Thailand’s Tourism Authority Intends to Launch its Own Utility Token: Report

The Tourism Authority of Thailand (TAT) plans to create a utility token called the TAT coin. To implement it in the country’s financial network, though, the state agency would need approval from the related organizations.

Crypto Can Bring Back Tourists to Thailand

According to a recent report by Bangkok Post, the Tourism Authority of Thailand aims to attract cryptocurrency owners to the country by launching its own utility token. Named after the entity, the TAT coin would enable the transfer of vouchers and help tour operators gain greater liquidity.

Mr. Yuthasak – Governor of the TAT – praised cryptocurrencies as an asset class that is “changing the world.” As such, the state agency had to jump on the bandwagon and attempt to recover the country from the negative impact of the COVID-19 pandemic. Thailand is known as one of the most-visited countries across the globe, and the potential cryptocurrency initiative might attract more travelers.

On the other hand, Yuthasak noted that the initiative requires good preparation to be successful. People in the tourism sector would also have to learn more about digital assets:

“We have to prepare digital infrastructure and digital literacy for our tourism operators in order to commence cryptourism as the traditional business model might not be able to keep up with the new changes.”

Before launching the TAT coin, though, the agency would need approval from the country’s regulators as it may not have the jurisdiction to issue this type of digital token.


Thailand’s Other Crypto Plans

Apart from the utility token, the organization has other crypto initiatives in mind which might boost the country’s tourism level.

For example, it intends to join forces with the local trading venue Bitkub. The latter will feature the TAT coin or another digital asset such as non-fungible tokens to cope with the growing demand for cryptocurrency services. While NFTs can indeed be beneficial for the tourism sector, they are still illegal in Thailand.

To attract more visitors, the agency is also contemplating offering a bitcoin debit card at airports. Crypto owners would be able to use them during their trips in the “Land of the Smiles” without paying an additional fee at the ATM or money exchange.

It is worth noting that the current pandemic situation changed the lifestyle of a big percentage of the global population. Nowadays, many people work from home as they can do it from any part of the world. That might sound like good news for Thailand, as many of those individuals are actually crypto hodlers who can use the upcoming digital asset opportunities in the Southeast Asian country.


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Crypto Analyst Says Ethereum Market Is A “Ticking Time Bomb”, Here’s Why

Ethereum has recently taken hits along with the rest of the wider market. Numerous market dips and crashes have seen the digital asset crashing back down below $3,000 in recent weeks and this has left ETH in a struggling position. With momentum down, it looks like the market is headed for another bear market as cryptocurrencies are now recording lower lows and lower highs with each dip and recovery.

Related Reading | JPMorgan Analysts Say That Big Money Are Dumping Bitcoin For Ethereum

The asset had dropped below the $2,700 price range for the first time in a two-month period. And the September slowdown has caused recovery trends to fall short of expectations. Despite this, crypto analyst Lark Davis does not believe the asset should be counted out just here. Pointing to some interesting exchange reserve metrics, the analyst believes that Ethereum could very well be on the verge of an explosion.

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Exchange Reserves Drop 15%

Declining exchange reserves volume has been reported upon recently. This is not peculiar to Ethereum alone. Data shows that in addition to ETH, Bitcoin exchange reserves have also plummeted in the past couple of months. This goes against the grain of how bull markets have operated in the past. With each past rally have come increased exchange reserves as investors moved their assets onto centralized exchanges to sell and take profits. But 2021 has been the year of the unexpected in the crypto market.

Ethereum price chart from

Ethereum price chart from

ETH price trading below $3,000 | Source: ETHUSD on

Instead of exchange reserves going up as the price went up, it has gone the opposite direction. At the height of the bull rally this year, there had been 21 million ETH on centralized exchanges. But even as the market has dipped and recovered at various points, exchange balances are going down. Now, there is about 18 million ETH on centralized exchanges, showing a 15% decline from the height of the bull market earlier in the year.

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Crypto analyst Lark Davis said of the decreased exchange balances, “There are around 3 million less Ethereum on exchanges now compared to when the price was at an all-time high. This market is a ticking time bomb.”

Why Exchange Reserves Are On The Decline

One reason for exchange reserves being on the decline is due to accumulation patterns by investors. Market sentiment has skewed more towards holding than selling despite the recent bull rally and as such, investors are buying more cryptocurrencies and moving these assets to more secure personal wallets. These accumulation patterns are driving what may be a supply shock across the top 2 cryptocurrencies in the market.

Related Reading | Over $5 Billion In Bitcoin And Ethereum Moved From Cold Wallets Amid China Crackdown

Another reason for declining Ethereum exchange reserves has been attributed to the rise of decentralized finance (DeFi). This is because most DeFi activities are carried out on the Ethereum blockchain and as such, ETH tokens are required to carry out transactions. Therefore, investors are moving their ETH from centralized exchanges to decentralized exchanges, leading to decreased centralized exchange reserves.

Chart from


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Is Bitcoin Headed For Significant Volatility In The Coming Months?

The world’s most prominent digital currency may experience sharp volatility over the next few months, according to a proprietary model created by technical analyst Jack F. Cahn.

Technical Event Model (TEM), which he developed in-house and measures extremes in sentiment, is a price-based macro filter that helps algorithmic trading programs predict when market dynamics are about to change and what to expect.

The model, which was designed to be direction-neutral, indicates whether the market is about to break into a new trend or has entered a period of panic buying or selling.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

Recently, Cahn wrote that the TEM “suggests a range expansion in October/November.”

More specifically, the technical analyst indicated that his model “is suggesting a monthly range expansion of 20k for Oct and or Nov.”

It might take place “from the open of the month to the close of the month, maybe faster, but the risk is 20k,” Cahn added.

