Bitcoin surpasses key resistance line, market dominance hits 50%.

Ethereum’s new Holešky testnet launch hits a speed bump.

CitiGroup launches blockchain services for institutional clients.

ANZ takes next step towards AUD stablecoin with Chainlink.

UK House of Lords passes bill to seize crypto tied to crime.

LINK soars, outperforming broader altcoin market.

It’s a wrap: Key Insights from ‘Token2049’ in Singapore, the year's premier crypto event.

Last week, the annual Token2049 cryptocurrency and blockchain conference was held in Singapore, featuring industry leaders and experts discussing the latest trends and developments in the crypto space. Attracting a substantial crowd of 10,000 attendees and hosting 300 exhibitors, it brought together prominent figures from the cryptocurrency industry who were notably optimistic. Participants emphasised their commitment to "building through the bear market vibes" and projecting 2024 and 2025 as pivotal years for Bitcoin, Ethereum, and the overall crypto market's resurgence.

offered several key insights from Token 2049 in Singapore

. Notably, there is a growing regulatory divide between the United States, which has taken a more adversarial stance towards cryptocurrencies, and Asia and the Middle East, which are more receptive. Australia, despite having a presence at the event, appeared to have a peripheral role in the global crypto scene. Decentralised Finance (DeFi) took the spotlight, focusing on accessibility, adoption, and security in Decentralised Applications (DApps) and cybersecurity against hacks.

The crypto industry is maturing, with fewer distractions like "scantily clad dancing girls" compared to previous years. Jenny Johnson, Global CEO and President of Franklin Templeton, viewed Bitcoin as a "distraction" and highlighted blockchain's potential for new investment opportunities and cost reduction in financial services. However, the interview with CZ, the head of Binance, was criticised for lacking depth in addressing issues related to Binance beyond NFTs and fiat on-ramps. Read Caroline's insights in full 

Is Australia being left behind in crypto development?

, after attending the Token 2049 event. She highlighted key points:

US regulatory hostility: Caroline noted that the US regulatory environment, particularly the SEC's stance on spot Bitcoin ETFs and legal actions against Ripple and Coinbase, was viewed as hostile by many in the crypto industry.

Australia's lagging position: She expressed concern about Australia's position in the global crypto scene, despite having a significant presence at the event. She attributed this to regulatory uncertainties and warned against Australia becoming a regulatory adopter rather than an innovator.

Call for global frameworks: Caroline emphasised the need for the Australian government to align its regulations with global frameworks. This, she argued, would help capture emerging opportunities domestically and prevent them from going to foreign markets.

In the interview, she highlighted the importance of Australia prioritising cryptocurrency regulation to avoid falling behind in a rapidly evolving industry. Caroline also emphasised that the crypto industry is not just about cryptocurrencies' daily price movements but a broader transformation of financial services and the adoption of blockchain technology. Watch the interview with Ausbiz 

The Yarn with Senator Andrew Bragg: A Conversation with Caroline Bowler of BTC Markets

Tune in to our CEO Caroline Bowler as she engages in a conversation with Senator Andrew Bragg on his podcast. Caroline discusses the daily intricacies of managing Australia’s most reputable cryptocurrency exchange, outlines the rigorous security protocols in place to protect both our platform and clients, and delves into our proactive approach in readiness for forthcoming regulatory changes. Listen to the 

The US Federal Reserve pauses rate hikes, markets hold steady.

Citibank announces the tokenisation of its assets, sparks price rally.

Bitcoin recently closed the trading week in the green, marking a significant turnaround following four consecutive weeks of negative price action. The reversal initiated on September 12th, as clarity emerged concerning the 

FTX court filing to sell-off its crypto holdings

, alleviating the prevailing market fears. Bitcoin broke the downtrend gaining 2.6% on the day, the largest daily gain since 

Grayscale's legal victory against the SEC

 led to a one-day price surge of 6.11% on August 29th.

