Market update

Cointree Crypto Market Update - February 19th 2025

Market report for traders

🔮 BTC and altcoins

Over the last 7 days, Bitcoin ends at AU$150,351 moving -0.62% at the time of writing. Meanwhile, Ethereum ends at AU$4,214 moving +2.97% week-on-week. On the Altcoin side, Solana -14.50%, Dogecoin -0.41%, and XRP +6.10% change.

🗞 What’s happening in the news?

🚨 Melbourne Crime Syndicate Busted for Crypto ATM Thefts and Trading Card Heists

It was a significant blow to organised crime this week when Victoria Police arrested four people alleged to have stolen from six crypto ATMs across Melbourne’s northwest. Alongside roughly AU$50,000 worth of trading cards, investigators discovered firearms, about 100 stolen car keys, and a pill press machine.

The syndicate is suspected of ties to Middle Eastern organised crime. According to TRM Labs, Australia now ranks third in crypto ATM installations, which have risen 17-fold since 2022. Meanwhile, the US still dominates with around 32,000 machines, though it has reportedly seen at least AU$250 million in illicit cash-to-crypto transactions since 2019.

🌍 Nigeria Set to Introduce Crypto Transaction Tax for Major Revenue Boost

A new bill currently before Nigeria’s National Assembly seeks to bring all eligible crypto transactions on regulated exchanges into the tax net, potentially generating substantial government revenue.

Nigeria’s Securities and Exchange Commission, which issued its first crypto exchange licence in August 2024, plans to ramp up licensing further to increase oversight. According to Chainalysis, Nigeria ranked second globally in crypto adoption last year and received about AU$34 billion in stablecoins from July 2023 to June 2024. Observers say formal tax regulations will help legitimise the booming crypto sector.

🧠 Chinese Ethereum Investor Burns AU$10.6 Million in ETH to Warn of Mass Mind Control

In a series of highly unusual transactions, programmer Hu Lezhi sent a total of 2,553 ETH (around AU$10.6 million) to both donation addresses and burn addresses. Attached to each transaction were on-chain messages alleging Chinese businesses use mind-control devices to monitor and enslave victims. Lezhi wrote that even the culprits themselves are under digital puppet control, making this a complex conspiracy narrative.

While critics label his claims unsubstantiated, the incident illustrates how public blockchains can be harnessed for personal manifestos—at a strikingly high price.

📖 What we’ve been reading

3 reasons why stablecoin growth thrives globally — Will US follow under Trump?

Stablecoin use in emerging markets soars despite the absence of crypto-friendly regulations and basic banking infrastructure. Will the US catch up to this trend?