Market report for traders
đź”® BTC, ETH, and Altcoins
Over the last 7 days, Bitcoin ends at AU$168,787 moving +3.39% at the time of writing. Meanwhile, Ethereum ends at AU$4,328 moving +7.67% week-on-week. On the Altcoin side, Solana +5.03%, Dogecoin +1.36%, and XRP +1.78% change.
🗞 What’s happening in the news?
🕵️ $190M Crypto Laundering Operation Uncovered in Australia
An 18-month investigation has led to the exposure of a A$190 million crypto laundering ring operated through a cash-in-transit security company. Authorities allege the group laundered funds using front businesses like a sales promotion company and a car dealership. Four people have been charged, and about A$21 million in assets frozen across Queensland and NSW. Chainalysis data shows over A$153 billion worth of crypto flowed from illicit wallets to conversion services in the period from 2019 to mid-2024, highlighting the scale of the challenge regulators face.
đź”— Hong Kong Leans on Chainlink in Cross-Border CBDC Pilot
In a cross-border trial, Hong Kong is partnering with Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to simulate the purchase of tokenised assets using a stablecoin and settle in e-HKD, Hong Kong’s proposed central bank digital currency (CBDC). The e-HKD would serve as a digital version of the Hong Kong dollar, issued by the Hong Kong Monetary Authority (HKMA) for use in everyday payments and financial transactions. The project explores interoperability between permissioned and permissionless blockchains. Despite a global cooldown in CBDC enthusiasm, with only 18% of central banks still considering issuance, Hong Kong continues pressing forward with findings due in 2025.
🌀 Ethereum ETFs Keep Climbing as Institutional Confidence Builds
Ethereum ETFs have seen a historic 15-day run of net inflows, totalling AU$1.29 billion since 16 May. The momentum is backed by institutional interest, especially following last month’s Pectra upgrade, which was a set of protocol improvements aimed at future scaling. “ETH’s momentum appears driven by several converging factors: institutional ETF flows showing renewed interest in ETH products, growing anticipation around Ethereum’s roadmap upgrades,” said Redstone COO Marcin Kazmierczak. Investors are increasingly viewing Ethereum as infrastructure for next-generation financial systems.
📖 What we’ve been reading
UK Appoints First Crypto Specialist for Insolvencies
The country has been beefing up its crypto work as digital assets have soared in popularity.
Argentine President Milei Cleared of Misconduct Over LIBRA Promotion: Report
A resolution issued on Friday argued that Javier Milei was speaking "as an economist and not a public official"
Paraguay President's X Account Hacked, Shares Bitcoin Scam
Santiago Peña's account said that bitcoin would be made legal tender.
*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.*
