Market report for traders
🔮 BTC, ETH, and Altcoins
Over the last 7 days, Bitcoin ends at AU$166,390 moving +3.87% at the time of writing. Meanwhile, Ethereum ends at AU$3,993 moving +9.14% week-on-week. On the Altcoin side, Solana +3.49%, Dogecoin +8.40%, and XRP +6.72% change.
🗞 What’s happening in the news?
🏔️ Bhutan Bets Big on Crypto Tourism to Boost Local Economy
Bhutan is bringing crypto payments into its tourism industry in an effort to modernise its economy and attract younger, tech-oriented travellers. Around 1,000 merchants nationwide have been enabled to accept digital assets, aiming to replace outdated systems like international bank transfers. Damcho Rinzin, Director of the Department of Tourism, said tourist feedback had described traditional bank wires as “a thing of the past,” and that the move sends “a very strong message that Bhutan is very welcoming.” He added, “Digital inclusion is going to do wonders for people, not only in the tourism industry in Bhutan.” The initiative is part of a broader push to attract 300,000 visitors annually and align the country’s infrastructure with its evolving national identity.
🗳️ Elon Musk Announces 'America Party' with Plans to Support Bitcoin
Elon Musk has revealed plans to establish a new political organisation called the America Party. According to Musk, the party will take a pro-tech, pro-free speech and anti-regulation stance, with a focus on centrist policies in other areas. He stated that the party will not initially run a Presidential candidate but will instead prioritise US House and Senate races. Musk shared that the America Party will support Bitcoin, stating that "fiat is hopeless." The announcement follows Musk’s criticism of the "Big Beautiful Bill," a spending and tax package supported by President Trump. Musk described the bill as fiscally irresponsible and called it the "debt slavery bill." Tesla and SpaceX, both led by Musk, continue to hold Bitcoin in their corporate treasuries. In response to Musk’s comments, Trump posted on Truth Social that Musk had gone “off the rails" and described him as a "train wreck." The America Party has not yet been officially registered, and details about its platform have so far been shared only through Musk's social media posts.
🐋 Early Bitcoin Whales Transfer AU$3.2 Billion After 14 Years of Inactivity
Three early Bitcoin whale wallets, each holding 10,000 BTC, became active last week for the first time in 14 years. The wallets originally received the Bitcoin in April 2011, when BTC was trading at about AU$1.20 per coin (US$0.78). At the current price of roughly AU$108,000 per BTC, the 30,000 BTC is now worth over AU$3.2 billion. The sudden movement of these long-held assets has caught the attention of traders and analysts. The event follows another early investor cashing out two weeks earlier, realising a 496 times return on an initial AU$92,000 investment. Some market observers view large-scale whale activity as a possible signal for upcoming shifts in market dynamics, particularly given the scale and timing of these transfers.
📖 What we’ve been reading
Dubai Sets RWA Milestone With First Approval of Tokenized Money Market Fund
The Dubai Financial Services Authority approved the QCD Money Market Fund backed by Qatar National Bank and DMZ Finance.
Ukraine Sanctions Russian Crypto Networks in Major Crackdown on War Financing
Foreign firms from Cyprus, Kazakhstan, and the UAE also appear on Ukraine's sanctions list, alongside 55 Russian companies
IMF Rejects Pakistan’s Bid to Subsidise Power for Crypto Mining
The IMF hasn’t agreed to crypto power subsidies yet, but Pakistan is working with the World Bank and others to refine the plan.
*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.*
