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Sunday, November 27, 2022

June’s crypto-currency market, according to Satang’s founder, is down.

The founder of Satang evaluates the crypto-currency market for the month of June, noting that each component reflects “market downturns,” including the factors “interest-inflation-employment”. When Satang Corporation’s CEO warns investors that the market will be down for another 2-3 months.

Mr. Paramin Insom, founder of Satang, a digital asset and blockchain company, stated that three factors must be considered when determining whether the crypto market is rising or falling: interest rates, inflation, and US employment figures.

The Federal Reserve (FED) will raise interest rates by 0.5 percent for at least two more months this year (June and July), reducing the Fed’s monthly asset purchases beginning in June. To combat inflation, interest rates will rise by 2.5-3.0% this year.

This is due to the fact that the inflation rate is calculated using the consumer price index, or CPI.

“Given the current market conditions, as well as the drop in psychological sentiment caused by the collapse of LUNA-UST, the crypto market capitalization has dropped to $1.2 trillion. It peaked at $2.9 trillion in November 2021, with stablecoins accounting for $69.26 billion, or 87.36 percent of total crypto-currency trading volume in 24 hours. This could be interpreted as investors using stablecoins, the asset-backed group, as a safe haven.”

According to Paramin, if one is looking for a safe haven of investment right now, it could be a stablecoin like USDC USDT BUSD, where the dollar is currently strengthening against bitcoin or the weaker baht, or a GOLD stablecoin like PAXO GOLD (PAXG), because gold is expected to rebound.

“Gold is now trading above $1,780 per ounce before falling back to $1,850. The next price range is $1,900 to $1,925 per ounce. That will be an easy path to $2,000 per ounce. Because global inflation remains high, it is not difficult to recover “said Paramin.

As the Fed continues to raise interest rates, Satang Corporation CEO Sarun Siripannon believes it is difficult to predict when the market will recover. If you are an investor who is looking to buy, you should wait a little longer because the market is still down for the next 2-3 months.

The issue of VAT exemption for the transfer of cryptocurrencies or digital tokens in Thailand until the end of 2023 is regarded positively. It should allow the country more time to experiment. However, the state should exempt cryptocurrency investments held for more than a year from taxation, as Germany does.

melina
Author: melina

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