Table of Contents
The cryptocurrency market has been engaging a large number of users around the world and maybe, due to this rise in the market, the chances of a crash are also taking place. Many experienced users and experts are predicting this. Recently, the former director of the Bank of Thailand (BOT) Anusorn Thammajai released a statement in which, he predicted a warning for the crypto market. According to Anusorn Thammajai, the cryptocurrency market will crash in a couple of months, the Nation reported on Sunday.
Also Read: United Nations Approves NFT Standards Project to Be Led By Tencent & Alibaba Group
The Former director said,” A cryptocurrency bubble will emerge at the end of March when liquidity in the financial market drops due to moves by central banks to taper quantitative easing and raise interest rates”. Along with this, the experts also noted that the first wave has hit and the crypto bubble has already passed and several cryptocurrencies of the market have lost more than 40% in value this year. Many experts have already given their predictions towards the crypto market and it seems that some have taken place in the previous months. As we have noticed several plunged in the market, many are expecting that it will continue for a lifetime.
Also Read: ADA Price Forecast 2022
Whether it is any market, cryptocurrency, or the stock market, it is necessary to fluctuate. Many experts of the market have told their predictions to others so that they should beware of the forthcoming plunge. Although such plunges come only 3-4 times in a year whenever it happens, due to this, investors and traders have to see losses.
The Former Director of the Bank also added that where cryptocurrency helps create a financial ecosystem in the digital economy, it also presents risks to financial systems. Along with this, he also warned those investors who hold risky assets to stay extra careful about their assets in the second quarter this year.
With this, Anusorn Thammajai also said that he supports the plans of Thai government to tax crypto transactions and tighten the regulations of cryptocurrencies. He added that the illegal businesses of the crypto market have been affecting the use of cryptocurrency for money laundering and other illicit financing purposes. In meantime, the Government of Thailand relaxed crypto tax rules and throw out the 15% planned withholding tax. In January, Thai Securities and Exchange Commission, The Bank of Thailand, and the Country’s Finance Ministry announced officially that crypto will be controlled as means of payment. More updates have not been revealed yet. Stay tuned with us.
