Market report for traders
🔮 BTC, ETH, and Altcoins
Over the last 7 days, Bitcoin ends at AU$160,362 moving -1.67% at the time of writing. Meanwhile, Ethereum ends at AU$3,641 moving -2.93% week-on-week. On the Altcoin side, Solana -2.64%, Dogecoin -3.86%, and XRP +0.32% change.
🗞 What’s happening in the news?
🏛 Trump’s Tax Bill Sparks Crypto Debate in Washington
The US Senate is deep in negotiations over Donald Trump’s “One Big Beautiful Bill,” a sweeping tax and spending package set to be finalised before 4 July. Republican Senator Cynthia Lummis has introduced an amendment aimed at ending what she calls the “unfair tax treatment” of crypto. Her proposal would waive taxes on digital asset transactions under US$300 (A$455), up to a yearly cap of US$5,000 (A$7,600), and delay taxes on staking, mining, and airdrop rewards until they are sold. Elon Musk has slammed the bill’s projected US$3.3 trillion (A$5 trillion) debt increase over the next 10 years, calling it a “disgusting abomination,” and warned he would form a new “America Party” if it passes.
🪙 South Korea Halts CBDC Tests as Stablecoin Craze Builds
The Bank of Korea has postponed the second phase of its central bank digital currency (CBDC) pilot, originally scheduled for later this year. According to Yonhap News Agency, a senior banking official said the trial was already “on the verge of collapse” as participating banks grew dissatisfied with the high costs and unclear plans for rollout. The central bank is now considering rescheduling the second round of tests to early next year and may reduce the number of participating institutions. Meanwhile, eight major South Korean banks are working together to launch a won-backed stablecoin by 2026. This aligns with newly elected President Lee Jae-myung’s pro-crypto stance, including legislation that would allow firms with at least A$560,000 (500 million won) in equity to issue stablecoins.
🚨 $820 Million Crypto Fraud Ring Busted by Spanish Police
Spanish authorities have arrested five people in connection with a “crypto investment fraud ring” that laundered almost AU$820 million (US$540 million) from over 5,000 victims. The investigation, which began in 2023, involved law enforcement agencies from Spain, Estonia, France, and the United States. Raids were carried out in the Canary Islands and Madrid, supported by a crypto specialist deployed by Europol. The group reportedly created a global corporate and banking network, including accounts in Hong Kong under false names, to move and hide illicit funds. Europol described the scale and reach of the fraud as “unprecedented” and warned, online fraud is “an epidemic affecting EU citizens, businesses, and public institutions alike.” Their latest report highlights that crypto remains the leading product used in investment fraud across the EU, with AI further enabling the growth of these sophisticated scams.
📖 What we’ve been reading
First Solana ETF to Hit the Market This Week; SOL Price Jumps 5%
A spokesperson for Osprey confirmed that the fund would begin trading on Wednesday.
Bhutan Possibly Readies $15M Bitcoin Sale as Holdings Near $1.3B
State-run wallets remain active while investors weigh potential sell pressure amid bitcoin price consolidation.
Major German bank to offer crypto trading by 2026 amid bank ‘FOMO’
Sparkassen-Finanzgruppe execs once ruled out adopting crypto over concerns of volatility and risk, and the banking giant also blocked customer crypto transactions back in 2015.
*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.*
