (DOT) has been raising eyebrows for the past couple of months as the interoperability-focused altcoins has gained 625% in the past three months.  The promise that interoperability between blockchains will be a viable solution to the high Ethereum gas fees plaguing the crypto market has made Polkadot’s development of parachains attractive and the number of projects choosing to build on DOT continues to grow alongside it’s popularity as a staking platform. Polkadot parachains operate similarly to the Ethereum 2.0 sharding proposal, which creates independent blockchains built for a particular…

Increasing stock market volatility drags Bitcoin and altcoin prices lower

The cryptocurrency market faced another day of downward pressure as the unease in the traditional markets continues to spread following the recent interest rate spike on the 10-year U.S. Treasury bond.  Data from Cointelegraph Markets and TradingView shows that the price of Bitcoin (BTC) fell to a low at $44,710 late on Feb. 25 before buying at the key support returned to help the digital asset recover back above $46,500 but generally, analysts are looking for $50,000 to become an established support before expecting bullish continuation. BTC/USDT 4-hour chart. Source:…

$580M open interest makes Cardano (ADA) the third largest futures market

On Feb. 3, Cardano conducted a hard fork and successfully integrated the Mary upgrade to the testnet, transforming the blockchain into a multiasset network similar to Ethereum. This event seems to be one of the reasons for the impressive 475% year-to-date rally of ADA, and the altcoin is now causing unexpected ripples in the derivatives markets. Since the end of December 2020, ADA’s $81-million aggregate futures open interest hiked to the current $580 million, becoming the third-largest derivatives market, behind Bitcoin (BTC) and Ether (ETH). Data indicates this was not purely a technical…

Fed chair says it’s up to Congress to bring a digital dollar to market

Federal Reserve chair Jerome Powell said 2021 will likely have the central bank engaging with the public and lawmakers regarding the digital dollar. In a House Financial Services Committee hearing today, Powell responded to questions from Representative Patrick McHenry, who said the digital dollar would likely face national and economic security issues for the United States. Powell said there were many concerns surrounding the project and the Fed intended to reach out to the public. “This is going to be the year in which we engage with the public pretty…

Bitcoin price crashes below $48K, but is the bull market in danger?

Bitcoin’s (BTC) price has been grinding up nicely over the past few weeks, but the past 24 hours have seen a significant correction. BTC price dropped by over $10,000 from $58,000 to under $48,000, a correction of almost 20%. This pullback — which many anticipated as 28,000 BTC was deposited to Gemini — also caused other cryptocurrencies to fall alongside Bitcoin, resulting in Bitcoin’s market dominance rising as a result. But will history repeat and produce a dull, corrective March? Let’s analyze the charts.  Bearish divergence implying further downside to come BTC/USDT…

Crypto market too big to ignore, says Nigeria SEC

Having recently suspended its planned crypto regulations in the wake of the central bank ban, Nigeria’s Securities and Exchange Commission has clarified its position on cryptocurrencies in the country. According to a report by Premium Times, both the SEC and the Central Bank of Nigeria will work collaboratively on devising a concrete regulatory framework for cryptos in Nigeria. For Timi Agama, the commission’s registration, exchanges, market infrastructure, and innovation head, regulators in Nigeria cannot afford to ignore the $1.74 trillion crypto market. Speaking at a virtual conference organized by the…