Market report for traders
🔮 BTC, ETH, and Altcoins
Over the last 7 days, Bitcoin ends at AU$172,890 moving +1.94% at the time of writing. Meanwhile, Ethereum ends at AU$6,280 moving -0.39% week-on-week. On the Altcoin side, Solana -2.37%, Dogecoin -1.88%, and XRP +0.70% change.\
🗞 What’s happening in the news?
🌍 UN Pension Fund Declares Blockchain the “Ultimate” Identity Solution
The United Nations’ Joint Staff Pension Fund has shifted from its 70-year-old paper-based verification process to a blockchain-powered “Digital Certificate of Existence.” Beginning with a pilot program in 2020 and full implementation in 2021, the change has reduced about 1,400 annual payment suspensions, cut processing delays, and safeguarded payments to more than 70,000 beneficiaries across 190 countries. In a white paper recently released, the UN concluded that blockchain is the “ultimate technology for digital identity verification.” The organisation is now exploring ways to extend this system across its own agencies and share it with other international organisations as a secure and scalable “digital public good.”
⚠️ Moody’s Warns of Crypto Risks in Emerging Markets
Moody’s has warned that crypto adoption in emerging markets threatens monetary sovereignty and financial resilience. The report said ownership rose 33% from 2023 to 2024, reaching an estimated 562 million people. The risks are most acute when crypto is used for savings and remittances rather than just investment. According to Moody’s, USD$-pegged stablecoins weaken monetary transmission when it leads to pricing and settlement occurring outside domestic currencies. The report also explained that cryptocurrency can enable new forms of capital flight: individuals can move money abroad discreetly through pseudonymous wallets and offshore exchanges, undermining exchange rate stability and limiting the ability of governments to manage their economies.
🏦 Qatar Bank Unlocks 2-Minute Payments With JPMorgan Blockchain
Qatar National Bank has moved corporate payments in Qatar onto JPMorgan’s Kinexys blockchain, cutting settlement times from days to as little as two minutes. Kinexys processes about AU$4.55 billion daily (USD$3 billion), though this is only a fraction of JPMorgan’s total daily payments of around AU$15.15 trillion (USD$10 trillion). The platform uses a permissioned blockchain system that lets participating clients move funds held on deposit within JPMorgan in real time, adding speed and security compared with traditional systems. QNB’s executive vice president Kamel Moris described the service as a “treasurer’s dream,” pointing to its 24/7 availability. Meanwhile, JPMorgan CEO Jamie Dimon said he is “not particularly worried” about stablecoins, explaining that he does not see these tokens as a threat to the bank’s business model, though he stressed that banks must still monitor the sector and understand the technology.
📖 What we’ve been reading
Turkey to empower watchdog to freeze crypto accounts in AML crackdown: Report
Turkey plans new legislation letting Masak freeze crypto accounts to fight money laundering, aligning with FATF standards.
Nine European Banks Join Forces to Issue MiCA-Compliant Euro Stablecoin
The banks involved in the new euro-denominated stablecoin are: ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB, CaixaBank and Raiffeisen Bank International.
Kazakhstan debuts state-backed crypto fund with BNB
Kazakhstan launched the Alem Crypto Fund, a state-backed vehicle for long-term digital asset reserves, debuting with a BNB purchase in partnership with Binance Kazakhstan.
*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.*
