Market update

Cointree Crypto Market Update - July 10th 2024

Market report for traders

🔮 BTC and altcoins

Over the last 7 days, Bitcoin ends at AU$85,804, moving -6.77% at the time of writing. Meanwhile, Ethereum ends at AU$4,558 moving -10.12% week-on-week. On the Altcoin side, Solana -8.34%, Cardano -11.12%, and Pepe -19.09%.

🗞 What’s happening in the news?

🇦🇺 A Look at All Things Aussie Crypto

ATO Cracks Down on Crypto Profits:

With the new financial year beginning on July 1, the Australian Tax Office (ATO) is intensifying efforts to ensure crypto traders meet their tax obligations.
The ATO is employing new data-matching software capable of sorting through decades-old data from Australia-regulated crypto trading platforms.

Australia Bans Credit Card and Cryptocurrency Use in Online Betting:

The Australian Government has banned the use of credit cards, including those tied to digital currencies, for online gambling to curb financial risk.
This move is part of broader plans to phase out gambling advertisements and impose stricter regulations on the industry.

Australia to Get Second Spot Bitcoin ETF on ASX:

Perth-based DigitalX has received regulatory approval to list its spot Bitcoin ETF on the Australian Securities Exchange (ASX), following VanEck’s listing on June 20.
This new ETF will provide ASX customers with direct access to Bitcoin through a regulated and liquid fund structure.

PayPal's Stablecoin Surpasses $750 Million Market Cap

PayPal's U.S. dollar-pegged stablecoin, PYUSD, has experienced a remarkable surge in market supply, surpassing half a billion tokens. Launched in August 2023 through a partnership with custodian firm Paxos, PYUSD's supply has more than doubled, climbing from 270 million tokens last month to over 533 million today.

This rapid growth is attributed to PYUSD's expansion to the Solana network in May, enhancing its scalability and transaction speed. As a result, PayPal now ranks among the top ten stablecoin issuers, a significant achievement in the competitive stablecoin market.

According to DeFiLlama data, PYUSD's market supply stands at approximately $750 million, making it a notable player in the digital currency landscape. This growth trajectory highlights the increasing adoption of stablecoins and their crucial role in providing stability and liquidity in the volatile crypto market.

Bitcoin Price Drops Amid German Government's $1.4 Billion BTC Sale

Bitcoin (BTC) faced a significant price drop on Monday as the German government transferred over US$1.4 billion worth of assets from its Bitcoin holdings.

This large-scale transfer caused Bitcoin's price to fall by 3%, hitting a low of US$55,000 before recovering to slightly above US$56,000. This price action follows last week's slide, marking the lowest price since February. Market analysts attribute the drop to a massive supply overhang and the timing of the sales during the typically low-volume summer season.

Arkham Intelligence data reveals that the German government still holds 23,788 BTC, valued at around US$1.3 billion, down from its initial 50,000 BTC. This selling spree reflects a broader trend of governments liquidating seized crypto assets, adding to market volatility.