Market update

Cointree Crypto Market Update - July 24th 2024

Market report for traders

🔮 BTC and altcoins

Over the last 7 days, Bitcoin ends at AU$99,841, moving +2.92% at the time of writing. Meanwhile, Ethereum ends at AU$5,266 moving +2.51% week-on-week. On the Altcoin side, Solana +9.80%, Cardano -5.18%, and Pepe +3.80%.

🗞 What’s happening in the news?

Ethereum ETFs Make a Splash with $1 Billion Trading Volume

Ethereum exchange-traded funds (ETFs) debuted with over US$1 billion in trading volume on their first day, though Ethereum's price remained flat at $3,479. Approved by the Securities and Exchange Commission in May, these funds have garnered significant attention.

Grayscale’s Ethereum Trust (ETHE) led with $461 million in shares traded, followed by BlackRock’s iShares Ether Trust (ETHA) at $244.7 million, and Fidelity’s Ethereum Fund (FETH) with $138.5 million. Despite the high trading volumes, Ethereum's price showed no movement, indicating a unique market response.

Europol: The Most Abused Crypto Asset Among Criminals

Europol reports that Bitcoin remains the most abused cryptocurrency by criminals, particularly for ransomware payments. Criminals often convert Bitcoin to stablecoins to avoid market volatility. Europol also warns that the approval of spot Bitcoin ETFs could create new scam opportunities by attracting inexperienced investors.

“Companies issuing cryptocurrency ETFs will also have to hold large reserves in cryptocurrency, which might make them valuable targets for fraudsters,” the report states.

Monero, known for its privacy features, is increasingly used for illicit activities, highlighting the ongoing challenges in combating crypto-related crimes.

Australia's Need for Better Crypto Scam Education

A University of Queensland study emphasises the urgent need for better crypto scam education in Australia. People often fall for scams due to poor-quality information, with social media being a primary source. Australia has one of the highest cryptocurrency adoption rates globally, with 25.6% of the population owning some form of crypto.

Last year, Australians lost AU$171 million to scams, underscoring the need for reliable financial education to protect investors. Technologies such as AI are complicating the assessment of information quality on social media, making education even more critical. Regulatory bodies in Australia have also been criticised for their slow response and lack of expertise in crypto knowledge.