The Magazine for Asian Investors
Today’s (March 12) Bitcoin price fell 0.79% to $39,231.79.
Bitcoin’s negative performance went hand in hand with the stock markets. The Dow closed 229 points lower on Friday (March 11).
- The Dow Jones Industrial Average fell 229.88 to 32,944.19.
- The S&P 500 fell 1.3% to close at 4,204.31.
- The NASDAQ fell 2.2% to close at 12,843.81 points.
Movements in the Crypto Market
Popular crypto payment service MoonPay has announced that it will no longer offer its services in Ukraine, Russia, and Belarus.
On March 10, the MoonPay team contacted all customers to inform them that due to the current situation in Eastern Europe, operations in Ukraine, Russia, and Belarus will have to be suspended. This means that services will no longer be working for existing customers in these regions.
MoonPay said it would be impossible for the company to continue operating in these regions while complying with sanctions in countries around the world, including the UK, EU, and others.
In Thailand, Phuket businesses are getting stressed because Russians are not able to spend money, but cryptocurrency could help solve this problem.
The conflict between Russia and Ukraine has had far-reaching effects on most of the world. This includes the driving mechanism of the Thai economy and the extension to the tourism economy in Phuket.
This has led to disruptions and loss of revenue in the public and private sectors, as Russian tourists can no longer pay by credit card. This is because the Russian SWIFT system has been suspended by the West. As a result, Russian tourists are switching to other means of payment for goods and services, including cryptocurrencies.
Finstable Co. Ltd. is a company that aims to alleviate hardship in Phuket and has introduced blockchain technology called BKF Finance to facilitate the transfer of digital assets to businesses and Russians in Phuket, which is an example of how cryptocurrency can be used in the midst of a crisis.
The Spot Market is Cloesd
Saturday, March 12, 2022