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Thailand’s SEC has declined to allow trading of spot Bitcoin ETFs, citing that foreign-approved Bitcoin ETFs are still in nascent stages and may not align with the economic needs of the Thai market . The US securities market regulator’s recent approval of 11 Bitcoin exchange-traded funds (ETFs) has not swayed the Thai Securities and Exchange Commission to follow suit. The Thai regulator remains cautious, believing these ETFs, which have gained traction in foreign markets , may not be suitable for the Thai economic landscape at this stage. A report by Bangkok Post highlighted the Thai SEC’s stance. “We are monitoring these developments, but currently, there is no plan to permit the establishment of spot Bitcoin ETFs in Thailand,” said a representative from the Thai SEC. Despite this, Thai securities brokerages are encouraging invest ors to consider invest ing in US-based Bitcoin ETFs. The Thai SEC, however, emphasizes that invest ment advice provided to...

Miners are a glimmer of hope in a barren Bitcoin landscape this week ahead of a key Federal Reserve event in Jackson Hole. Bitcoin (BTC) starts a new week fresh from a new multi-week low amid a return of highly nervous sentiment. After dipping below $21,000 over the weekend, the largest cryptocurrency is consolidating around 10% lower than a week ago, and the fear across crypto markets is clearly visible. As some call for new lows and others warns of a difficult few months ahead, there is plenty for bulls to contend with on both long and short timeframes The United States Federal Reserve’s annual Jackson Hole symposium is due this week, while September is already due to form something of a showdown when it comes to Inflation and associated macro price triggers. That could mean fresh volatility across risk assets both during and prior, something weary investors will no doubt not welcome after last week's escapades on BTC/USD. Related: 3 reasons why the Bitcoin price bottom is not i...

Order book data shows bids and asks narrowing as stocks inch higher and the U.S. dollar bounces back from a previous slip. Bitcoin (BTC) stayed strictly rangebound on Aug. 24 as buyers and sellers attempted to spark a breakout. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Spot price squeeze on the cards Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering near $21,500 at the Wall Street open. The pair had seen little action in the 24 hours prior, entering the fifth day of sideways movement within an increasingly tight range. Data from the order book of major exchange Binance uploaded to social media by on-chain monitoring resource Material Indicators hinted that the status quo was frustrating exchange users, including whales. At the time of writing, bids were inching higher towards spot price , while seller interest was building at $21,600. The result could be volatility as liquidity reduces the range in which BTC/USD floats — either to the upsid...

A familiar tale of losing stocks and a surging greenback greets Bitcoin traders this week as $20,000 fails to sustain as support. Bitcoin (BTC) heads into the first week of September on a rocky road downhill after United States markets’ Jackson Hole rout. After the U.S. Federal Reserve reinforced hawkish comments on the Inflation outlook, risk assets sold off across the board, and crypto is still reeling from the aftermath. A fairly nonvolatile weekend did little to improve the mood, and BTC price action has returned to focus on areas below $20,000. In so doing, multiple weeks of upside have effectively disappeared, and in turn, traders and analysts expect a retest of the macro lows seen in June this year. While all is now quiet regarding the Fed until the September rate hike decision, there is still plenty of room for upset as geopolitical uncertainty and inflation persist, the latter still increasing in Europe. However, as last week, Bitcoin appears fundamentally resilient as a netw...

Bitcoin speculators get burned as BTC price action delivers an overnight spike, only to reverse direction and give back all its gains. Bitcoin (BTC) extended volatility into the Sep. 8 Wall Street open as a classic “ short squeeze” sparked new September highs. BTC/USD 1-hour chart. Source: TradingView Bitcoin offers a round trip to $24,400 Data from Cointelegraph Markets Pro and TradingView showed BTC price movements liquidating short s and longs alike. Bitcoin had seen upside momentum the day prior, this culminating in a trip above $26,400 after the daily close. A subsequent comedown nonetheless took BTC/USD full circle, and the pair was back under the $26,000 mark at the time of writing. Welp -- lets take out the lows again then eh? pic.twitter.com/EVeXRnuwJ6 — Jelle (@CryptoJelleNL) September 8, 2023 The result was punishment for late traders chasing the market up and down. According to data from monitoring resource CoinGlass, short liquidations totaled $23.5 million for S...