“Based on the volatility model (TEM), it’s set up for a range expansion on the monthly and weekly bar. So from the Oct. open to the close should be a range month, opening near its high and closing out near its low,” he stated.


Analysts Weigh In

Several analysts provided their assessments of this model.

“After reading the Recaps of Volatility Reports beginning 9/27/2018 to 9/27/21, I believe CT’s TEM is an interesting approach to take in efforts of explaining bear/bull behavior,” said Andrew Rossow, an internet and technology attorney.

“Keeping in mind that the TEM is just an expression of CT’s opinion based on their own sources, I find that analysis to be interesting and not ‘outlandish,’” he stated.

“In my opinion, it seems to be one of the more realistic explanations / analyses I’ve come across since the notion of FOMO and emotional investment/panic came into existence with digital currency,” said Rossow.

Collin Plume, CEO and founder of My Digital Money, provided a different point of view.

“TEM, as with many other charts being used to predict crypto market direction, is highly reactive rather than predictive,” he stated.

“It looks for patterns and assumes its applicability to future crypto developments. It misses the intangibles, events that are really dictating the price of crypto,” said Plume.

“Bitcoin’s dips and spikes have been dictated by retail reaction to certain events. The biggest influencers are mainstream development,” he stated.

“Jack Dorsey declared Bitcoin the future and PayPal bought into Bitcoin,” which coincided with upward movements in the price.

“Bitcoin crossed the $50k mark early this year after Tesla announced it was buying into Bitcoin and then powered through $60k after Coinbase announced it was going public.”

Range-Bound Trading

Plume added further detail, predicting that without any important developments, bitcoin will trade between its 200-day moving average (MA) and 20-day MA, which are $43,000 and $47,000, respectively.

“I think Bitcoin will stay within this range until China makes a decision on Evergrande,” he stated.

“If China bails out Evergrande, it will most likely reclaim $50K and it will be a slow and bumpy ride back to $60k,” said Plume.

“However, this trend will be broken if another major event happens that could trigger retail investors to either panic sell or panic buy.”

Bullish Market Predictions

Rossow offered a different take on the markets, forecasting that bitcoin will continue to experience the kind of expansion detailed by Cahn “over the next few months.”

“With the SEC calling for more resources to better grasp the nature of the cryptocurrency industry in combination with institutional investors finally accepting that having a trusted and secure custodian for their digital assets to be the next step in providing global financial accessibility, it’s not outlandish to think that Bitcoin and crypto have the very real potential to continue this type of growth into the next two months,” he added.

While Cahn’s model merely pointed to bitcoin experiencing substantial volatility in the coming months, without specifying whether that would be to the upside or downside, Rossow was speaking to his view that bitcoin prices will likely move higher during that time.

“This is an institutional class and if regulators are willing to entertain serious conversations around Bitcoin and its utility in every industry, we can only expect to see increased growth,” he said.

Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital, also spoke to the TEM, stating that:

“The projection here isn’t surprising given Bitcoin’s historic performance in October and November.”

“If Bitcoin ends September above the $40K – $42K range, we are likely to see some bullish relief in October,” he said.

“However, the extent of this projected price action is also likely to be impacted by wider macro factors, such economic policy changes and such.”

Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether and EOS.


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Traders identify $41K as Bitcoin’s key support to hold for the short-term

Bitcoin faced another day of bearish pressure on Sept. 29 as the impact of China’s crypto crackdown and uncertainty about the regulatory landscape in the United States continue to weigh heavily on Bitcoin (BTC) and some of the larger-cap altcoins. 

Data from Cointelegraph Markets Pro and TradingView shows that the early morning rally above $42,000 lost steam by midday as the price collapsed back near the $41,000 support level where bulls are now defending against a further price decline.

BTC/USDT 4-hour chart. Source: TradingView

Here’s a look at what traders and analysts are saying about Bitcoin price today.

“Boring” Bitcoin market

Despite the recent volatility, the current price action is considered to be “boring” by market analyst and Cointelegraph contributor Michaël van de Poppe, who posted the following tweet highlighting that Bitcoin price remains above the crucial support levels he views as important.

Based on the chart above, van de Poppe suggested that Bitcoin could trade sideways in a consolidation pattern for a couple of weeks before heading higher.

As for what might excite the analyst out of his current malaise, van de Poppe said that a price breakout above $43,800 would signal that the current correction is over.

Traders expect BTC to revisit itslower support levels

According to pseudonymous Twitter user ‘Sheldon the Sniper’, Bitcoin currently has support at $41,160 and there are additional supports at $39,000 – $40,000 and $37,00-$38,000.

BTC/USDT 12-hour chart. Source: Twitter

Sheldon said:

“Stock markets showing some weakness, short term support on $BTC, if we lose it, next possible zone is $38K – 40K. Right now I have taken a lot of buys and just being patient with the market.”

Related: Bitcoin yet to prove inflation hedge status, but the time may come soon

Short term bearish, long term bullish

The concern about a possible retest of lower support levels was echoed by crypto Twitter trader ‘Crypto_Ed_NL’, who posted the following tweet outlining a drop to the support level near $41,250.

As highlighted by Crypto_Ed_NL, a previous tweet where the analyst stated “I think we’ll do a correction when Binance comes back online” was a little premature and predicted in this follow-up tweet that BTC could see another leg down before the bounce occurs.

This has turned out to be a prescient observation because the price of BTC is trading at a price of $41,300 at the time of writing.

Despite the recent market downturn and increased volatility, Crypto_Ed_NL still feels that the long-term projections of a higher price for BTC remain intact.

The overall cryptocurrency market cap now stands at $1.827 trillion and Bitcoin’s dominance rate is 42.5%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.