Market report for traders
🔮 BTC, ETH, and Altcoins
Over the last 7 days, Bitcoin ends at AU$148,127 moving +0.78% at the time of writing. Meanwhile, Ethereum ends at AU$2,780 moving -0.48% week-on-week. On the Altcoin side, Solana -1.42%, Dogecoin -2.88%, and XRP -5.46% change.
🗞 What’s happening in the news?
💸 Trump’s Memecoin Sparks Ethics Questions Amid Denials
Trump’s memecoin (TRUMP) soared after launch but has since crashed by 85%. Despite this, Trump-linked entities still control 80% of the token’s supply. In an interview, Trump claimed he’s “not profiting from anything” related to the project and added, “I haven’t even looked.”
Still, concerns are mounting. Critics, including Republican Senators, are questioning the ethics of the memecoin, especially with exclusive perks like dinner with Trump offered to top holders.
🌴 Maldives Eyes Economic Transformation Through Blockchain
The Maldives is making a bold play to become a global crypto hub. MBS Global Investments, a Dubai-based family office managing AU$21.5 billion, plans to invest up to AU$13.5 billion over five years to build a blockchain-focused financial centre. The Maldives International Financial Centre will span 830,000 square metres, create up to 16,000 jobs, and house 6,500 residents. With the country’s national debt mounting and GDP of around AU$10.8 billion, the timing is being considered critical.
🪙 Berkshire’s Crypto Stance Unlikely to Shift Under New CEO
Warren Buffett is stepping down as CEO of Berkshire Hathaway, but analysts say the firm’s long-standing scepticism toward Bitcoin is unlikely to change. Buffett, who will remain chairman of the board, has previously described Bitcoin as “rat poison squared” and a “gambling token.” Greg Abel, currently vice-chairman of Berkshire’s non-insurance operations, will take over day-to-day leadership.
Analysts are expecting continuity in Berkshire’s stance, given Abel’s close working relationship with both Buffett and the late Charlie Munger. “I would be very surprised if there’s a meaningful change in Berkshire’s attitude toward Bitcoin,” said Meyer Shields, managing director at KBW. He added that Abel is expected to avoid actions that might signal a departure from Buffett and Munger’s values. Although Buffett has acknowledged the possibility of holding alternative currencies if the U.S. economy weakens, analysts say this is unlikely to include Bitcoin, given his consistent criticism of cryptocurrencies.
📖 What we’ve been reading
Florida takes strategic Bitcoin reserve bills off the table
Florida’s House Bill 487 and Senate Bill 550 have been “indefinitely postponed and withdrawn from consideration.”
Fresh $1B in Tether mints on Tron, closing gap again with Ethereum
Tron was ahead of Ethereum for USDT circulation between 2022 and 2024, and it is poised to reclaim that position.
Texas Lawmaker Urges US Government to Put Crypto ATMs in Federal Buildings
A Texas Republican pushes to install crypto ATMs in federal buildings, aiming to align with what they describe as part of "Trump’s vision."
*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.*
