Wednesday, April 24, 2024

Crashing news for Bitcoin Price as the largest Bitcoin exchange in Thailand closes down

crashing down with and unexpected closure. Though, their main focus remained on the users based in Thailand, but gave a hefty competition to exchanges in Japan. Several reasons are associated with its closure. Major one includes an overall decline in volume and interest was seen which pushed them to the corner. Secondly, they only focused on one market with relatively low fees ultimately leading to closure of operations after 5 years. Lastly, in an official statement, Exchange announced that they look forward to other business opportunities. This step of closing down will bring them more time to focus on other aspect available at hand.

  • Exploding Bitcoin Price news in Thailand:

Call it a bombshell falling over the locals or an Armageddon due, the inevitable happened. A panic was created among the traders in Thailand right after the surprise announcement. It led to a chaotic situation and reports tell that the Bitcoin was even sold as low as $6500. On the press time, Bitcoin was traded at a discounted price of $9050. While on other exchanges, Bitcoin was trading at a normal price of $9763. Bitcoin co. Ltd. Have given time to all the users to withdraw money as soon as possible before the cut off time. But the sudden and surprising closure meant that many selling it at a price way lower than the break even.

  • Collapsing trends and Bitcoin price Prediction in 2020:

Cryptos are known for their amazingly unusual trends. Bitcoin, being the father of cryptos, leads all the pricing trends. Though, predictions revolved around Bitcoin reaching an all-time high of $20000 and so on. But, will this jolt put a halt to anything like that to happen? Probably, and probably not. Let’s have a look on both ends. On one hand, one crypto exchange operating in sole market of Thailand would never make an exponential difference. They surely competed giants in the other markets but would never be considered someone who would make a huge difference. Whereas, it should not be avoided completely either. Trickle down effect may be created and lead to a rather unfamiliar condition. Thus, prevention is always better than cure. So, it’s better to be rather cautious when dealing with crypto markets.

Monesh Kumar
Monesh Kumar
Monesh Kumar is a cryptocurrency and blockchain enthusiast. He trades cryptocurrencies and holds some but he prefers holding Bitcoin, Ethereum & Cardano.

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