In this article, we will talk about how the interest of Asian countries can support the exchange rate of cryptocurrencies. We will also mention the most positive news of the last weeks. It’s about the return of whales to the cryptocurrency market.
Why does the Philippine Stock Exchange want to become a cryptocurrency trading platform?
The Philippine Stock Exchange (PSE) wants to become a crypto asset trading platform. This will be possible when Philippine regulators issue the needed regulations.
The country’s government was neutral towards crypto from the outset. Subsequently, their opinion changed in a positive direction. However, the Central Bank of the Philippines is openly giving up the opportunity to create digital currency (CBDC) anytime soon.
The main value of the Central Bank of the Philippines’ position is that more than a dozen cryptocurrency exchanges were recently licensed in the country. Many Filipinos have become interested in cryptocurrency as a means of income, and mobile crypto games have come to be seen as an additional source of income.
It is known that the idea of an internal crypto exchange was put in development in the Philippines about two weeks ago. PSE has all the necessary tools to trade cryptocurrencies, including trading infrastructure and investor protection measures.
Experts believe that it is volatility that makes crypto attractive to investors. PSEs are required to monitor processes. “Instant wealth can become instant poverty”, and everyone needs to understand the rule.
Vietnamese Prime Minister Asks Central Bank to Study Cryptocurrencies and Create Test Implementation
The State Bank of Vietnam (SBV) banned commercial banks and payment service providers from making cryptocurrency transactions in 2018. They motivated the decision by the fact that such activities lead to corruption, terrorist financing, and tax evasion.
However, the number of non-cash payments in the country has been growing in recent years. As a result, members of the government recognized the inevitability of change. Digital money is no longer ignored in Vietnam.
What will the pilot implementation of the project of your cryptocurrency provide? The Vietnamese government will see the pros and cons. This will help to develop the correct control mechanism. The recognition of digital currencies by the central bank will accelerate this process.
Let’s summarize the news. Like many countries, Asian countries can no longer ignore the existence of cryptocurrencies. The growing interest of citizens will force countries to accept crypto at the official level. The processes begin now with the creation of legal and regulatory spaces for existence within the state.
So, market existence will lead to the emergence of traders. Investment flow and turnover will rise, and countries will be able to see a general market recovery.
Whales are heading to the cryptocurrency market again
Wealthy investors are returning to the bitcoin market. 80 thousand bitcoins have been bought by them recently. The total amount of property of large investors in bitcoin is now over 4.2 million BTC. This is the highest figure since May 2021. More than 1900 whales are currently on the market.
The comeback of whales is good news for the market.
Bitcoin’s recent fall has been a pretty predictable process. The reason for this is that when Bitcoin was at the peak of its bullish movement from February to May, the balance is at the disposal of the whale institutions. grew along with its price, on February 8, 2021, a peak of 4.542 million BTC was reached.
After the whales started selling everything, by the beginning of May their bitcoin supply had dropped by 8% to 4.17 million BTC.
In summary, the recent increase in the balance of whales suggests that the floor has already been reached. Bitcoin plunged 35% in May to $ 30,000, according to CoinDesk data. The end of June was marked by an indicator of about 29 thousand dollars per 1 BTS. This indicator can be considered as the level of support for bitcoin.