At the onset of the trading week on Monday, it appeared that markets might be trending downward, based on the weekend's trading activity. There was a sudden surge in liquidity during the Asian trading open. This surge pushed Bitcoin's price to retest the 50-day moving average, resulting in a daily high of US$27,409 and a low of US$26,377.

The crypto market sentiment is currently neutral as the 

US Federal Reserve has chosen to hold rates steady

. It has reaffirmed its commitment to achieving a soft landing with interest rates ranging from 5.25% to 5.5%, while also issuing a cautionary note regarding the possibility of a quarter-point rate adjustment later this year.

The market seems to be supported by Citigroup's recent announcement enabling institutions to convert deposits into digital tokens via their private blockchain. 

 stands at 47, showing improvement from last month's low of 41, which indicated investor fear. Previously, we noted a bearish outlook if Bitcoin stayed below the 50-day moving average. However, breaking through this resistance level offers potential for further gains, particularly if Bitcoin can maintain its position above the 200-day moving average, potentially leading to a retest of the US$28.5k to US$29.5k range.

It's essential to keep historical trends in mind, particularly regarding September's performance in the cryptocurrency market. Historically, 

September has been a bearish month for all assets

, including Bitcoin, often resulting in negative returns. This pattern has raised concerns among market participants. As Mark Twain wisely noted, "History never repeats itself, but it does often rhyme." In this context, understanding historical trends can provide valuable insights for navigating the current market conditions.

Looking to the price performance of the last trading week, Bitcoin closed the trading week on Monday* at US$26,527.51, showing a 2.65% gain. Ethereum followed with a modest 0.31% increase, ending the week at US$1,622.48. XRP struggled to break through psychological resistance, closing at US$0.4925, down 0.89%. Litecoin, following the upward price movement sentiment, surged by 3.99% to finish the week at US$63.55, while Cardano experienced a 0.76% decline, closing at US$0.2471. In contrast, Solana made up lost ground closing at US$18.81, marking a 3.13% increase for the week.

Bitcoin's dominance maintained its positive trend with a 0.94% increase for the fourth consecutive week, sustaining a dominance rate of 49.99%. Overall, the broader cryptocurrency market gained 1.79%, leading to a total market capitalisation of US$1.035 trillion.

When examining the year-to-date** performance from a broader perspective, Bitcoin has sustained its dominant position with a substantial 63.98% increase. While XRP, once a strong contender, has seen a slight reduction in its lead, it still boasts a respectable gain of 52.91%. Ethereum closely follows with a 35.64% rise, while Cardano manages to stay in positive territory with a modest increase of 2.85%. In contrast, Litecoin continues to struggle, remaining in the negative zone with a 7.36% loss.

*The weekly trading stats as of Monday, September 18th at 10:00 am AEST, based on data from Tradingview in USD.

**Year -to-date performance as of Thursday September 21st at 10:00 am AEST, based on data from Tradingview in USD.

Bitcoin breaks through key resistance level beyond US$27,000.

Bitcoin broke through a key resistance level on Tuesday as 

the price of Bitcoin climbed beyond US$27,000

. Bitcoin rallied to its highest price this month at US$27,475 and marks another attempt to push past the US$26,000 zone, around which Bitcoin has stagnated for more than a month amid historically low volatility and trading volumes.

The Federal Open Market Committee (FOMC) concluded its two-day policy meeting on Wednesday. The FOMC is held its benchmark fed funds rate steady at a range of 5.25%-5.50%, as market participants focused on the central bank’s updated economic projections and Chairman Jerome Powell’s post-meeting press conference in which he warned of potential future rate hikes if needed. The FOMC’s next meeting is at the start of November, and investors are currently pricing in a 70% chance of continued steady policy.

Bitcoin’s crypto market dominance rises above 50%.

Bitcoin’s price has remained almost static for the last 30 days, but its market dominance has been on the rise as altcoins and the wider crypto market counter resistance. Bitcoin’s market dominance rate, which tracks the largest cryptocurrency's share of the total digital asset market, 

, its strongest level in a month and near a 26-month high of 52% reached at the end of June. 

