Market report for traders
🔮 BTC, ETH, and Altcoins
Over the last 7 days, Bitcoin ends at AU$163,183 moving -3.30% at the time of writing. Meanwhile, Ethereum ends at AU$4,020 moving -2.35% week-on-week. On the Altcoin side, Solana -3.19%, Dogecoin -14.36%, and XRP -3.19% change.
🗞 What’s happening in the news?
🔷 Ethereum Foundation Restructures Amid R&D Shake-Up
The Ethereum Foundation announced layoffs this week as part of a major restructuring of its research and development division. The move is aimed at focusing more on protocol design issues, including scaling Ethereum’s base layer, expanding blobspace, and improving user experience. Critics have long voiced concerns that Ethereum could fall behind if core design challenges were not urgently addressed. “We’re hopeful that this new structure will empower our internal teams to focus more clearly and drive key initiatives forward,” said Hsiao-Wei Weng, the co-executive director at the Ethereum Foundation in a post on X. While the number of layoffs was undisclosed, the foundation expressed hope that affected team members will continue contributing within the Ethereum ecosystem.
🇰🇷 Crypto Policy in Focus as South Korea Heads to the Polls
South Korea’s crypto industry is positioned to benefit regardless of the outcome of the upcoming snap presidential election, as both front-runner Lee Jae-myung and rival Kim Moon-soo have expressed support for legalising spot crypto exchange-traded funds and easing banking regulations. Lee has also proposed allowing South Korea’s AU$1.36 trillion (USD$884 billion) national pension fund to invest in cryptocurrency and has advocated for the broader issuance of a stablecoin backed by the South Korean won. With over 16 million crypto users and daily trading volumes that at times surpass major stock indexes, the election takes place amid heightened focus on regulatory clarity for the sector.
🌍 Central African Republic to Tokenise 1,700 Hectares of Land Using Country’s Memecoin
Starting in June, the Central African Republic will tokenise and sell more than 1,700 hectares of land west of Bangui using its memecoin via the Solana blockchain. Authorised by presidential decree, the land, roughly the size of 2,500 football fields, may be designated for gold or diamond mining under the nation’s mining code. “A new era of access and transparency begins,” President Faustin-Archange Touadéra announced on X. This initiative marks a major push to modernise national asset management and bring blockchain-driven efficiency to land sales and development.
📖 What we’ve been reading
SEC faces criticism over crypto staking shift
Critics say the US regulator's new stance on crypto staking contradicts past enforcement efforts and court rulings, deepening confusion over how digital assets are regulated. Read more ➔
Singapore orders local crypto firms to cease overseas activity by June 30
Singapore’s central bank has set a June 30 deadline for local crypto firms targeting overseas markets to halt operations or face steep penalties, including fines of almost $200,000. Read more ➔
Meta Shareholders Overwhelmingly Reject Proposal to Consider Bitcoin Treasury Strategy
The company has $72 billion in cash on its balance sheet, but barely any of the 5 billion shares that voted were in favour of adding bitcoin. Read more ➔
*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.*
