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Thailand’s financial regulator has proposed a ban on staking cryptocurrencies

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cryptocurrency staking ban

Thailand may legally prohibit staking cryptocurrencies, as well as cryptocurrency lending. This is the proposal made by the Securities and Exchange Commission of Thailand.

According to the published proposal, the restrictions should help keep investors safe from risk. The regulator notes that neither staking nor cryptocurrency lending are subject to regulation. The omission could create a false assumption among investors that such businesses are legitimate, the regulator said. The commission is proposing to ban staking and cryptocurrency lending, but the public must first make its views known. The ban proposal will be discussed until April 7, 2023.

Notably, at the same time, Thailand is proposing tax breaks for firms that issue tokens. As the media found out, the authorities may waive income tax and value-added tax (VAT) for companies that raise capital by issuing tokens. Reuters estimates that the initiative could cost Thailand $1 billion.

The country’s authorities have repeatedly tightened taxation rules on cryptocurrencies, proposing a 15% capital gains tax on investors in early 2022. The government later abandoned those plans, exempting traders from the 7% VAT after a few months.

Beginning in April 2022, the country banned using cryptocurrencies as a means of payment. As a result, all commercial operators, including cryptocurrency exchanges, were ordered to develop a mechanism to counter using cryptocurrencies as a means of payment.

Late last year, Thailand’s exchange regulator announced its intention to tighten regulation of the cryptocurrency market amid the collapse of the FTX cryptocurrency exchange.

The regulator has also taken the initiative to strengthen oversight of the cryptocurrency market in advertising and expand the powers of supervisors to curb conflicts of interest. However, exactly what regulatory steps were planned, as well as the timing of tightening measures, was not specified.

We previously reported that Coinbase introduced a cryptocurrency wallet integration tool.

Cryptocurrency

Are Dogecoin (DOGE) and Shiba Inu (SHIB) Poised for Further Gains? Popular Analyst Chips in

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TL;DR

  • Dogecoin (DOGE) and Shiba Inu (SHIB) have experienced significant price increases of 30% and 10%, respectively, with analysts predicting further growth.
  • Key factors possibly contributing to Shiba Inu’s future rally are the token burn rate and advancements related to the L2 scaling solution Shibarium.

The cryptocurrency sector has rebounded in the past week, with two of the best-performing assets being Dogecoin (DOGE) and Shiba Inu (SHIB). The largest meme coins by market capitalization are up 30% and 10% on a 7-day scale, respectively.

According to some analysts the upswing is nowhere near its end and might lead to new peaks in the near future. Such a bullish statement was presented by the popular X user Rekt Capital.

The trader suggested that DOGE has ended its “macro downtrend” and begun a new “macro uptrend.” Rekt Capital believes closing above the $0.20 at the end of March might fuel a rally towards the $0.30 mark (a valuation unseen since October 2021).

Dogecoin’s price surge coincided with the increase of some important metrics related to its ecosystem. As CryptoPotato reported, aggregated daily volume (where each transaction is larger than $100K) jumped by nearly 100%, whereas daily active addresses spiked by 13%.

According to IntoTheBlock, nearly 90% of all DOGE holders are currently sitting on paper profits. The trends were much different in September last year when almost 60% of Dogecoin investors were underwater.

The analyst touched upon SHIB, too, predicting a rise to almost a new all-time high should the asset’s price surpass the major resistance level of $0.000033285. “Retest was successful. SHIB history is repeating itself,” Rekt Capital argued. 

The meme coin’s rally is in tune with the increase of its burning mechanism. Yesterday (March 28), the SHIB burn rate exploded by 1,200%, resulting in over 51 million tokens destroyed. 

Another factor that could fuel a Shiba Inu uptrend is the further advancement of the layer-2 blockchain solution Shibarium. Earlier this month, total transactions on the network surpassed the 400 million mark. Those willing to learn more about the feature and how it can foster the development of the meme coin, feel free to watch our dedicated video below:

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Dogecoin Pumps 10% as Dogecoin20 Surges – Just 22 Days Until Doge Day IEO

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Dogecoin has outpaced the market today as its price pumps 10% and crosses the $0.21 mark.

Meanwhile, the next-generation meme coin Dogecoin20 surged past $10 million in the first week of presale and now looks ahead to its 4/20 Doge Day IEO.

Leading Analysts Back Dogecoin to Outperform Market With Massive Gains

A slew of renowned market analysts have provided bullish price forecasts for Dogecoin, suggesting the leading meme coin faces a bullish upcoming trajectory.

Currently, DOGE is trading at $0.21, up 10% today, 38% this week, 69% this month, and 187% this year.

Nevertheless, analysts anticipate much more upside to come.

“DOGE easily has another leg up left in it here. Send it higher,” said Kaelo in a recent tweet.