Taking a broader view, Bitcoin’s market dominance was in a range between 39% and 49% for more than two years before it broke out to that 52% level in June after asset manager BlackRock’s filing for a spot BTC exchange-traded fund (ETF) spurred hopes about unleashing massive inflows into the asset. 

The cryptocurrency has often gained ground in bearish climates, but analysts suggest hopes for a spot Bitcoin ETF and the latest regulatory actions could prompt further gains for the world’s largest cryptocurrency. Despite the current upward trend, it is crucial to note that Bitcoin's market dominance remains far from its peak levels, down from both its June 2023 high of 52% and the bull market high of 73% reached in December 2020.

CitiGroup unveils plans to launch private blockchain services for institutional clients.

permissioned blockchain for institutional customers

 to interact with digital assets. The new product, Citi Token Services, intends to provide clients access to tokenised deposits, cross-border payments, and automated trade finance solutions 24 hours a day.

Citi’s head of global services Shahmir Khaliq said this development advances the goals of the Regulated Liability Network, a 

 published in November 2022 professing the desire to get the world’s financial system to a place where on-chain, 24/7 programmable, final settlement in sovereign currencies is possible.

“Digital asset technologies have the potential to upgrade the regulated financial system,” Khaliq said. “The development of Citi Token Services is part of our journey to deliver real-time, always-on, next generation transaction banking services to our institutional clients.”

Maersk partnered with Citi Treasury and Trade Solutions (CTTS) for Citi’s digital asset trading service, which would serve the same purpose as “bank guarantees and letters of credit” in traditional finance, according to a 

. Both companies reported that the pilot program was able to provide instantaneous payments to service providers via smart contracts, something that would be beneficial to companies with many vendors. 

CitiGroup appear to be one step ahead of JPMorgan, as the largest bank in the US by assets is still in the “early stages” of exploring a similar private blockchain service, according to 

Ethereum’s Holešky testnet launch hits speed bump.

Ethereum’s Goerli testnet will soon come to an end following the launch of a new testnet, dubbed Holešky. The Holešky testnet was meant to go live on September 15th, marking the one-year anniversary of Ethereum’s historic ‘merge’ upgrade from proof-of-work (PoW) to proof-of-stake (PoS). However, 

 due to a misconfiguration and will require a relaunch.

Testnets are essentially copies of blockchains and exist for developers to test their protocols and smart contracts before deploying them onto the main blockchain. Today, there are two main Ethereum testnets: Sepolia, a network designed for blockchain application development, and Goerli, used to test for validating and staking.

announced the launch of its Holešky testnet

 in July 2023. The new Holešky testnet is said to be able to handle a client size three times larger than that of Ethereum mainnet. Holešky will replace the Goerli testnet, a process in the tech industry often referred to as ‘sunsetting’. Sunsetting a blockchain is not as unusual as it sounds as, over time, they become difficult to maintain and run nodes on due to their growing state and transaction history.

Holešky is designed to be much larger than Goerli, allowing validators to test in a more realistic on-chain environment and resolve Goerli’s goETH supply issues, which have caused headaches for developers. 

Developers testing on Goerli can receive goETH from a faucet, the token isn’t meant to have real-world value and exists so that developers can pay gas fees when testing their products. Goerli goETH supply is capped at 115 million, meaning there can be no more than 115 million goETH circulating on the network. However, with its limited supply, individual wallets began hoarding the token. This has made it more difficult for developers to test their applications on the testnet.

Following last week’s launch failure, Ethereum foundation DevOps engineer Parithosh Jayanthi 

“We're waiting on a decision, but it's extremely likely that we relaunch the network with new genesis files and have the network up ~two weeks from now.”

Aussie bank ANZ takes next step to stablecoin with Chainlink test as LINK price soars.

Australia and New Zealand Banking Group (ANZ) is one step closer to launching its bank-issued stablecoin A$DC after the bank 

 on Chainlink’s Cross-Chain Interoperability Protocol (CCIP).

