Bitcoin Held on Crypto Exchanges Reaches ‘Multi-Year Lows’: Report

After the global COVID-19 pandemic of March 2020, something interesting took place. There were many interesting and terrible things that happened. One of the most interesting was a shift from crypto exchanges seeing net inflows almost every month to watching the BTC amount in exchange accounts steadily get smaller.

According to a report by crypto analytics firm Glassnode, Bitcoin net outflows have been an average of 96,200 coins per monthly for the past two-years. This has caused exchanges’ cumulative Bitcoin balances to reach’multiple-year lows’. They have fallen to their lowest level since august 2018.

Recent outflows have been mainly coming from a few familiar suspects: Binance and Bitstamp, Bittrex Coinbase, Gemini, Coinbase, Gemini and Kraken. (However, Binance and Gemini’s balances have increased noticeably over the past two-years, despite recent downtrends, mainly at the expense Coinbase.

Glassnode says that this is a sign that Bitcoin is moving away from exchanges to addresses that purchase Bitcoin periodically but don’t spend them – in other words, HODLers. These “accumulation addresses” can be owned by individuals, companies, or custodians. This category includes the Luna Foundation Guard, which bought $1.4 billion in BTC to back its algorithmic stablecoin. MicroStrategy subsidiary MacroStrategy also falls under this category.

However, this category doesn’t include all Bitcoin whales. Since late January, so-called shrimps have been taking in more coins than they share in circulation.

Glassnode reports that since December 1st, the balances of such accumulation addresses-both shrimps and whales-have increased by 217,000 BTC (nearly 10 billion). It was between $49,000 to $50,000 back then, but it is now just below $46,000.

The price has fallen over the same period, despite the fact that HODLing is increasing. It is best to not read too much into this, as net outflows or accumulation are only two data points of many (includes the amount people feel confident investing amid rising consumer prices). The price picture can also change by shifting comparison dates.

Glassnode argues that the daily amount of Bitcoin that is being accumulated is far greater than the new BTC created. It states that the scarcity and pristine nature Bitcoin as collateral might be back in the forefront.

Thailand Adopts Rules Restricting Cryptocurrency Payments From April

Thailand’s financial regulators are taking measures to stop cryptocurrency payments being used for goods and services. They cite a variety of economic and financial threats. The Securities and Exchange Commission of Thailand (SEC) published rules to discourage digital asset providers from supporting and offering such services.

After discussions with the Bank of Thailand (BOT), the Bank of Thailand decided to move forward with digital assets. During these discussions, the two institutions agreed on the necessity of adopting regulations that preserve the stability of the country’s economy and prevent risks for citizens and businesses. These risks included price volatility, money laundering, and leakage of personal data.

In the future, the Thai SEC will closely monitor providers in this sector to ensure they do not offer digital assets as payment methods. The new regulations do not intend to prevent crypto trading or investing. According to the regulator:

All digital asset business owners must not offer services or act in any way that encourages or supports the payment of goods or services with digital assets.

The commission stated that companies should not create systems or tools to facilitate cryptocurrency payments. The commission stated that if a crypto platform discovers that clients are using trading accounts to pay, they must inform the customers and take further action, such as temporary suspension or termination.

According to the SEC, the new rules will go into effect April 1, 2022. The SEC stated that companies providing services subject to the restrictions will have 30 days for compliance.

The SEC and BOT announced their plans to regulate crypto payments in January. This regulatory update is in spite of previous attempts to facilitate these payments in Thailand, a popular tourist spot. The tourism industry met recently with central bank officials to discuss alternative payment options, including crypto, for Russian tourists whose country was placed under sanctions following its invasion of Ukraine.

DeFi and Web3.0 is the future says Ash WSB

Many industries have seen innovation over the years, which has led to increased customer demand and exponential growth. These industries are due to the tireless efforts of professionals and individuals who have brought about a creative revolution within their niches. This is exactly what Ash WSB did when he entered the constantly-evolving crypto financial industry. Many were eager to get into the crypto space, with the advent of NFTs, DeFi, Play-to earn, and blockchain development. Not everyone has the right knowledge or insights to succeed in this field.

