Bitcoin News: Thailand Explores Bitcoin ETFs and Tightens Oversight on Polymarket

Thailand is taking significant steps in the cryptocurrency space by exploring the approval of Bitcoin ETFs and increasing scrutiny on the online betting platform Polymarket. The Thai SEC is leading these efforts to strengthen the country's crypto economy.

Thailand Explores Bitcoin ETFs While Tightening Oversight On Polymarket

Thailand is deepening its involvement in the crypto space by exploring the potential approval of Bitcoin (BTC) exchange-traded funds (ETFs). Simultaneously, the country is considering stricter scrutiny of the online betting platform Polymarket. The Thai Securities and Exchange Commission (SEC) is evaluating the listing of local Bitcoin ETFs as part of efforts to bolster the country’s native crypto economy. This move aligns with a global trend of increasing acceptance and regulation of cryptocurrencies. Thai SEC Secretary-General Pornanong Budsaratragoon highlighted the regulator’s intention to enable both individuals and institutions to invest in locally-listed Bitcoin ETFs.

Top Bitcoin (BTC) Predictions as the Price Briefly Crossed $100K

Bitcoin surged from below $90K to briefly surpass $100K, driven by bullish momentum and CPI data. Analysts predict further gains, with some expecting a new all-time high and an 'euphoria phase' for the market. Positive exchange netflows and an RSI above 70 suggest potential selling pressure and overbought conditions, signaling a possible short-term correction.

New ATH Incoming?

Bitcoin (BTC) once again proved its volatile nature in the past several days. It was trading at around $94,000-$95,000 during the weekend, but the bears stepped in at the start of the business week, suppressing the valuation below $90,000 for the first time since November last year. As it turned out, though, this was just a momentary plunge, and the price started climbing exponentially in the following days. On January 15, BTC soared above $100,000, driven by bullish momentum and CPI data.

US Stock Market Posts Massive Gains While Bitcoin Slumps

The US stock market experienced significant gains, with the S&P 500 climbing 1.8% and the Nasdaq skyrocketing 2.5%. This rally was driven by lower-than-expected inflation and strong earnings from major US banks. Meanwhile, Bitcoin returned to its slump, contrasting sharply with the stock market's performance.

Will Trump Make a Pro-Crypto Move on Day 1? Community Awaits

The crypto industry is optimistic that the United States President-elect, Donald Trump, will issue pivotal executive orders regarding the industry upon taking office on January 20. According to sources cited by the New York Post, Trump is exploring the creation of an 'America-first' digital asset reserve, emphasizing cryptocurrencies developed within the United States. The initiative aligns with previous discussions among Trump’s transition team about forming a strategic Bitcoin reserve. With his inauguration nearing, there is widespread speculation about the potential content of these executive orders and their implications for the crypto industry. Reports indicate that Trump and his team are drafting executive orders to promote cryptocurrencies. One major action under consideration is the establishment of a reserve focusing on U.S. digital assets.