ANZ’s Banking Services Lead Nigel Dobson said in a 

 last week that the transaction was a “milestone” moment for the bank:

“The bank’s work with its A$DC stablecoin and the tokenisation of real-world assets has already provided us with valuable lessons as we continue to investigate enterprise-grade use cases. Based on market activity, we expect the continued adoption of digital assets will result in the proliferation of multiple assets across many blockchain networks.”

The development showcased the bank’s capability to transfer funds across both open and private blockchain networks, furthering experiments being conducted to test the efficiency and security of deploying real-world assets on-chain.

ANZ minted the first A$DC stablecoin in March 2022, becoming the first Australian bank to do so. National Australia Bank became the second a year later with its AUDN stablecoin on Ethereum.

Chainlink, the decentralised oracle network built on Ethereum, 

saw its LINK token climb to US$6.83 on Monday

, rising more than 10% in 24 hours, amid news of further partnerships with traditional financial institutions.

 is currently trading at AU$10.56 +10% on the week.

The week ahead: upcoming economic events


Japan’s Inflation Rate YoY. Bank of Japan Interest Rate Decision. UK Retail Sales MoM.

 Germany’s HCOB Manufacturing PMI Flash.

 Germany’s GfK Consumer Confidence. United States Durable Goods Orders MoM.

RBA signals future rates will be driven by data-dependent decisions.

Consumer inflation expectations decline to 4.6% in September.

Australia's seasonally adjusted unemployment rate rose slightly.

Total employment increased; highest gains seen in part-time work.

Reserve Bank of Australia (RBA) released their meeting minutes

 stating that they remained vigilant and acknowledged the possibility of further tightening measures if inflation persists beyond expectations. The minutes were released earlier this week following its decision to 

, citing alignment with recent data that supports the anticipation of inflation returning to target levels within a reasonable timeframe.

The RBA stated in their meeting minutes that this decision reflects their commitment to a balanced monetary policy approach, aimed at addressing inflation concerns while carefully monitoring both domestic and international economic developments for potential adjustments.

Australian inflation expectations dropped to 5.4% annually for the next two years

, down by 0.2% from July 2023 and in line with the year's average so far. Notably, these expectations further declined to 4.9% in mid-September, marking the lowest point in 18 months. This reduction aligns with the Reserve Bank's decision to keep interest rates unchanged for three consecutive months.

Australia's unemployment rate rose slightly to 3.7%,

 aligning with market expectations and underscoring the Reserve Bank's view of a labour market nearing a turning point, with the economy shedding a net 14,600 jobs, primarily in the full-time employment sector, while part-time employment increased. This may influence the Reserve Bank's decision to extend its interest rate pause as they predict a rise in the unemployment rate to 4.5% by the end of 2024. Despite this, the economy has added around 1 million jobs since the pandemic's depths, maintaining low jobless rates for nearly a year.

Westpac-Melbourne Institute Leading Economic Index

 in Australia remained relatively flat in August, with the six-month annualised growth rate at -0.50%, indicating a protracted period of economic weakness. This extended downturn has persisted for 13 months, marking the longest such streak in seven years.

US Fed holds rates steady while they aim for a soft-landing.

US consumer sentiment declined due to Fed’s tightening measures.

Producer Prices in the US reach highest levels since June 2022.

China's industrial production grew 4.5% YoY as government steps in.

Japan's trade deficit significantly narrowed with decline in exports.

ECB raised rates for the 10th time in a row to 22-year high of 4.5%.

Canada's Inflation Rate surged to 4% while PPI decreases, CPI rises.

The Federal Reserve (Fed), in its Wednesday decision, 

chose to maintain the current interest rates,

 while also signalling its anticipation of one more rate hike by year-end and fewer reductions than initially projected for the following year. The Fed has maintained interest rates within the range of 5.25-5.5% as part of their strategy for a 

, while emphasising a cautious approach. Although rates remain unchanged for now, central bankers have hinted at a possible quarter-point rate adjustment later in the year, aiming for a balanced economic trajectory.