Ash WSB is a way to provide value and make the journey to cryptocurrency easy for his followers by providing information. He believes in Bitcoin and has invested heavily in it. He loves sharing his knowledge and gaining experience in the industry to make a greater impact on the crypto community. He is grateful for his ideas, which have helped him build an online community of 400K people on Twitter. He is determined to exceed their expectations and keep learning new things to add value to them.

Ash WSB is proud to have a community that embraces cryptocurrency and uses it in their daily lives. This will help crypto become more mainstream in the future. This passionate contributor to crypto values value creation and is an influential influencer who wants to reach as many people as possible to help the space.

Ash WSB was asked about the future for crypto and mentioned that decentralized apps have had a significant impact on bridging lucrative activities via DeFi or Web3.0.

As central parties have been relaxed to allow yield earning and play-to-earn without personal identity, opportunities have opened up to a wider audience. This concept has been in use since 2021, but has yet to see the peak of innovation. Ash WSB believes that DeFi and Web3.0 will be the future of growth, self-sovereignty, and creative freedom.

Ukraine Central Bank Limits Cash Withdrawals Amid Russian Assault

On Thursday, as people waited in line at banks and ATMs to withdraw cash, the National Bank of Ukraine adopted a resolution that limited daily cash withdrawals in local currency up to 100,000 hryvnia. $3,350, except for wages or social payments. The regulator also prohibited cash from foreign currency accounts.

After President Putin announced a special military operation in Ukraine in the early hours of February 24, Russia made this decision. Many Ukrainians fled major cities like Kyiv after rockets exploded on targets throughout the country. There were also reports that Russian tanks crossed the border. This was all part of what has become a large-scale Russian invasion.

Ocheredi k bankomatam v Kieve

– Uchenik Shtirlitsa, @moments_Spring February 24, 2022

The NBU demanded that banks continue to be open despite the imposition of martial law by President Volodymyr Zelesky. The restrictions also prohibit foreign exchange transactions, with the exception of customers selling foreign currency. The official exchange rates for the hryvnia were fixed, according to the authority, at 29.25 hryvnias per $1 and 33.17 euros per EUR1, respectively.

The central bank has placed a moratorium on cross border foreign currency payments. It also prohibited Ukrainian banks to process debit transactions on accounts of Russian Federation residents. This ban includes electronic money distribution and deposit to e-wallets.

This document does not mention other digital assets, such as cryptocurrencies. Ukraine has been trying to regulate them. The parliament of East European nation, which is ranked among the region’s leaders when it comes to crypto adoption, recently approved the law ‘On Virtual Assets,’ which lists NBU as the primary regulator of the market. The legislation has yet to be entered into force.

The National Bank of Ukraine stated that these restrictions do not apply to transactions made to or by the Ukrainian government, enterprises, or institutions involved in mobilization tasks, as well as payments under special permits issued the monetary authority. The NBU stressed that all cashless payments are unlimited. ATMs must always be stocked with cash, and banks should ensure uninterrupted operation of their branches.


Former Thai Central Bank Director Predicts Crypto Bubble Emerging in March

Anusorn Thammajai, former director of Bank of Thailand (BOT), reportedly said that the cryptocurrency market would crash within a few months. Nation reported Sunday. The former director of the central bank warned:

When liquidity in the financial markets drops as a result of central bank moves to reduce quantitative easing and increase interest rates, a cryptocurrency bubble will be formed.

He pointed out that the first wave in the crypto bubble had already passed, and that many cryptocurrencies have lost over 40% this year.

Former Bank of Thailand director said that cryptocurrency is a tool to create a digital financial economy. However, it can also pose risks to financial system. Investors who have risky assets should be extra cautious in the second quarter of this year, he added.

Thammajai also stated that he supports Thai government’s plans for taxing crypto transactions and tightening regulation of cryptocurrencies. Thammajai noted that cryptocurrency has been used by illegal businesses for money laundering and illicit financing.

Thailand has recently relaxed crypto taxes rules and scrapped the planned 15% withholding tax. The Bank of Thailand, Thailand’s Securities and Exchange Commission and the country’s finance ministry declared cryptocurrency would be regulated as a payment method.