The selling pressure in the Bitcoin market is not as bad as it was during the Terra and Three Arrows Capital crises. Bitcoin (BTC) price may climb by more than 50% in September, a month otherwise considered ominous for the cryptocurrency due to its poor historical returns.  BTC price double-bottom and then to $30K? The conflicting upside signal comes from a potential double-bottom pattern on Bitcoin's longer-timeframe charts against the U.S. dollar. Double-bottoms are bullish reversal patterns that resemble the letter "W" due to two lows and a change in direction from downside to upside. Double-bottom illustrated. Source: ThinkMarkets Bitcoin's decline below $20,000 in July, followed by a sharp recovery toward $25,000 and a subsequent return to the $20,000-level in August, partially confirms the double-bottom scenario. The cryptocurrency would complete the pattern after rebounding toward $25,000. A W-shaped price move in an ideal scenario could be followed by anothe...

The U.S. dollar has been the clear winner as investors seek shelter in the largest global economy, but could the British pound's weakness be a positive for Bitcoin. On Sept. 26, the British pound hit a record low against the U.S. dollar following the announcement of tax cuts and further debt increases to curb the impact of a possible economic recession. The volatility simply reflects investors' doubts about the government's capacity to withstand the growing costs of living across the region. The U.S. dollar has been the clear winner as investors seek shelter in the largest global economy, but the British pound's weakness could be a net positive for Bitcoin. The GBP, or British pound, is the world's oldest currency still in use and it has been in continuous use since its inception. Fiat currencies are a 52-year old experiment The British pound, as we currently know, started its journey in 1971 after its convertibility with Gold or theequivalent was effectively termi...

Bitcoin and most major altcoins are witnessing a relief rally but higher levels are likely to attract strong selling by the bears. FTX’s collapse dealt a major blow to the already fragile sentiment among cryptocurrency investors. Although a quick recovery is unlikely, Blockchain analysis firm Chainalysis said that the crypto universe could emerge stronger from this crisis. Chainalysis’ research lead Eric Jardine arrived to the conclusion after comparing FTX’s fall to that of Mt. Gox. Another calming statement came from Bloomberg Intelligence exchange-traded fund (EFT) analyst James Seyffart, who said that there was a “99.9% chance” that the Grayscale Bitcoin Trust (GBTC) held the Bitcoin (BTC) it claimed. He added that GBTC was “unlikely” to be liquidated. Daily cryptocurrency market performance. Source: Coin360 The negative events of the past few days do not seem to have scared away the small investors who remain on an accumulating spree. According to blockchain analytics company Gla...

Bitcoin and select cryptocurrencies are trying to start a rebound following the CPI data release but bulls may find it difficult to continue the recovery at higher levels. The United States consumer price index rose 4.9% annually, which was slightly less than estimates of a 5% increase. The CPI’s monthly rise of 0.4% in April was in line with expectations. Although inflation remains stubbornly higher than the Federal Reserve’s 2% target range, traders will take comfort from the slower pace of increase. That suggests the Fed rate hikes are having their effect and further rate hikes may not be necessary. If the Fed pivots and starts to cut rates as the FedWatch Tool projects, that may be positive for risky assets such as equities and cryptocurrencies. Bitcoin (BTC) has responded positively to the CPI data and has risen above $28,000 on May 10. Daily cryptocurrency market performance. Source: Coin360 While the downside looks limited, the bulls may not have it easy at higher levels becaus...

The BTC price looks frail as August comes to an end, and with Bitcoin bulls out of ammo, traders are preparing for more pain. Bitcoin (BTC) starts a new week struggling with $26,000 as August becomes its worst month of 2023. BTC price strength remains dubious after a snap crash 10 days ago, with bulls unable to wrestle back control of the market to provide a relief bounce. The outlook is similarly uncertain, with September traditionally a poorly performing month for Bitcoin, and with the August monthly close just days away, could another downside surprise lie in store? Macro triggers are again taking a back seat this week, with Personal Consumption Expenditures (PCE) Index data the highlight in what is otherwise a cool week for crypto contagion. That said, traders and analysts are on their toes, and with no hint of a rebound in sight, many are still braced for worse to come. Cointelegraph takes a look at the main BTC price performance talking points for the week ahead. BTC price sags...