In August, the United States witnessed a 

, exceeding market expectations. This surge was driven by a substantial 2% rise in goods prices, notably a 

. Service prices also edged up by 0.2%, primarily due to increased transportation and warehousing expenses, up 1.4%. Excluding volatile items, the producer price index rose by 0.2%. Annual producer price inflation reached a four-month high at 1.6%, while the core rate eased to 2.2%, its lowest level since January 2021.

US retail sales in August showed resilience, rising by 0.6% month-on-month

, with gains at gasoline stations due to a 10% increase in gasoline prices. This indicates strong consumer spending despite rising prices and borrowing costs.

University of Michigan consumer sentiment index

 for the US dropped in September, reflecting decreased consumer optimism influenced by the Federal Reserve's actions and recent economic data. While current economic conditions declined sharply, future expectations improved due to the belief that elevated inflation will ease, with year-ahead inflation expectations falling to 3.1%, the lowest since March 2021.

Weekly Crypto Wrap: 21st September 2023

Bitcoin survives death cross as investors eye buying opportunities.

Crypto analysts note short-term apathy, long-term bullish outlook.

Ripple acquires Fortress Trust in expansion beyond payments.

Banking giant HSBC reportedly working with Fireblocks.

Chainlink whales accumulate US$9.6M worth of LINK in 3 days.

Vitalik Buterin may have found a way to anonymise blockchain transactions.

G20 agrees on worldwide crypto regulation as Australia struggles with limited oversight in the sector.

During the recent Group of 20 (G20) meeting held under India's presidency, member nations collectively committed to collaborating on the establishment of a synchronised global regulatory framework for cryptocurrencies, fostering cross-border cooperation, and enhancing information sharing.

Kristalina Georgieva, the Managing Director of the International Monetary Fund, announced the development of a roadmap to address crypto assets and regulatory measures. This initiative aims to facilitate progress in this area in the coming month.

"However, one of the key challenges facing the cryptocurrency industry globally is the delay in implementing these recommendations at a national level, according to Caroline Bowler, chief executive of Australian digital asset exchange BTC Markets."

“While international organisations are setting the framework for a harmonised regulatory environment, it is imperative that governments and regulatory authorities act promptly to translate these guidelines into actionable regulations. Delayed implementation could hinder the industry’s growth, create uncertainty, and potentially leave investors and consumers exposed to risks,” Bowler said. 

The potential sale of FTX's crypto holdings could significantly impact Solana.

The potential selling of FTX’s crypto holdings could hit Solana particularly hard, according to crypto technical analyst at Australia-based crypto exchange BTC Markets. The token “forms a substantial portion of these assets, with an estimated value of approximately US$685 million. This impending event has heightened the sense of uncertainty among SOL investors.”

Meanwhile, Bitcoin is on the verge of a “death cross” — where the token’s short-term, 50-day Simple Moving Average (SMA) moves below its long-term, 200-day SMA. That could signal a coming slide in Bitcoin prices.

“The looming question that occupies the minds of market participants pertains to whether Bitcoin will chart a similar course in response to this bearish technical pattern or has the market already priced in this event?”.

“This uncertainty is exacerbated by the forthcoming release of U.S. inflation figures, with technical indicators currently signalling the potential for further downside,” she added. 

CEO Caroline Bowler joins global crypto leaders at TOKEN2049 in Singapore.

This week, our CEO, Caroline Bowler, attended TOKEN2049, the premier crypto gathering held annually in Singapore. This event is a pivotal platform where industry leaders, founders, and executives from top Web3 companies and projects converge to share their insights and perspectives on the cryptocurrency landscape.

TOKEN2049 casts a global spotlight on the latest developments in the crypto world, offering a unique and comprehensive view of the ecosystem's vast opportunities. It serves as a nexus for entrepreneurs, investors, developers, industry insiders, and global media, fostering invaluable networking opportunities. Singapore, known for its innovation and technological advancements, transformed into a vibrant crypto hub during this exciting week.

