Market report for traders
đź”® BTC, ETH, and Altcoins
Over the last 7 days, Bitcoin ends at AU$161,845 moving -4.09% at the time of writing. Meanwhile, Ethereum ends at AU$3,891 moving -9.64% week-on-week. On the Altcoin side, Solana -9.40%, Dogecoin -13.34%, and XRP -5.29% change.
🗞 What’s happening in the news?
đźš„ GENIUS Act Passes: Stablecoins Poised to Power Internet Payments
The US Senate has passed the GENIUS Act in a 68–30 vote, bringing the US closer to a regulatory framework for stablecoins. The bill—officially the Guiding and Establishing National Innovation for US Stablecoins Act—outlines oversight for stablecoins with a market cap exceeding US$10 billion, allowing for a mix of federal and state-level regulation.
Wall Street broker Bernstein states that stablecoins are now likely to “evolve from the money rail of crypto to the money rail of the internet”. The firm believes regulated US issuers are poised to gain the most, while non-financial public companies may face barriers to launching their own tokens. Companies like Amazon and Walmart could need to partner with licensed issuers instead.
With the bill now advancing to the House, stablecoins are one step closer to broader adoption in global internet payments.
🌏 Pakistan engages Michael Saylor in Bitcoin Sovereign Push
Michael Saylor, Executive Chairman of MicroStrategy, met with Pakistan’s Finance Minister Muhammad Aurangzeb and State Minister for Crypto and Blockchain Bilal Bin Saqib to discuss Bitcoin’s potential role in the country’s sovereign reserves. Saylor’s firm holds 582,000 BTC, currently valued at over AU$95 billion. Saylor described Bitcoin as the “strongest asset for long-term national resilience” and expressed that countries like Pakistan have a unique opportunity to advance financially by embracing digital assets early. The meeting forms part of Pakistan’s broader effort to develop a regulatory framework for digital assets and attract institutional investment.
🧊 Investor Loses A$10.6M to Fake Cold Wallet Bought Through Douyin (China’s TikTok)
A crypto investor has lost nearly AU$10.6 million after buying a discounted cold wallet via Douyin, the Chinese counterpart of TikTok that includes an integrated e-commerce feature. According to blockchain security firm SlowMist, the wallet’s “private key was compromised at creation,” and the investor’s funds were drained within hours. The stolen assets were routed through Huione Pay, part of Huione Group, a Cambodian conglomerate linked to illicit financial services and darknet activity. A former Bitmain employee described the wallet as “a carefully designed hot trap.” SlowMist’s Chief Information Security Officer warned not to “gamble your entire fortune on a wallet that’s a few hundred bucks cheaper.”
📖 What we’ve been reading
Trademark for Digital Asset Platform as Wall Street's Crypto Embrace Continues
JPMD will offer services including digital assets trading, exchange, payments and issuance, according to the filing.
Bitcoin closer to equities than gold as Middle East war deepens
Gold brushed its all-time highs amid Middle East tensions, while analysts say BTC still trades more like a risk asset than a safe haven.
SEC Names Crypto Industry Veteran as Trading and Markets Director
The SEC has named Jamie Selway, who has experience in the crypto industry, as its new director of the trading and markets division.
*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.*
