Market report for traders
🔮 BTC, ETH, and Altcoins
Over the last 7 days, Bitcoin ends at AU$160,742 moving +7.88% at the time of writing. Meanwhile, Ethereum ends at AU$4,145 moving an astounding +48.40% week-on-week. On the Altcoin side, Solana +25.55%, Dogecoin +40.31%, and XRP +20.34% change.
🗞 What’s happening in the news?
🔷 Ethereum Rockets Past Coca-Cola and Alibaba After 42% Surge
Ethereum had a blockbuster week. After rolling out the long-awaited Pectra upgrade on 7 May, which enhanced layer-2 data handling and increased validator staking limits, ETH soared from around AU$2,792 to AU$3,988—a 42% increase. Data from 8marketcap showed Ethereum’s market cap hit AU$481 billion, surpassing the market cap of Coca-Cola and Alibaba. However, cybersecurity experts have warned that the upgrade has introduced a potential loophole where attackers could gain control of user accounts by misusing off-chain approvals, without needing a direct transaction signature on-chain.
🪙 Meta Eyes Stablecoin Market After Hiring Crypto Expert
Meta (META) looks set to re-enter the crypto world, this time focusing on stablecoins to manage payouts, according to Fortune. The tech giant has brought on Ginger Baker as vice president of product, with crypto experience, to help with stablecoin efforts. The move comes after Meta’s first crypto project, Diem, collapsed in 2022 under regulatory pressure. With Ripple, Visa, Mastercard and others already in the space, Standard Chartered has stated that the stablecoin market could grow by AU$3.1 trillion by 2028, despite ongoing regulatory uncertainty in the US.
âš¡ Malaysia Battles Illegal Crypto Miners as Power Thefts Surge 300% Since 2018
Malaysia’s energy regulator and police are aggressively targeting illegal crypto miners, after power theft cases ballooned by 300% from 2018 to 2024. Raids have shut down an average of 2,303 illegal mining setups per year, since 2020. Crypto mining isn’t banned, but tampering with electrical systems and stealing power can result in AU$364,563 fines and up to 10 years’ imprisonment. Public complaints have also surged as awareness of illegal setups grows nationwide.
📖 What we’ve been reading
SEC Chair: Blockchain 'holds promise' of new kinds of market activity
SEC Chair Paul Atkins signaled a shift from enforcement-first policy to clear rulemaking during the Commission's roundtable on May 12. Read more âž”
USDt market cap hits US$ 150B for first time as Tether eyes US expansion
Despite restrictions in many developed markets, USDt still commands 61% of the total stablecoin market by circulating supply. Read more âž”
SEC Commissioner Crenshaw Slams Ripple Deal, Agency Direction Under Trump
Commissioner Caroline Crenshaw criticized the agency’s settlement with Ripple, calling it a blow to investor protections and rule of law. 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.*
