Thai crypto market feels the pains of global meltdown

[webfact]

 

By Thai PBS World’s Business Desk

 

Cryptocurrency trading in Thailand has followed global trends and witnessed a steep plunge, as investors sell off financial assets, including equities and bonds.

 

With many countries bogged down by high inflation, forcing an increase in interest rates, fears of a global recession have escalated sell-offs in markets.

 

Cryptocurrency trading was hit the hardest due to generally unfavorable market conditions and its own unique troubles.

 

The unfolding crisis has led to the rapid unraveling of the murky business of the crypto industry, leading to bankruptcies and allegations of fraud. The negative news is not a good sign for investment in Thailand’s market too.

 

Full story: https://www.thaipbsworld.com/thai-crypto-market-feels-the-pains-of-global-meltdown/

 

-- © Copyright Thai PBS 2022-07-12

 

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[JoePai]

Fools gold

[worgeordie]

Not Neeramam , he's bucking the trend and is buying,

regards Worgeordie

[RafPinto]

Oh Bitkub. What are you doing now.

[Sametboy2019]

The FUD is strong. When others are greedy be fearful. When others are fearful be greedy!

[itsari]

Crypto currencies are suffering from fear in the markets .

As the US dollar increases from fear the crypto market decreases at a far greater percentage  than other major currencies.

Buy the US dollar or opt for gold is soon going to be the last resort.

 

 

 

[Caldera]

Who would have thought that the price of BTC falls in Thailand when it falls worldwide. Duh.

[Isaan sailor]

Don’t know enough about crypto.  And neither does Warren Buffet, who prefers stocks and farmland.

[how241]

1 hour ago, Isaan sailor said:

 And neither does Warren Buffet, who prefers stocks and farmland.

Stocks have also been going down.  Farmland is not very liquid sometimes.  It's all a big casino.  Good Luck to us all.

[Troy Tempest]

[EricTh]

4 hours ago, itsari said:

Crypto currencies are suffering from fear in the markets .

As the US dollar increases from fear the crypto market decreases at a far greater percentage  than other major currencies.

Buy the US dollar or opt for gold is soon going to be the last resort.

 

Is gold going to drop or rise in the future?

[how241]

2 minutes ago, EricTh said:

Is gold going to drop or rise in the future?

I am guessing that Gold will go down more or trade sideways for awhile.  As all markets,  Gold is highly manipulated.  I read that is cost around $1,000-$1,200 and ounce to get the gold out of the ground.  As with all manipulated markets,  true cost and fundamentals have little meaning. 

[Walker88]

Crypto went up because it went up. When the number got big, it drew in new blood as the fad peaked....and newbies were led to the slaughter. Unlikely they will be back, and it should be noted that the number, e.g., of btc holders, soared in 2021 while the price remained flat. That is called 'distribution'.

 

What makes it even scarier now is that the kind of things that drove btc down---over leverage by the likes of Three Arrow Capital that led to forced liquidation---is the same thing keeping it up now. Some big crypto players are trying to be 'saviors'. And how are they doing it?

 

Borrowing money to buy more and posting their existing coins as collateral---which is exactly what drove Three Arrow to bankruptcy (and the principles have skedaddled.)

 

If the downward trend picks up again, lenders to those who've doubled up will be selling the collateral, creating a potential vicious downward spiral.

 

It also is a black mark---and will be noticed by the amateurs who flooded into the 'sure thing'---that many exchanges have limited or halted withdrawals, or are filing for Chapter 11 bankruptcy protection, which means customer assets will be legally blocked while the bankruptcy is carried out. It could take years for customers to see anything at all. Dead money---and dead money of people who were fans of crypto.

[Isaan sailor]

1 hour ago, how241 said:

Stocks have also been going down.  Farmland is not very liquid sometimes.  It's all a big casino.  Good Luck to us all.

Agreed.  But Buffet reasons that everyone needs to eat.  Apparently, Bill Gates feels the same way.  They’re both big landowners.  So good farmland looks like a pretty decent investment today.

[itsari]

1 hour ago, EricTh said:

Is gold going to drop or rise in the future?

My opinion for what it is worth is that the US dollar will loose it's flavour if the federal reserve quick fixes on inflation do not work .

Then gold will become the favoured fear alternative .

In other words , gold is looking a reasonable price today.

Thank you for your question 

[Stargeezr]

Gold, or latinum, or other things that actually exist, is better than buying ether or a bottle of air.

 Bit coin has always been a fake currency to me. If it completely collapses, I will not cry a tear.

  My gold bar feels real. Just saying.

 

[rak sa_ngop]

14 hours ago, how241 said:

Stocks have also been going down.  Farmland is not very liquid sometimes.  It's all a big casino.  Good Luck to us all.

Whisky is very liquid!

[OneMoreFarang]

No problem, just hire a director of vibes and all will be fine. 555

 

https://www.theguardian.com/technology/2022/jul/08/nft-vibes-managers

 

[Dazinoz]

On 7/12/2022 at 2:28 PM, Caldera said:

Who would have thought that the price of BTC falls in Thailand when it falls worldwide. Duh.

Talking to a Thai person a couple weeks ago about the price of gold going down. She said because of the war. I said usually the price goes up in uncertain times like that. Then she went onto say that it didn't matter the price of gold in Thailand was safe and had gone up. I argued a little then I had to produce a graph of Thai gold price to convince her that Thai gold did not stand alone in world gold pricing.

 

Once again Thailand is the hub of the world and all is good. I guess it makes them happy.

[how241]

23 hours ago, Dazinoz said:

I argued a little then I had to produce a graph of Thai gold price to convince her that Thai gold did not stand alone in world gold pricing.

Many Thais don't realize that gold is priced in USD  and that exchange rate has a lot to do with the daily gold  price movements.  

[Dazinoz]

2 hours ago, how241 said:

Many Thais don't realize that gold is priced in USD  and that exchange rate has a lot to do with the daily gold  price movements.  

I explained that all that to her......not really accept.

 

She couldn't afford to buy 25 satang gold so didn't really matter.

[Longreach]

waiting for close below 17764. then sell.