Market report for traders
đź”® BTC, ETH, and Altcoins
Over the last 7 days, Bitcoin ends at AU$166,857 moving +3.85% at the time of writing. Meanwhile, Ethereum ends at AU$3,943 moving an astounding -5.02% week-on-week. On the Altcoin side, Solana -7.17%, Dogecoin -4.61%, and XRP -7.77% change.
🗞 What’s happening in the news?
⚖️ GENIUS Act Moves Ahead as Stablecoin Regulation Gets Real
The US Senate has officially moved the GENIUS Act forward in a 66 to 32 vote, setting the stage for full debate. This legislation, formally called the Guiding and Establishing National Innovation for US Stablecoins Act, proposes strict rules for stablecoins, including full asset backing, federal or state approval, and routine audits.Democratic Senator Mark Warner supported the bill despite concerns over Donald Trump’s crypto interests, saying: “We cannot allow that corruption to blind us to the broader reality: blockchain technology is here to stay. If American lawmakers don’t shape it, others will”. Critics like Senator Elizabeth Warren, however, slammed the bill, arguing that it failed to address Trump’s “blatant crypto corruption”. Experts say that if passed, the GENIUS Act could become a blueprint for how other countries regulate stablecoins.
🚀 Ethereum Funds Surge Post-Pectra as Interest Roars Back Snippet
Ethereum has roared back into favor with institutional investors, pulling in $205 million in inflows last week alone—up from a mere $1.5 million the week before—according to new data from CoinShares. The surge follows Ethereum’s recent Pectra upgrade, which enhanced network efficiency and opened the door to more seamless staking integration in traditional financial products.
🏦 JPMorgan to Offer Clients Access to Bitcoin
In a surprising twist, long-time Bitcoin critic Jamie Dimon has confirmed JPMorgan will allow clients to buy Bitcoin, but with limits. “We’re not going to custody it. We’re going to put it in statements for clients,” he said on May 19. Instead, JPMorgan will offer access to spot Bitcoin ETFs, joining rivals like Morgan Stanley in meeting rising demand for regulated Bitcoin investment products. Since launching in January 2024, spot Bitcoin ETFs in the United States have attracted nearly USD$42 billion (around AU$65 billion) in total aggregate inflows.
📖 What we’ve been reading
Ripple launches cross-border blockchain payments in UAE
The two principal partners, Zand Bank and Mamo, will use Ripple Payments, a platform that combines stablecoins, crypto, and fiat currency to enable payments.
SEC Delays Decision on Solana ETF Filings
The Commission pushed back its deadline on proposals from 21Shares, Bitwise, VanEck and Canary Capital.
Australian court ruling could lead to $640M in Bitcoin tax refunds
A judge’s ruling in a criminal case may pave the way for $640 million in tax refunds, challenging the Australian Tax Office’s long-held stance on crypto taxation.
*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.*