ICYMI: Access 30% discount with our newest tax partner, Syla.

BTC Markets partners with Syla, offering a crypto tax solution for Australians. Syla's integration streamlines crypto taxation and optimises CGT outcomes. It supports SMSF entities and provides ATO-compliant reports for various account types. Users can access a 30% discount on Syla subscriptions through BTCMSAVETAX code. Read all about our 

To learn more about our tax reporting process, visit our 

Bitcoin remains rangebound as investors eye buying opportunities.

Daily “Death Cross” technical pattern observed on Bitcoin.

Rumours of FTX seeking to liquidate US$3.4 billion in assets.

fourth consecutive week in negative territory

, as price remained rangebound, trading between US$26,455 and US$25,372. Earlier this week, we highlighted the emergence of a 'Death Cross' on the daily chart, a phenomenon last observed in January 2022, which led to a subsequent 10.41% price drop, followed by a 35% recovery in price over a three-week period.

A "Death Cross" is a bearish technical pattern in which a short-term moving average, like the 50-day, crosses below a long-term moving average, often the 200-day, on a price chart, signalling potential price declines.

Conversely, a "Golden Cross" is a bullish pattern where the short-term moving average crosses above the long-term moving average, indicating potential upward momentum. Traders use these patterns, commonly seen in cryptocurrencies and stocks, as signals for trend changes, but they should be complemented with additional analysis for informed trading decisions.

Recent activities in the cryptocurrency market have been marked by sporadic spikes of volatility. Bitcoin, for example, went through an extended period of sideways trading that started on June 22 and lasted for 57 days, only to be disrupted by a billion-dollar liquidation event on August 17, resulting in a 7.33% price drop in 24 hours.

Bitcoin experienced a momentary dip below the US$25,000 mark on Monday, 

fuelled by rumours of FTX seeking court approval to liquidate US$3.4 billion in crypto assets

, aiming to reimburse creditors in cash. The crypto community deliberated on the potential repercussions for the market, with certain individuals foreseeing a 

 the sales commence. Conversely, others emphasised that the assets slated for sale primarily consist of vesting tokens, which means they cannot be sold or transferred until their release date.

For now, the sentiment remains bearish as long as prices stay below the 50-day simple moving average. In September, historical data indicates that digital assets, including Bitcoin, have typically delivered negative returns, intensifying market concerns.

In terms of weekly price performance across the majors, Bitcoin closed at US$25,841.61, losing 0.50% whilst Ethereum was also down 1.13%, closing the week at US$1,617.42. XRP lost its psychological support at 50 US cents, closing at US$0.4969, down 1.55%. Litecoin mirrored the bearish sentiment with a 4.41% loss, ending the week at US$61.11, and Cardano wrapped up the week at US$0.2490, marking a 2.70% decrease in value. Meanwhile, Solana faced downward pressure, losing 6.81% during the week and closing at US$18.24.

Regarding market capitalisation, Bitcoin managed to secure a second consecutive week of positive gains, with a 0.39% increase, maintaining a dominance rate of 49.52%. However, the broader cryptocurrency market contracted by 0.87%, resulting in a total market capitalisation of US$1.016 trillion by the end of the week.

When evaluating the year-to-date performance from a broader viewpoint, Bitcoin continues to maintain its leading position with a substantial increase of 58.38%. XRP, previously a prominent contender, has seen a modest reduction in its advantage but still commands a respectable gain of 42.22%. Ethereum closely trails with a 34.48% rise, whereas Cardano is just about staying in positive territory with a modest increase of 1.26%. In contrast, Litecoin remains in the negative zone, experiencing a loss of 11.33%.

*The weekly trading stats as of Monday, September 11th at 10:00 am AEST, based on data from Tradingview in USD.

**Year -to-date performance as of Thursday September 14th at 10:00 am AEST, based on data from Tradingview.

Despite several outsized moves in previous weeks Bitcoin continues to experience the symptoms of an apathetic market, analysts say.

