Bitcoin keeps trading lower and lower amidst an overall bearish market, a trend that began in December 2021. The trading volume of BTC in Q1 2022 reportedly sat at approximately $2.4 trillion.
The trading volume of Bitcoin is reportedly about 40% of the approximately $6 trillion it recorded between January and March 2021. The largest cryptocurrency based on market cap keeps recapitulating against the bearish trajectory it began taking in December.
Bearish Trajectory Mirrors General Crypto Industry Trend
Analysts attribute the bearish trajectory in the general crypto industry that caused a consistent fall in trading volumes to falling investor interests in BTC. The trading volume of BTC in January 2022 was approximately $900 million, at about a 40% year-over-year fall from 2021’s roughly $2 trillion.
Trading volumes in February 2022 fell to approximately $670 billion, at a nearly 70% year-over-year fall from 2021’s roughly $2.2 trillion. The trading volume of BTC tipped a bit higher in the third month, at approximately $800 billion, at about 50% of March 2021’s record of $1.61 trillion.
Analysts mention the Russian invasion of Ukraine as a significant contributor to the trend. Moreover, the stats also depict that the falling trading figures have contributed to BTC’s price.
Between the beginning and end of Q1 2022, Bitcoin’s price fell by 1%. Meanwhile, the coin saw a 103% increase in price between the start and end of Q1 2021.
Binance Plans to Register for a License in Thailand
Binance, a cryptocurrency exchange, plans to apply to serve as a cryptocurrency exchange in Thailand. Reports also say that the business struck an alliance with Gulf Energy Development towards meeting the increased demand for virtual assets in the Asian country.
Additionally, Gulf Energy Development will also reportedly invest in BNB, Binance’s coin, in line with the company’s vision for digital assets and blockchain-related technologies.
Earlier in March, the company announced that it intends to set up another subdivision, called Gulf International Investment Limited. The subsidiary would reportedly oversee investments in foreign digital firms.
Cryptocurrency Taxes in Thailand
Thailand’s government had earlier planned to levy a tax of 15% on profits from cryptocurrency transactions. However, it backed down on its tax plans after receiving widespread criticisms from the public. The country revised a new regulation that exempted traders from paying the value-added tax of 7% for trading in government-approved exchanges.
The latest tax laws on virtual assets would also permit account holders to deduct their yearly losses from profits from their cryptocurrency investments. These provisions serve as a significant respite for traders in the country as most national authorities only tax crypto profits without recourse to investor losses.
The Southeast Asian nation has risen to become one of the top destinations for cryptocurrency. Thailand has seen an increase in its number of cryptocurrency accounts since 2021. The number of cryptocurrency wallets in 2021 was about 170,000. Today, the number stands at more than two million wallets, attesting to the increasing interests of the citizens in virtual assets.
