Market update

Cointree Crypto Market Update - June 12th 2024

Market report for traders

🔮 BTC and altcoins

Over the last 7 days, Bitcoin ends at AU$101,860, moving -4.27% at the time of writing. Meanwhile, Ethereum ends at AU$5,292 moving -7.45% week-on-week. On the Altcoin side, Solana -13.27%, Cardano -7.94%, and Pepe -13.07%.

🗞 What’s happening in the news?

Australia Bans Crypto Use for Online Gambling

The Australian government has implemented a significant new measure to protect its citizens from financial harm by banning the use of cryptocurrency and credit cards for online gambling. This decision was announced on June 11, 2024, as reported by The Canberra Times.

The new regulations come with hefty penalties for non-compliance. Companies that fail to adhere to these rules could face fines of up to AU$234,750. This move aims to align online gambling regulations with those of land-based gambling, although certain exceptions, like online lottery payments, still allow the use of credit cards.

Kai Cantwell, the CEO of Responsible Wagering Australia, supports the ban, stating,

"This is an important measure to protect customers, making it easier for people to stay in control of their own gambling behaviour."

He also urged the government to extend these protections to all forms of gambling to prevent individuals from seeking less-regulated and potentially more harmful gambling options.

Australia's communications watchdog has been given the authority to enforce these new restrictions, ensuring that the gambling industry complies with the regulations during the six-month transition period.

Blockchain Could Add $60 Billion to Australian Economy

Australian Parliament Member Andrew Charlton recently highlighted the critical need for blockchain technology in Australia, suggesting it could add $60 billion to the economy and reverse three decades of sluggish productivity growth. Speaking at Australia's Blockchain Week 2024 in Sydney, Charlton emphasised that blockchain has the potential to significantly boost various sectors, including healthcare, tax collection, real estate, and voting.

Australia's productivity growth has stalled, growing at just 0.9% in the final quarter of 2023, compared to a healthy 2.1% in the 2000s. Charlton warned,

"Without productivity growth, there is no sustained pathway to higher wages or higher living standards. We need this more than ever before."

Charlton believes that blockchain can revolutionise supply chains by providing real-time transparent tracking and reducing intermediaries in financial transactions, thus shortening transaction times. Despite its potential, he expressed disappointment with the Australian government's slow progress in developing digital asset regulations. He argued that Australia has the potential to lead in digital asset innovation if the right regulatory framework is put in place.

EU Innovation Hub Criticises Privacy Coins and Crypto Mixers

The EU Innovation Hub for Internal Security has released its first report on encryption, critiquing privacy coins and cryptocurrency mixing protocols for complicating regulatory efforts. The report, a collaborative effort involving multiple EU agencies and member states, highlights the dual-use nature of cryptographic technologies, which can be beneficial for privacy but also problematic for law enforcement.

Privacy coins like Monero, Zcash, Grin, and Dash, along with crypto mixing services such as Tornado Cash, were specifically called out for enabling bad actors to obscure their activities on the blockchain. Despite these challenges, the report noted that law enforcement can still trace transactions if they gain access to suspects' private keys.

The developer of Tornado Cash, Alexey Pertsev, was found guilty of money laundering in May, raising significant concerns for developers of open-source code. This case underscores the ongoing tension between technological innovation and regulatory compliance.