Liquidity, volume, and volatility still linger near historical lows, bolstering the likelihood the industry has entered 

crypto-research firm Glassnode wrote on Monday.

After shedding more than 3% of its value on Monday, Bitcoin (BTC) has clawed back losses, rising 4.5% over an 11-hour period to US$26,150, according to data from Blockworks.

On-chain data suggests the current market mood echoes the advanced bearish phases seen in previous years, most notably in 2015 and 2019, according to analysts at K33 Research.

“We reiterate our bullish outlook for BTC over the coming year, but in the short term, liquidity pressure can be on the sell-side,” the firm said. “This further adds to our belief that the coming period is a good time to accumulate.”

Observers are now eyeing the possibility of approval for a spot Bitcoin ETF, a decision subject to further delays, alongside Bitcoin’s halving event which is expected sometime in April 2024.

Ripple acquires Fortress Trust in expansion beyond cross-border payments to blockchain solutions.

, a subsidiary of Fortress Blockchain Technologies. This move is aimed at strengthening Ripple’s position in the enterprise crypto market. Ripple recently acquired Metaco, a crypto custody provider, for US$250 million. 

“Acquiring Fortress Trust affords us a lot of optionality to both improve the current customer experience in our existing products and explore new, complementary products – all in service of becoming the one-stop shop for enterprises looking to convert, store, and move value on blockchain around the world.”

Ripple’s acquisition of Fortress Trust aligns with its ambition to offer comprehensive blockchain-related services to enterprises. Initially focused on cross-border payments using blockchain and cryptocurrency, they now provide liquidity management, tokenisation, and CBDC solutions to customers in more than 55 countries.

Fortress Trust holds a Nevada Trust license, adding to Ripple’s existing regulatory licenses, including a NY BitLicense, over 30 Money Transmitter Licenses in the U.S., and an in-principle Major Payment Institution License from the Monetary Authority of Singapore.

Ripple became a minority investor in Fortress Blockchain Technologies in 2022 as part of its seed funding. Following the closure of the deal, Ripple will also invest in parent company, Fortress Blockchain Technologies and its FortressPay services. Closure of the acquisition is subject to due diligence and regulatory approval.

Ethereum (ETH) co-creator Vitalik Buterin and friends may have found a 

genuine solution to blockchain’s privacy-leaking problem

. Or at least a new way to build cryptocurrency mixers that can obfuscate the origin of cryptocurrency funds.

new theoretical paper co-written by Buterin

 explores a way of combining a few existing technologies like zero-knowledge proofs and lesser known “Privacy Pools”, detailing a mechanism by which dishonest crypto users can be rooted out of crypto mixing protocols.

“The core idea of the proposal is to allow users to publish a zero-knowledge proof, demonstrating that their funds (do not) originate from (un)lawful sources without publicly revealing their entire transaction graph. This is achieved by proving membership in custom association sets that satisfy certain properties, required by regulation or social consensus.”

This is both a technological technology and a social technology, a way of joining a crypto washing pool to hide your own blockchain history while also having the right to dissociate from criminals or bad actors who would want to abuse a privacy tool for money laundering.

However, not everyone is happy about a compromise between compliance and privacy. Some observers have concerns about picking and choosing who to interact with in a smart contract, reasoning that one of the key strengths of blockchains is that they are designed to treat everyone equitably.

Blockchains are by default transparent, nodes need to be able to validate transactions and the system can only be “trustless” insofar as everyone can independently verify the same data. This is a revolutionary idea in terms of establishing relationships between counterparties and settling transactions, but it presents a problem if the blockchain’s built-in pseudo-anonymity is cracked.

The “main innovation” the privacy researchers found is something called an association set, which essentially lets a group of trustworthy crypto users run their own crypto mixers. Zero knowledge proofs are layered in to weed out tainted funds and bad actors as well as boosting everyone’s privacy by allowing users to only reveal the information necessary to prove they are acting above board.

