Market report for traders
đź BTC, ETH, and Altcoins
Over the last 7 days, Bitcoin ends at AU$163,330 moving +0.70% at the time of writing. Meanwhile, Ethereum ends at AU$3,769 moving -3.54% week-on-week. On the Altcoin side, Solana -2.64%, Dogecoin -3.86%, and XRP +0.32% change.
đ Whatâs happening in the news?
đ” Bessent Pushes Stablecoin Bill to Secure Dollar Dominance
US Treasury Secretary Scott Bessent has stated that stablecoins can reinforce dollar supremacy, backing the GENIUS Act following its Senate approval.
âCrypto is not a threat to the dollar,â Bessent posted on X, calling digital assets âone of the most important phenomena in the world right now.â
He argued that digital dollars used abroad could strengthen the global position of the US dollar, citing examples like stablecoin transactions in Nigeria.
âThereâs a very good chance that crypto is actually one of the things that locks in dollar supremacy,â he said in an interview with the New York Post.
If passed, the GENIUS Act would introduce national rules for issuing and trading stablecoins. However, concerns remain over potential conflicts involving the Trump family and whether political infighting could stall the legislation.
đ Ethereum Whales Place Massive Bets as Middle East Tensions Rise
Geopolitical tension in the Middle East hasnât deterred Ethereum whales from making bold moves. One investor opened a long position of over AU$155 million on Ether using 25x leverage, with liquidation risk if prices fall below AU$3,378. Despite this, around 64 per cent of the industryâs most successful cryptocurrency traders are currently shorting the worldâs two largest cryptocurrencies, while only 36 per cent remain long, according to the top Hyperliquid traders tracked by HyperDash.
At the same time, the total amount of Ether staked on the network has reached an all-time high of over 35 million ETH, indicating that more investors are choosing to hold and earn rewards rather than sell.
đ South Korea Prepares to Approve Crypto ETFs and Stablecoins
South Koreaâs Financial Services Commission (FSC) has submitted a formal implementation plan to the Presidential Committee for launching spot crypto ETFs by the second half of 2025. This marks a significant policy reversal from the 2017 ban on crypto-based investment products. The roadmap outlines investor protections, custody standards, and market risk assessments.
The FSC stated that the plan will take into account ârisks related to the linkage of financial and virtual asset markets, the impact on the real economy, and investor benefits,â highlighting its focus on balancing innovation with financial stability.
Separately, the FSC is also exploring the introduction of Korean wonâpegged stablecoins. These stablecoin plans are not part of the ETF submission but reflect a broader effort to modernise the countryâs digital asset framework. The commission is also considering phased approvals for institutional crypto trading. If passed, these reforms would align South Korea more closely with jurisdictions like the US in offering regulated digital asset products and attracting institutional capital.
đ What weâve been reading
Norway Plans Ban on New Crypto Mining Data Centers to Preserve Power
Facing surging electricity demand from other sectors, Norwayâs government said it will temporarily ban new proof-of-work crypto mining centers starting in autumn 2025.
Democratic senator introduces bill to address Trumpâs crypto ties
The proposed bill from Senator Adam Schiff followed similar legislation in the House of Representatives from Maxine Waters in response to the president's memecoin dinner.
Brazilâs MĂ©liuz Buys $28.6M in Bitcoin, Becomes Top Public BTC Holder in Latin America
The company reported a BTC yield of 908%, ranking it among the largest among bitcoin treasury companies.
*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.*
