ETH Holdings Dey Rises Amid NFT Decline Plus Thailand Sandbox
Crypto market update: BitMine Immersion Technologies get $6.6 billion Ether for dem hand, but di stock don fall 14% last week as investors dey consider long term prospect. Di company plan make dem raise $24.5 billion capital to boost ETH dem hold as institutional demand dey rise and record ETF inflow of $2.8 billion for just one week. Ethereum price don climb over 50% last month, near to di high wey e get for November 2021.
Meanwhile, di NFT sector see $1.2 billion drop for total market cap, down 12% to $8.1 billion after ETH fall 9%. Top collections like CryptoPunks lose $300 million, reflectin di broader wahala as NFT value dey follow ETH movement.
For policy matters, Thailand wan launch "TouristDigiPay", regulatory sandbox wey go allow tourists convert crypto to baht for electronic payments. Di scheme go require KYC and get spending cap, e aim to boost tourism after visitor numbers drop 5% year-on-year.
This crypto market update show mixed signals: strong institutional interest dey push ETH adoption and price, but short-term correction dey for NFTs, meanwhile regulatory support for Asia dey help long-term market growth.
Bullish
Even though BitMine stock don dey drop, plenty big institution dey put money enter Ether ETFs and price jump 50% this month dey show sey crypto market dey strong for bullish. NFT market pullback of $1.2 billion na just normal correction after e quick gain, and e relate with ETH price movement. Thailand launch TouristDigiPay sandbox mean sey regulator dem dey make progress and more people go start use am. For history, big ETF inflows and regulator support dey always happen before big rally, sey mean sey short-term wahala go give way make the market trend go up for medium and long term.