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The crypto market has registered a substantial decline over the past 24 hours, as Bitcoin (BTC) and other cryptocurrencies plummeted in value. BTC traded above $118,000 on Sunday but lost momentum early on Monday, plunging to an intraday low of $115,179 as selling pressure overwhelmed buyers. The flagship cryptocurrency has made a marginal recovery, moving to $115,528, but remains down by over 2%.
Meanwhile, Ethereum’s (ETH) decline has been far more dramatic, with the altcoin down nearly 5% over the past 24 hours. The world’s second-largest cryptocurrency traded above $4,500 over the weekend before dropping below $4,300 to its current level of $4,261. Ripple (XRP) is down 4.99%, while Dogecoin (DOGE) is down 4.67%, trading around $0.222. Solana (SOL) has also declined substantially over the past 24 hours, down nearly 6%, trading around $181. Cardano (ADA), Stellar (XLM), Hedera (HBAR), Litecoin (LTC), Toncoin (TON), and Polkadot (DOT) also registered substantial declines. However, Chainlink (LINK) bucked the bearish trend and is up nearly 2%, trading around $24.50.
Thailand Plans To Launch Crypto Payment Sandbox Aimed At Tourists
Thailand is planning a countrywide regulatory sandbox to allow tourists to convert their crypto into local fiat currency in a bid to boost tourism. The new scheme, called TouristDigiPay, is expected to go live on Monday and will allow tourists to convert their crypto into Thai baht and make electronic payments through local e-money providers. The service is available only for tourists, who must complete Know Your Customer (KYC) checks and open an account with a digital asset business and e-money provider regulated by the Bank of Thailand and its Securities and Exchange Commission.
The scheme has several safeguards in place, including a monthly spending limit and a block on cash withdrawals. However, full details about the scheme will be released by Deputy Prime Minister and Finance Minister Pichai Chunhavajira. The scheme aims to revive the country’s tourism industry after a decline in foreign visitors, particularly from China.
Is Lazarus Behind The $23M Lykke Hack?
North Korea’s notorious Lazarus Group has been blamed for a $22.8 million hack that crippled UK-registered exchange Lykke. The hack resulted in the shutdown of the exchange and triggered a wave of investor lawsuits. The British Treasury’s sanctions office linked the hackers to the hack and theft of Bitcoin (BTC), Ethereum (ETH), and other assets from the platform. The collapse is the latest in a long line of hacks that have netted Pyongyang billions to continue its weapons programs and evade Western sanctions. It also leaves Lykke’s founder, Richard Olsen, facing bankruptcy, liquidation proceedings, and legal scrutiny.
Olsen is the great-grandson of Swiss banking patriarch Julius Baer and founded Lykke in 2015. The exchange offered crypto trading without transaction fees, before the hack forced it to shut down operations.
Kraken Pauses Monero Deposits Following 51% Attack
Cryptocurrency exchange Kraken has temporarily paused Monero deposits after a 51% attack against the privacy-focused blockchain, compromising the network’s security. A 51% attack occurs when a single mining pool to make this article unique but mean the same thing as the original