Bithumb Live Files for Bankruptcy

Matrixport Forecasts Bitcoin Bull Market Breather AheadMatrixport, the Singapore-headquartered digital asset financial services provider, has reported a significant surge in its Bitcoin Greed & Fear Index (GFI) over the past week.Photo by Karolina Grabowska on PexelsBitcoin Greed & Fear Index (GFI)The index, which tracks market sentiments, has skyrocketed from below 10% to a staggering 93%. Such a rapid increase indicates a prevailing sense of greed and excessive optimism among Bitcoin investors. As a result, industry experts are suggesting that a breather in the ongoing Bitcoin rally may be on the cards.Markus Thielen, the Head of Research and Strategy at Matrixport, has advised short-term traders to consider capitalizing on their gains given the exuberant levels recorded by the Bitcoin Greed & Fear Index. Historical analysis reveals that readings above 90% have often signaled interim tops in Bitcoin’s price, while readings below 10% have preceded notable price rallies.Upward movement favorableDespite the current high reading, the 21-day simple moving average of the index remains below the critical 90% mark. This implies that the overall trajectory for Bitcoin still favors upward movement. Thielen points out that the rising 21-day moving average indicates the potential for further upside once the current phase of exuberance subsides, allowing for consolidation in the market.Chart analysts share an optimistic view of Bitcoin’s future, with some predicting a potential rally towards the $35,000 mark and beyond. Josh Olszewicz, Head of Research at digital asset investment firm Valkyrie, highlights a falling wedge setup in Bitcoin’s recent price action.The successful bounce off the support level, combined with the completion of the falling wedge pattern, has heightened expectations for a move towards the mid-$30,000 range. Olszewicz does caution that significant resistance may arise in that zone, likely leading to a subsequent period of re-consolidation before any further upward progress can be made.In recent weeks, Bitcoin experienced a pullback from its mid-April high of $31,000, eventually finding support around the $25,200 level earlier this month. This pullback, often referred to as a “throwback,” historically acts as a catalyst for price rallies, as has been evident in the past few days.Ether gain potentialWhile Bitcoin’s rally has been impressive, Ether (ETH), the second-largest cryptocurrency by market capitalization, has seen a gain of 15.9% since last Thursday. However, Ether’s GFI index has yet to reach the 90% threshold, indicating potential room for further growth while Bitcoin takes a breather.Matrixport’s Bitcoin Greed & Fear Index has surged to an astonishing 93%, signaling heightened levels of greed and optimism among Bitcoin investors. Traders are advised to consider securing their gains as the index reaches exuberant levels.Nonetheless, the rising 21-day moving average suggests the potential for Bitcoin’s upward momentum to continue following a period of consolidation. At the time of writing, Bitcoin is trading around $31,200, based on CoinGecko data. Going into the weekend, that’s demonstrating continued growth. Meanwhile, Ether shows promising performance, with potential for further growth.

In a significant move to propel Thailand towards becoming a digital asset hub, the Finance Ministry has announced the exemption of value-added tax (VAT) on digital asset trading. VAT exemptionAccording to the Bangkok Post, the decision became effective on Jan. 1. It aims to foster the growth of the digital asset industry and support the country's growing digital economy. Paopoom Rojanasakul, secretary to the finance minister, underscored the ministry's commitment to promoting digital assets as a viable fundraising tool. By suspending the requirement to pay 7% VAT on income derived from cryptocurrency and digital token trading, authorities seek to encourage investment in the digital asset market. This VAT exemption extends beyond authorized digital asset exchanges to include brokers and dealers under the supervision of the Securities and Exchange Commission (SEC). The move aligns with Thailand's ambition to position itself as the region's premier digital asset hub. Moreover, the Finance Ministry and SEC are actively amending the 2019 Securities and Exchange Act to enhance regulations concerning digital investment tokens, bringing them more in line with securities.Photo by Markus Winkler on UnsplashAttracting offshore digital asset sector investmentThailand's attractiveness to offshore digital asset investors has grown substantially in recent years. The new tax policies are poised to further bolster the country's position in the global digital asset market. Last month, the Thai SEC adjusted the rules governing digital token investments, raising the investment ceiling that had been imposed on retail investors where initial coin offerings (ICOs) relative to infrastructure and real estate are concerned. Furthermore, the Commission has updated criteria for custodial wallet provider businesses, enabling them to extend their services to digital asset business operators, thereby facilitating smoother operations within the digital asset ecosystem. However, Mr. Paopoom emphasized the importance of balancing development with financial stability. While fostering innovation in the digital asset sector, the government remains mindful of safeguarding the integrity of the financial system. Despite these advancements, the SEC has made it clear that it will not permit the trading of spot bitcoin exchange-traded funds (ETFs) in Thailand. This decision contrasts with the recent approval of bitcoin ETFs in the United States and moves towards approving crypto ETFs in Hong Kong, reflecting Thailand's cautious approach to cryptocurrency-related financial products. Nevertheless, Thailand continues to attract global crypto exchanges, with industry giants such as Binance establishing a presence in the country. Last month, Binance announced the launch of crypto exchange services to the general public in Thailand through Gulf Binance, a joint venture with Thailand’s Gulf Innova. The VAT exemption on digital asset trading represents a pivotal step in Thailand's journey towards embracing the digital economy. With supportive regulatory measures and a dynamic market environment, Thailand aims to take its place as a leading player in digital assets.   

Cultural content company Com2uS Holdings announced Monday that XPLA, its layer 1 blockchain, is now supported by on-chain content (OCC) aggregator Gall3ry. Photo by GuerrillaBuzz on Unsplash"We are pleased with the recognition of our technology and ideas, and with our collaboration with global mainnet XPLA," said Joseph Lee, CEO of Gall3ry. "We plan to provide various experiences based on our decade of expertise in the IP industry." Empowering multifaceted ownershipGall3ry offers an OCC tokenizer solution that converts off-chain data into on-chain tokens – mainly NFTs – boosting user engagement and revenue while building Web3 communities. It ultimately gives NFT holders a sense of true ownership because they can personalize their social identities and build connections with other users through their assets. In particular, they can display their NFT artwork on the Gall3ry platform to share with the community, which can lead to increased communication and engagement on social media platforms, thus lowering the barriers to entry for NFTs. Elevating gaming experiencesBy supporting the XPLA blockchain, users on XPLA can now experience an innovative and improved Play-to-Own (P2O) aspect of their favorite games. Now that Gall3ry’s solution is linked to XPLA, NFT holders will be able to experience more active and vibrant connections with each other, moving away from the now outdated concept of one-dimensional ownership on XPLA. "This partnership is a significant collaboration for XPLA and our NFT marketplace X-PLANET," said Paul Kim, Team Leader at XPLA. "It will provide new and diverse ways for holders to utilize their NFTs."