Worried stakeholders and ambitious lawmakers are the theme of this week’s headlines as we approach the end of August. Here are your top stories for the week ahead.
Facebook faces shutdown in Thailand if crypto scams aren’t dealt with.
Thailand’s Ministry of Digital Economy and Society (DES) has told Meta, the owners of Facebook, to curb the number of fraudulent crypto investment scams being advertised on the site, or risk being expelled from the country.
According to a statement on the Ministry of Digital Economy and Society’s website, more than 200,000 people have been affected by crypto scams advertised on the Facebook platform.
Chaiwut Thanakmanusorn, the leading member of the DES, has asked the Thai court to prepare an order that would shut down Facebook by the end of the month if the platform doesn’t comply.
This is the second threat of legal action Meta has received because of crypto scam advertising on Facebook. In March 2022, the Australian Competition and Consumer Commission sued Meta for the prevalence of scam advertisements on the platform.
Meta is yet to make a public response to Thailand’s warning.
Bitcoin’s relative strength index drops to its strongest oversold reading since March 2020.
CoinDesk published an article this week that suggests Bitcoin’s Relative Strength Index (RSI) has fallen well below 30. The RSI is an indicator of a cryptocoin’s price movement relative to time scale. The index places an asset on a scale from 0-100, with the lower numbers indicating an oversold coin and higher numbers showing an overbought coin. A score of less than 30 has not been seen since March 2020, during the pandemic fuelled crash of the crypto market.
The RSI doesn’t paint a clear picture of what Bitcoin will look like in the coming months, however it does suggest that Bitcoin may be slowly developing a positive trend of upwards growth.
Nevertheless, the prevailing sentiment among investors remains one of trepidation and uncertainty, as concerns continue to loom large not only over Bitcoin but also the broader cryptocurrency industry. The cryptoverse’s inherent volatility and susceptibility to external forces ensure that the journey ahead remains an intricate and unpredictable one, leaving both seasoned and novice investors to tread cautiously in this ever-evolving landscape.