The analyst highlighted that Dogecoin recently broke and retested its November 2022 resistance, speculating the next “leg up” will catapult it toward $0.3.

Similarly, Rekt Capital anticipates a move toward $0.3, noting that Dogecoin has broken a long-term trendline resistance.

“Dogecoin has ended its macro downtrend and begun a new macro uptrend,” the analyst explained.

He continued, “If DOGE monthly closes above the red $0.20 level, it will reclaim historical support that could offer further fuel for a move towards the $0.30+ area.”

Last week, CryptoWizzardd, who goes by Wizz, said that Dogecoin could “pull numbers over the next 3-4 weeks.”

While the Wizz did not explicitly provide a price target, the analyst did depict a price chart with a marked level of $0.44. This represents a whopping 109% increase from its current price.

Indeed, these predictions illustrate a notably bullish outlook for Dogecoin in the coming weeks. However, prominent trader Jelle says that Dogecoin’s outlook also sets a bullish precedent for other dog-themed meme coins.

“DOGE is starting to move again, paving the way for another dog-themed rally. FLOKI & SHIB took most of the shine in the previous rally, and it looks like the Vikings are trying to claim that throne once more. Looks ripe for a breakout.”

Although Jelle is bullish on Floki and Shiba Inu, other analysts are venturing deeper into the realms of meme coin degeneracy, seeking new projects that present more room for growth.

One is Dogecoin20, a new ICO that has raised over $10 million in one week.

New Meme Coin Dogecoin20 Backed to Explode

Enter an enthralling paradigm of memetic excitement with Dogecoin20, a next-generation Dogecoin derivative with tangible benefits and unwavering community support.

While retaining the vibrant essence that exploded Dogecoin’s popularity, Dogecoin20 ushers in compelling financial innovations, retrofitting the legacy meme coin with mechanisms suitable for current market dynamics.

The project launched on the Ethereum network, ensuring widespread accessibility and boundless functionality.

Its flagship product is a Stake-to-Earn mechanism, enabling $DOGE20 holders to generate passive rewards on their investment. Currently, they can garner an 84% APY, but this will decrease as the staking pool grows.

So far, 33,274,003,895 DOGE are staked, reflecting a deep market appetite to acquire more tokens.

Another advantage is Dogecoin20’s capped supply. Dogecoin holds an infinite supply, making it inflationary and susceptible to price dilution.

Meanwhile, Dogecoin20 embraces the “sound money” principle pioneered by Satoshi Nakamoto in the creation of Bitcoin, holding a capped supply of 140 billion tokens.

These factors have drawn immense excitement among investors and leading analysts alike.

“New 100x potential meme coin – Next Shiba Inu or Dogecoin?” Said Jacob Bury in a recent YouTube video.

But those looking to buy must act fast. The project will launch on exchanges on 20 April (Doge Day).

Visit Dogecoin20 Presale

Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.

Readers are also advised to read CryptoPotato’s full disclaimer.

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Bitcoin Wobbly at $70K, Dogecoin’s Rise Above $0.2 Continues (Market Watch)

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Bitcoin went as high as $71,700 yesterday but failed to overcome the $72,000 level and has returned to around $70,000 as of now.

Most altcoins are also quieter today, with red dominating almost all charts. DOGE and BNB, though, are well in the green.

BTC Retraces to $70K

The past five days or so went a lot better than the previous week when Bitcoin slumped hard by over ten grand to a low of under $61,000. It recovered some of the losses last weekend and went on the offensive on Monday and Tuesday.

Wednesday saw another leg up that resulted in BTC jumping to a 15-day high of $71,700. However, the bears intercepted the move and pushed the cryptocurrency south hard. In a matter of hours, the asset fell by over three grand to just over $68,000.

Nevertheless, it quickly started recovering the lost ground and spiked to $71,500 once again yesterday. The scenario repeated, though, and Bitcoin couldn’t go any further. The rejection has been less violent, at least for now, and BTC currently trades at around $70,000. It’s worth noting that there are signs of upcoming volatility today and during the weekend.

Its market capitalization has slipped to $1.375 trillion on CoinGecko, and its dominance over the altcoins has retraced slightly to 49.7%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

DOGE Keeps Rolling

The largest meme coin went on a massive roll yesterday as it surpassed $0.2 and reached $0.23 intraday for the first time in over three years. Despite retracing slightly since then, DOGE is still 5% up on a 24-hour scale and sits north of $0.21.

Bitcoin Cash was the other notable gainer yesterday. Just a few days ahead of its second halving, BCH is up by 3% again today and trades above $580. Binance Coin is also in the green from the larger-cap alts.

In contrast, ETH, SOL, XRP, ADA, AVAX, TON, SHIB, DOT, and LINK have all retraced by somewhere between 1% and 3%.

The total crypto market cap has retraced by about $30 billion and is down to $2.770 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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