Market report for traders
🔮 BTC, ETH, and Altcoins
Over the last 7 days, Bitcoin ends at AU$126,863 moving -6.35% at the time of writing. Meanwhile, Ethereum ends at AU$2,390 moving -20.57% week-on-week. On the Altcoin side, Solana -13.10%, Dogecoin -14.16%, and XRP -11.71% change.
🗞 What’s happening in the news?
📉 Tariff Turbulence Batters Financial Markets
Markets reacted sharply to the Trump administration’s new 10% tariffs on all countries, with higher rates for some countries such as China (34%), the EU (20%), and Japan (24%). Bitcoin dropped over 6% to around AU$128,000, and Ether fell 12%, while the overall crypto market shed over 8%. Trump told reporters that he wasn't intentionally causing a market sell-off but “sometimes you have to take medicine to fix something”. Some traders and market experts have speculated that while the tariffs have sparked a sharp sell-off, the resulting uncertainty could position Bitcoin for a rebound.
🪓 ASIC Takes the Axe to 95 ‘Hydra’ Scam Firms
ASIC has shut down 95 firms suspected of operating fake crypto investment and romance scams, many set up with false director information. Many of these scams involved scammers creating fake relationships to gain their victims’ trust, before persuading them to invest in fraudulent crypto or financial schemes. Victims from 14 countries have lodged nearly AU$35.8 million in claims. The Federal Court found it just and equitable to wind up the entities, of which only three had any assets. ASIC has now removed over 10,000 scam websites, including thousands of fake investment platforms, but warns consumers that scammers are evolving quickly and vigilance is still crucial.
⚖️ Search for Satoshi Sparks Legal Action Against the DHS
James Murphy, a crypto lawyer, is suing the US Department of Homeland Security under the Freedom of Information Act (FOIA) to obtain meeting records from a 2019 claim that agents spoke with four individuals allegedly behind the creation of Bitcoin. “Our government is required to be transparent,” Murphy said. With the help of FOIA expert Brian Field, Murphy hopes to uncover whether DHS really knows who created Bitcoin — a revelation he believes could improve public perception and increase global adoption of the AU$2 trillion asset.
📖 What we’ve been reading
Corporate Bitcoin treasuries drop more than USD$ 4 B on US tariff hike impact
Corporate Bitcoin holdings have sunk to about USD$ 54.5 billion from nearly USD$ 59 billion on April 2.
Metaplanet repays 2B yen bonds early, CEO comments on BTC ‘down days’
The Japanese company has become one of the world’s largest corporate Bitcoin holders following a series of major acquisitions this year.
Hong Kong introduces crypto staking rules, reaffirms Web3 commitment
Hong Kong’s Securities and Futures Commission has introduced new crypto staking rules as part of its broader effort to position the city as a leading Web3 hub.
*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.*
