Cryptocurrency
Crypto regulation news: Thailand to tighten regulation of the crypto market – media

Crypto regulation news: Thai Securities and Exchange Commission is preparing to tighten regulation of the cryptocurrency market, media found out. Will the price of bitcoin suffer?
Thailand’s exchange regulator is preparing to tighten regulation on the cryptocurrency market because of the collapse of FTX, as well as several local trading floors. This was reported by the Bangkok Post, citing representatives of the Securities and Exchange Commission of Thailand.
What exactly are the steps the Commission plans to take are not clear. However, it is claimed that the regulator has already formed a committee that includes representatives of government agencies as well as businesses. Also, the regulator has proposed to strengthen oversight of the cryptocurrency market in the area of advertising and expand the powers of supervisors to curb conflicts of interest. The timeline for tightening the cryptocurrency market remains unclear.
Crypto regulation around the world
Recall that in April 2022, the local regulator already narrowed using cryptocurrencies around the country by banning them as payments. At the same time, investing in cryptocurrency is not prohibited. According to the position of the regulator, the widespread spread of cryptocurrencies threatens to have a detrimental effect on financial stability and the national economy.
It is noteworthy that earlier the Tourism Authority of Thailand considered using cryptocurrencies as a means of payment for tourists from Ukraine and Russia stuck in the country. At the same time, it was reported that the package of measures to support tourists includes the abolition of visa renewal fees to ~ $57, hotel accommodation, finding alternative payment channels, and solving problems with insurance.
A series of incidents in the cryptocurrency market may have prompted the regulator to take preventive measures. For example, several trading platforms collapsed earlier in Asia. The exchange Zipmex is already in talks to sell its business for $100 million due to bankruptcy. Also in East Asia, the Bitfront trading platform was shut down.
Earlier we reported that the founder of FTX accused the creator of Binance of extortion.
Cryptocurrency
Cryptotraders lost more than $250,000,000 in liquidations after Fed rate hike

Cryptotraders had a tough day: almost 68,000 positions were liquidated on exchanges in the last 24 hours, and the total volume of liquidations exceeded $257,000,000. All this happened against the news of the US Federal Reserve’s rate hike and another Securities and Exchange Commission regulatory action against cryptocurrencies.
Cryptotraders lost $132,000,000 in BTC
Bitcoin, Ethereum, and Ripple were the leaders in the number of forcibly closed positions. BTC liquidations totaled almost $132,000,000; Ethereum traders lost $51,000,000. XRP positions accounted for about $8,000,000 of liquidations. Bitmex exchange executed the largest order of $7.39,000,000.
Cryptocurrency market capitalization has declined 2% in the last 24 hours, but is still above the $1 trillion mark.
The weekly CoinShares report also recorded a massive outflow of funds for six consecutive weeks. During that period, nearly $500,000,000 was withdrawn from cryptocurrency platforms, with $113,000,000 coming from bitcoin. Analysts at the company believe the outflow is due to liquidity needs during the banking crisis rather than a negative outlook. The company mentions that a similar scenario was seen in March 2020 amid a COVID-19-induced panic.
Regulators continue to hunt the cryptobusiness
Another reason for the increased volatility in the market has been harsh action from U.S. regulators. Last night it became known that the U.S. Securities and Exchange Commission sued cryptomagnate Justin Sun, accusing him of fraud and market manipulation.
The SEC also issued a notice of wrongdoing against Coinbase, the largest U.S. cryptocurrency exchange. The securities regulator sued Coinbase Global Inc, for some of the products it offers.
We previously reported that Bitcoin (BTC) tests $28,000, but onchain metrics urge caution.
Cryptocurrency
Binance was caught circumventing KYC to register Chinese clients

Employees of the cryptocurrency exchange Binance help clients from China to bypass compliance and verification. CNBC writes about it, citing hundreds of corporate emails from exchange employees on Discord and Telegram. It is reported that Binance has helped over 200,000 users register, bypassing its own security system. One case describes correspondence between a user from China and a Binance employee.
The employee under the pseudonym yaya.z suggested the user from China turn on a VPN, register as a Taiwanese resident and then return the location to China. Binance employees also advise customers not to use VPN services from the U.S., Hong Kong and Singapore, because the exchange does not provide services in those regions, writes CNBC. At the same time, Binance freely processes applications from U.S. email providers like Gmail or Outlook for registration.
The exchange even offers specialized mobile applications for customers from China. A CNBC reporter could download a special mobile application from Binance via email. At the same time, no VPN was needed to download the app, as the download was conducted through the domain of binance[.]com. It is also alleged that the exchange still verifies users with Chinese phone numbers.
An exchange spokesperson denied the existence of a special Chinese version of the mobile application. The exchange also added that it has improved the system to identify users from banned regions. CNBC notes that after providing evidence, Binance removed employee messages from corporate chats to circumvent KYC.
We previously reported that the Ethereum (ETH) price crossed the $1,800 mark, opening the way to $2,000.
Cryptocurrency
Why cryptoanalysts expect bitcoin to fall

The market remains in a bearish trend and bitcoin (BTC) will resume its fall and test $16,000. There are two reasons:
The first statement can be confirmed or disproved by a technical analysis of the cryptocurrency market, but there is not enough additional information for the second.
The market capitalization of altcoins (ALTCAP) does hold nearly $605 billion of resistance. Although ALTCAP has risen above it several times, it didn’t develop above this area.
However, the daily RSI has broken through the bearish divergence trendline (green line). Such a breakout often precedes significant reversals into a bullish trendline. As a result, ALTCAP will move higher towards the $680B resistance area. If not, ALTCAP could fall back to the $518B support area.
There are also those who argue that bitcoin will test the $10000-$11000 area because there is a CME price gap that needs to be filled. The gap refers to the difference between the closing price of bitcoin futures on the Chicago Mercantile Exchange (CME) on Friday and the opening price on the following Monday.
We previously reported that Hong Kong has allocated another $50,000,000 to the crypto industry.
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