Crypto Market Overview November 30th | Dex-Trade
Crypto Market Overview – November 30th, 2021
Thailand Reforms Tourism Infrastructure For Crypto Travelers
The Tourism Authority of Thailand (TAT) is working with regulators and local crypto exchanges to create a financial climate that allows crypto owners to spend their assets in the country without having to exchange them for fiat. Bloomberg reports. In addition, Yuthasak Supasorn, the head of TAT, announced the creation of a government unit dealing with the development and issuance of the Thai CBDC, as well as the launch of a special crypto-wallet to cover the needs of the new tourism ecosystem as early as 2022. "If they can use their currencies here without having to exchange it, or be faced with government taxes, then it would create convenience for them." — emphasized Supasorn. The country is reforming tourism industry due to its significant decline because of the pandemic. Tourism's contribution to Thailand's GDP fell from 18.21% in 2019 to 6.78% in 2020. TAT predicts that at least one million tourists will visit the country in the first quarter of 2022, and 10% of Thailand visitors are expected to be cryptocurrency owners or investors.
Binance Reveals Part Of The Details Of The Dogecoin Incident
The largest crypto exchange Binance disclosed part of the internal details of the incident, as a result of which the clients of the trading platform, who own DOGE, could not withdraw their assets for 17 days, clarifying that the reason for the technical problems was the too "straight-forward" update of the hot wallet for the meme-coin. The fact is that the wallet was developed for version DOGE 1.14.0 2 back in 2019, then some transactions got stuck in personal storages, wallets were updated to version 1.14.2 4, and then to version 1.14.5. They duplicated all user parameters of previous versions, including some transactions. As a result, 1,634 clients of the crypto exchange received old transactions in Dogecoin. Binance said the incident was nothing more than an unlikely and frustrating coincidence for all parties involved. Dogecoin Core and Binance could not "plan" this in any way, therefore, after fixing the error, the platform completely opened the withdrawal of funds. Nevertheless, the incident caused quite a stir in the crypto world. Huobi, for example, wrote in a blog post that Binance's actions to arbitrarily freeze user accounts undermined their trust. And Elon Musk, the week before last, doubted the honesty of the Binance leadership.
MicroStrategy Buys Another 7002 BTC as Part of Its Planned Quarterly Purchase
Software financial giant MicroStrategy purchased 7,002 Bitcoins in cash for a total of $414.4 million at an average cost of $59,187 per coin, increasing its cryptocurrency fortune to 121,044 BTC. TheBlockCrypto reports. The company's Bitcoin holdings are now equivalent to nearly $7 billion, about $3 billion of which is net hodling profits from past purchases. MicroStrategy acquired the bulk of the coins for $3.57 billion at a price of about $29,534 per coin, that is almost two times lower than the current market value of $57,280. However, it’s not uncommon for market fundamentalists to criticize the company for being overconfident in digital gold. For example, if the price of Bitcoin falls to the levels of the company's first major purchase, MicroStrategy will clearly have to "re-borrow" its loans to pay off the more than $2 billion in debt it took out on the purchase. However, the company remains the largest BTC holder in the market. In second place, no surprises, is Tesla, which owns 48,000 Bitcoins.