Crypto News This Week: Thai Innovation with Crypto Payments, Market Correction, to Elon Musk's $BTC and #ETH Rewards Program

Bittime - This week's cryptocurrency market was marked by a number of interesting news from various parts of the world which influenced market trends and sentiment. Starting from a Thai initiative that will trial crypto payments in Phuket, to a big move from Elon Musk who launched a massive rewards program for Bitcoin (BTC) and Ethereum (ETH). The following is a summary of crypto news worth paying attention to this week.

Thailand Trials Crypto Payments in Phuket for Foreign Tourists

The Thai government announced plans to launch a pilot cryptocurrency payment program in the popular tourist city of Phuket. This initiative aims to facilitate transactions for foreign tourists who use crypto as a means of payment. 

According to the Minister of Finance of Thailand, Pichai Chunhavajira, the use of Bitcoin can be a practical solution for large transactions, such as property purchases, especially for refugees who are forced to leave their country, such as those fleeing the Russian-Ukrainian conflict who chose to settle in Phuket. 

This program will be implemented in compliance with existing legal regulations without the need for changes to regulations, with the hope of opening up new opportunities for the tourism sector and local businesses.

Crypto Market Correction Triggered by US Inflation Sentiment and Fed Policy

The crypto market experienced a significant correction this week, with Bitcoin falling to levels around $94,000 after previously breaking through its highest price. Crypto market analysts said that this correction was triggered by increasing market concerns regarding inflation that continues to rise in the United States as well as the policy of the Federal Reserve (The Fed) which may hold interest rates higher for a longer time. 

Read also: XRP, XLM, and ADA Coin Prices Increased During Market Mera

Economic data showing a surge in service sector activity and a weakening labor market further exacerbated negative sentiment in the crypto market. This price correction also affected other crypto assets, with many major altcoins experiencing drops of more than 10%.

South Korea Ready to Lift Crypto Trading Ban for Institutional Investors

South Korea's Financial Services Commission (FSC) reported that it plans to lift a ban that has limited institutional investors' participation in crypto trading. So far, only verified retail traders can transact on local crypto exchanges. 

Read also: Bitcoin vs Altcoin Sentiment Comparison: Which Will Pump Higher?

This step was taken to provide space for large investors, including financial institutions, to participate in the rapidly growing crypto market. This policy is expected to open up more investment opportunities in the digital asset sector and strengthen the crypto ecosystem in South Korea.

Elon Musk Launches $BTC & #ETH Rewards Program: Gets the Public to Join!

Elon Musk is back with a big initiative involving the crypto world. In an ongoing event, Musk launched a major rewards program for Bitcoin (BTC) and Ethereum (ETH) aimed at introducing cryptocurrencies more widely to society. 

This program offers attractive prizes for those who participate and contribute to promoting the use of crypto. With Musk's great influence, this event is believed to increase public awareness of the importance of cryptocurrency in today's digital world.

Elon Musk Rewards Program: Join and Get Crypto Rewards Now!

The big event held by Elon Musk is increasingly attracting the attention of crypto market players. Apart from the attractive prizes on offer, this event is also a step to encourage wider crypto adoption. 

Read also: 9 Best Bitcoin Mining Tools for those of you who want to mine BTC

Participants who participate have the opportunity to win prizes in the form of Bitcoin and Ethereum, while also playing a role in accelerating the transformation of the financial world towards a digital economy. With this program, Musk hopes to reach more people to get to know and use cryptocurrency in everyday life.

Conclusion

This week, the crypto world was again busy with various significant developments. Thailand launched a trial of crypto payments for tourists, while the crypto market experienced a correction influenced by inflation factors and US monetary policy. 

On the other hand, South Korea is starting to open up new opportunities for institutional investors in the crypto market. Not to forget, Elon Musk held a big event with attractive prizes aimed at encouraging crypto adoption among the wider community. With these various initiatives and regulatory changes, the crypto market is increasingly showing great potential for the future.

FAQ- Crypto News This Week:

What is the purpose of Thailand's crypto payment trial in Phuket?

The Thai government is testing the use of cryptocurrencies, like Bitcoin, for transactions in Phuket. The initiative aims to simplify payments for foreign tourists and expand business opportunities, especially for large transactions such as property purchases.

What caused the correction in the crypto market this week?

The crypto market experienced a significant correction, with Bitcoin dropping to around $94,000. This decline was triggered by negative sentiment related to rising inflation in the US and the Federal Reserve's policy to maintain high interest rates for an extended period.

What has Elon Musk announced regarding Bitcoin and Ethereum?

Elon Musk launched a massive reward program for Bitcoin (BTC) and Ethereum (ETH) with the goal of introducing and promoting cryptocurrency adoption to a wider audience. The program offers participants the chance to win crypto rewards.

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Reference

Between News, Analyst: The crypto market correction was triggered by US inflation sentiment and the Fed, accessed January 13, 2025.

Coinspeaker, Thailand Plans Crypto Payments Pilot in Phuket for Foreign Tourists, accessed January 13, 2025.

Coverage 6, South Korea Will Lift Ban on Crypto Trading for Institutional Investorsi, accessed January 13, 2025.

Bitcoin ConfUS, Akun, accessed January 13, 2025.

Nermien MA, Account X Nermien MA, accessed January 13, 2025.

Author: MF