Crypto News: Urgent Updates on NFT Market Drop and Thailand’s Bold Crypto Leap

Welcome to your daily digest of significant events shaping the digital asset landscape. Staying informed about the latest crypto news is crucial for every investor and enthusiast. Today, we delve into major shifts affecting the NFT sector, groundbreaking regulatory moves in Southeast Asia, and a provocative community vote impacting a popular altcoin. Understanding these developments provides valuable insight into the volatile yet exciting world of cryptocurrencies.

Understanding the Recent NFT Market Drop

The non-fungible token (NFT) market recently experienced a notable downturn. Specifically, its total market capitalization dropped by more than $1.2 billion in less than a week. This significant decline coincided directly with a slowdown in the Ethereum rally, highlighting the close correlation between Ether’s price and NFT valuations.

On Monday, NFT Price Floor data showed the total valuation of NFT collections had fallen to $8.1 billion. This represented a substantial 12% decline from Wednesday’s figure of $9.3 billion. This prior value had itself surged by 40% since July, underscoring the recent volatility. The NFT market experienced this contraction as Ether (ETH) prices decreased by 9%. At the time of writing, ETH traded at $4,260, down from a high of approximately $4,700 just days earlier.

Many NFTs are minted and traded on the Ethereum network. Consequently, their valuations and sales are often denominated in ETH. Therefore, bullish or bearish momentum in Ether frequently translates into increased or decreased value across the NFT sector. As ETH saw a 4% decline in the last 24 hours, a majority of the top 10 NFT collections also registered declines in their market value. This demonstrates the profound influence of Ethereum’s performance on the broader NFT ecosystem.

Even leading collections felt the impact. For example, CryptoPunks, which remained the top collection by market capitalization, saw roughly $300 million wiped from its value. Data showed its worth at $2.1 billion, a 12% decrease from its $2.4 billion market cap on Wednesday. This illustrates how even established projects are not immune to broader market forces.

Thailand Embraces Crypto Payments for Tourists

In a significant move towards digital asset adoption, the Thai government plans to launch a nationwide regulatory sandbox. This initiative aims to allow international visitors to convert cryptocurrencies into local currency for electronic payments. Local newspaper The Nation reported on Saturday that this scheme, known as TouristDigiPay, is expected to go live on Monday.

The TouristDigiPay scheme enables users to exchange crypto for Thai baht. They can then make electronic payments through providers regulated by the country’s central bank and Securities and Exchange Commission. Tourists in Thailand crypto services will first undergo Know Your Customer (KYC) due diligence checks. They must also open an account with a digital asset business. Safeguards are also in place, including monthly spending limits and a block on direct cash withdrawals. These measures ensure both convenience and security for users.

Deputy Prime Minister and Finance Minister Pichai Chunhavajira is set to release full details of the TouristDigiPay on Monday. This initiative directly responds to a slowdown in foreign visitors. Thailand saw 16.8 million tourists in the first half of 2025. This was down from 17.7 million in the year-earlier period. Notably, there was a 24% drop in tourists from East Asia and a 34% fall in visitor numbers from China. This innovative use of cryptocurrency aims to revitalize the nation’s vital tourism sector.

Qubic Community Targets Dogecoin After Monero Attack

The community behind Qubic, an AI-focused blockchain, recently made headlines. They were responsible for Monday’s 51% attack on the Monero (XMR) privacy network. Following this, the Qubic community voted to target Dogecoin price next. Qubic founder Sergey Ivancheglo, known online as Come-from-Beyond, presented several choices for the next target. These included DOGE, Kaspa (KAS), Zcash (ZEC), and any other blockchain nominated by a member.

DOGE received over 300 votes from the Qubic community by the time the vote concluded. This number surpassed all other choices combined. A 51% attack occurs when a single entity or group controls more than half of a blockchain’s mining hash rate. This control allows them to potentially:

• Prevent new transactions from gaining confirmations.
• Reverse completed transactions, leading to ‘double-spending.’
• Stop other miners from finding blocks.

Qubic’s successful 51% attack on Monero demonstrated its capabilities. The community’s decision to now target other proof-of-work blockchains could spell trouble for these networks. The potential for a similar attack on Dogecoin raises concerns for its security and the stability of its Dogecoin price. This development highlights ongoing vulnerabilities within certain proof-of-work blockchain architectures, emphasizing the need for robust security measures.

Ethereum’s Influence on Market Dynamics

The recent price movements of Ethereum underscore its pivotal role in the wider crypto market. As the second-largest cryptocurrency by market capitalization, ETH’s performance significantly impacts various sectors, particularly NFTs. The decline in ETH’s value directly contributed to the substantial drop in the NFT market cap. This correlation showcases Ethereum’s status as a foundational layer for many decentralized applications and digital assets.

Market analysts often track Ethereum’s price trends closely. Its stability or volatility can dictate sentiment across altcoin markets. Furthermore, the success of Layer 2 solutions and ongoing network upgrades for Ethereum aim to improve scalability and reduce transaction costs. These developments could further solidify its position and influence. Investors monitor these factors carefully as they consider their strategies within the evolving crypto landscape.

Broader Implications for the Crypto Landscape

Today’s crypto news highlights several critical themes. First, the inherent volatility of digital assets remains a key characteristic. The rapid shifts in the NFT market, tied to Ethereum’s performance, exemplify this. Second, regulatory frameworks are continually evolving. Thailand’s progressive stance on crypto payments for tourism offers a glimpse into future adoption models. This could inspire other nations to explore similar initiatives, fostering greater mainstream integration.

Finally, the threat of 51% attacks, as demonstrated by Qubic, reminds the community of security challenges. While blockchain technology offers decentralization, vulnerabilities can still exist, especially for smaller or less robust networks. These events collectively shape investor confidence and drive innovation within the industry. Staying updated on these diverse developments is essential for navigating the complex and dynamic world of cryptocurrencies effectively.