The collapsing value of Thai digital assets has been exacerbated by the bankruptcy of US-based Celsius Network, following months of rapidly deteriorating sentiment in the global and domestic cryptocurrency markets and a series of insolvencies among high-profile crypto lenders.
The trading value of digital assets in Thailand plunged from 180 billion baht in December 2021 to 72 billion in June 2022, with data from the Securities and Exchange Commission indicating the number of active crypto trading accounts in Thailand also dropped 53.5% to 329,000 from 707,000 during the same period.