Banking giant HSBC reportedly working with crypto custody firm Fireblocks.

London-based HSBC, one of the largest banks in the world, is working with cryptocurrency custody technology firm Fireblocks, 

according to reporting from crypto publication, Coindesk

HSBC, which holds about US$3 trillion in assets, lets customers of its Hong Kong branch trade in Bitcoin (BTC) and Ether (ETH) exchange-traded funds. HSBC didn’t respond to requests for comment by publication time and Fireblocks declined to comment.

Fireblocks specialises in cryptocurrency safekeeping technologies such as multi-party computation (MPC) and, even before this partnership, had experience working with big banks. Back in early 2021, Fireblocks became the custody technology provider of choice for BNY Mellon, and it also works with BNP Paribas.

However publicly, the bank remains somewhat cautious of crypto. In July of this year, HSBC-owned Hang Seng Bank, also in Hong Kong, said that while licensed crypto companies can open a bank account, they’ll only be able to get a “simple” one.

The enthusiasm of big banks towards crypto has been dampened by regulatory uncertainty around digital assets in the U.S. and Australia. This lack of clarity is arguably allowing financial institutions in places like Europe and Asia to win an advantage over their American and Australian peers.

Chainlink (LINK) has managed to break through a critical resistance level at US$6.00. This unexpected surge in price can be attributed, in part, to the relentless 

accumulation of LINK tokens by large wallet investors

Over the past month, LINK was down by approximately 14%. Surging beyond the crucial resistance level at US$6.00 was surprising given the current bearish market conditions.

According to crypto market intelligence platform Santiment, the “whale” tier of LINK investors has been amassing coins. As a result, the number of wallets holding 10K-100K LINK has surged to levels not seen in the last nine months.

Shedding more light on the latest accumulation patterns, Santiment observed that this cohort of holders has added a staggering US$9.6 million worth of LINK tokens in the last three days alone.

Santiment’s analysis also shows that Chainlink whales collectively hold over 0.15% of LINK’s entire circulating supply. There has also been an increase of 98 new Chainlink wallets holding between 10K-100K LINK tokens since September 3rd, representing a growth of more than 3.2%.

The global financial messaging network Swift recently announced the successful transfer of tokenised value across multiple private and public blockchains in recent experiments alongside Chainlink. Swift used Chainlink's Cross-Chain Interoperability Protocol (CCIP), released in July to help build cross-chain applications and services, to connect with different blockchains.

 current price is around AU$9.44, down 4.6% for the week.

 Euro Area European Central Bank (ECB) Interest Rate Decision. ECB Press Conference. United States’ (US) Monthly PPI and Monthly Retail Sales.

 China’s Industrial Production and Retail Sales YoY.

 Reserve Bank of Australia (RBA) Meeting Minutes. Canada’s Inflation Rate YoY. US Building Permits.

 Japan’s Balance of Trade and Inflation Rate YoY.

 US Federal Reserve Interest Rate Decision and Press Conference. US Federal Open Market Committee Economic Projections. Australia’s RBA Bulletin.

BTC Markets Blog

Weekly Crypto Wrap: 21st September 2023

Weekly Crypto Wrap: 14th September 2023

Weekly Crypto Wrap: 7th September 2023

Weekly Crypto Wrap: 31st August 2023

Weekly Crypto Wrap: 24th August 2023

Weekly Crypto Wrap: 17th August 2023

Get BTC Markets content delivered

.css-10i63lj:hover{-webkit-text-decoration:underline;text-decoration:underline;}.css-187z2gv:hover{-webkit-text-decoration:underline;text-decoration:underline;}Weekly Crypto Wrap: 21st September 2023

Weekly Crypto Wrap: 14th September 2023

Weekly Crypto Wrap: 7th September 2023

Weekly Crypto Wrap: 31st August 2023

Weekly Crypto Wrap: 24th August 2023

Weekly Crypto Wrap: 17th August 2023

Get BTC Markets content delivered

Weekly Crypto Wrap: 21st September 2023