Asia Morning Briefing: Thai Banks May Soon Hold Crypto, SCB 10X CEO Signals Sandbox Push
Asia Morning Briefing: Market Highlights
The cryptocurrency market saw mixed signals, with Uniswap’s UNI token surging 5% to $6.65, driven by increased transaction volume and institutional interest. This contrasts with the broader CoinDesk20 Index’s 1.8% decline. Uniswap processed over $73 billion in trades this month, its highest since February, generating over $380 million in revenue.
SCB 10X, the venture arm of Thailand’s Siam Commercial Bank, anticipates increased US-Asia crypto deal flow due to clearer US regulation. CEO Kaweewut Temphuwapat highlighted opportunities in AI, crypto, and their intersection, citing SCB 10X’s long-term success with Ripple investments and Thailand’s supportive regulatory environment. He predicts Thai banks may soon hold crypto tokens on their balance sheets.
Trader James Wynn, known for large Bitcoin trades, has shifted to memecoins, placing a $1 million leveraged bet on Pepe (PEPE), which has already yielded a $500,000 gain. This follows a previous $1.2 billion Bitcoin long position closure resulting in a $17.5 million loss, and a subsequent short position that netted $3 million profit.
MicroStrategy (MSTR) further solidified its position as the largest corporate Bitcoin holder, adding 4,020 BTC for approximately $427 million, bringing its total holdings to 580,250 BTC. This purchase, at an average price of $106,237 per coin, reflects MSTR’s ongoing commitment to Bitcoin accumulation.
Bitcoin remains near record highs around $109,000, while Ethereum stays above $2,500. Gold dipped slightly following a tariff delay but remains above $3,310. Asian markets showed mixed performance, with Hong Kong’s Hang Seng opening lower and Japan’s Nikkei 225 slightly down. The S&P 500 was closed for Memorial Day.
Other notable news includes reports on a Trump-related crypto dinner, Solana exploring Alpenglow for its consensus layer, Trump’s media group planning a $3 billion crypto investment, and Pakistan leveraging surplus power for Bitcoin mining and AI data centers. Thailand is preparing to allow tourists to use cryptocurrencies via credit card-linked platforms.
