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Fresh Off The Block: Thai tech stock surged nearly 7,000% YTD following bitcoin mining expansion and more

Khairani Afifi Noordin
Khairani Afifi Noordin • 2 min read
Fresh Off The Block: Thai tech stock surged nearly 7,000% YTD following bitcoin mining expansion and more
Jasmine Technology Solution saw its stock rally nearly 7,000% YTD following bitcoin mining expansion announcement
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Thai telecommunication systems provider Jasmine Technology Solution saw its stock rally nearly 7,000% year-to-date (YTD), triggered by an announcement it made in July that it would expand into bitcoin mining. Bloomberg reported that the stock has more than tripled since the announcement, although the cryptocurrency project has yet to generate significant earnings for the company.

Cryptocurrencies’ traceability will be crucial to fighting crime — this is one of blockchain data platform Chainalysis’s top trends for cryptocurrencies in 2022. Gurvais Grigg, the platform’s global public sector chief technology officer says if global adoption of cryptocurrency continues to evolve, cryptocurrency will soon be recognised as an invaluable tool, and not a hindrance to topple criminals.

“One of the biggest misconceptions about cryptocurrency is that it’s anonymous and untraceable. In fact, it operates on public, immutable blockchain ledgers, making it more transparent than most other forms of value transfer. This, coupled with the rapidly changing financial landscape for law enforcement and businesses and the development of digital tracking capabilities, means cryptocurrency is fast becoming a critical tool in the fight against crime,” says Grigg.

As the year concludes, bitcoin is currently trading at around US$50,000 apiece, far from the predicted US$100,000 end-of-year price based on the stock-to-flow model. This is amid anticipation from traders and investors on various social media platforms who were hoping for a holiday bull run.

Meanwhile, the second-largest cryptocurrency by market capitalisation, Ethereum, is currently trading at about US$4,000, up 451% YTD and down 16.5% from its all-time high of US$4,878.26 recorded Nov 10.

See also: Bitcoin developers are touting ‘programmability’ as the catalyst for the next rally

Photo: Jasmine Technology Solution

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