Market report for traders
đź”® BTC, ETH, and Altcoins
Over the last 7 days, Bitcoin ends at AU$171,946 moving -1.92% at the time of writing. Meanwhile, Ethereum ends at AU$7,064 moving +11.32% week-on-week. On the Altcoin side, Solana +9.45%, Dogecoin +2.46%, and XRP +4.86% change.
🗞 What’s happening in the news?
🌍 U.S. Stablecoin Law Pushes EU to Fast-Track Digital Euro
Europe is racing to respond to the US GENIUS Act, a law regulating the AU$443 billion stablecoin market dominated by USDT and USDC. According to the Financial Times, officials worry dollar-backed tokens could tighten America’s grip on cross-border payments. Sources said the European Central Bank is now considering launching a blockchain-based euro, possibly on Ethereum or Solana, marking a shift from its earlier private-system approach. With China advancing its digital yuan and the UK exploring a digital pound, Europe faces mounting pressure to act quickly.
🔒 XRP Ledger Developers Reject “Weakest Security” Label
Kaiko’s recent Blockchain Ecosystem report ranked XRP Ledger last among 15 major blockchains for security. Ethereum scored 83, while XRP Ledger scored 41. RippleX’s Ayo Akinyele pushed back, stressing XRPL’s “13 years of continuous operation without a single incident impacting the core network.” While an April supply chain attack on a developer toolkit raised concerns, Ripple clarified the ledger itself was unaffected. Critics argue XRPL is more centralised than rivals, but developers highlight its consensus design, validator protections, and multiple independent security audits.
đź’¸ Billionaire Heiress Loses AU$123M in Psychic-Backed Crypto Bets
A Wall Street Journal report says Taylor Thomson, heir to the Thomson Reuters media and financial empire, began investing heavily in crypto after she and her former best friend Ashley Richardson consulted a celebrity psychic and other spiritual advisers. Richardson eventually managed more than AU$215 million of Thomson’s assets during the 2021 bull run but allegedly executed over 450,000 trades without proper authorisation. When markets fell in 2022, Thomson’s portfolio shed more than AU$123 million. Losses deepened after she invested AU$61.5 million in Persistence’s XPRT token, which has collapsed 99% from AU$25.50 in 2021 to around AU$0.057 today. Thomson has since sued Richardson and Persistence for AU$38 million, alleging misrepresentation and an undisclosed finder’s fee. Richardson countersued for AU$15.4 million, claiming defamation after Thomson told associates she had committed fraud. “Everything I did was based on her instructions, as part of her effort to minimise losses,” Richardson told the Wall Street Journal. The case against Persistence has reportedly been settled, but the dispute between Thomson and Richardson continues.
📖 What we’ve been reading
Japan's Finance Minister Says Crypto Assets Can be Part of Diversified Portfolio
Kato's remarks come amid concerns over Japan's high debt-to-GDP ratio and the potential for financial repression and yen depreciation. Read more âž”
China’s stablecoin push raises questions on dollar dominance and market trust
Beijing’s consideration of a yuan-backed stablecoin could mark a new front in the global financial system, but experts say dollar dominance, liquidity and trust are high hurdles. Read more ➔
Australia has busted 14K online scams since 2023, crypto cited in 21%
ASIC Deputy Chair Sarah Court said the regulator has beefed up its scam enforcement to include monitoring social media ads. Read more âž”
*Disclaimer: The information provided is for educational purposes and does not constitute financial product advice. You should obtain independent advice from an Australian financial services licensee before making any financial decisions.*
