The Reserve Bank of Australia holds interest rates at 4.10%.

Bitcoin’s volatility drops below that of gold and major stocks.

Ripple unlocks 1 billion XRP to enter circulation in September.

Proposed Ethereum upgrade to give dApps share in fee revenue.

Litecoin’s scheduled halving event has commenced.

Crypto boom is coming, “whether you like it or not”.

During the past week, Bitcoin experienced predominantly sideways price movement. In Tuesday's trading session, the cryptocurrency briefly dipped to retest the US$25,858 level, which hadn't been seen since June 21st, but swiftly recovered, now trading in the range of US$29,000.

According to crypto analytics firm K33 Research, 

 has dropped below that of gold, Nasdaq 100, and S&P 500. According to the firm, previous instances of such low volatility in the past have preceded a significant uptick in Bitcoin’s price. While the current period of limited volatility is not uncommon in market cycles, K33 notes that the current stability is abnormal and could act as a pressure valve for heightened volatility once it reactivates.

At close of the crypto trading week on Monday, Bitcoin dropped below the US$30,000 support level, ending the week at US$29,281, representing a decrease of 2.67%. Ethereum (ETH) and XRP also followed suit, with decreases of 1.43% and 4.58%, respectively, closing at US$1,861 and US$0.7046. However, Litecoin (LTC) performed well, gaining 0.93% and closing at US$94.03. On the other hand, Cardano (ADA) closed in the red, recording a 0.47% loss at US$0.3156.

Bitcoin's market capitalisation decreased by 0.82%, with its dominance closing at 49.73%. The overall cryptocurrency market capitalisation experienced a downturn, decreasing by 1.84% and closing the week at US$1.145 trillion.

As we assess the year-to-date performance, XRP remains the top performer of 2023, boasting an impressive gain of 109.32%. Bitcoin secures the second position with a solid 77.34% gain. Ethereum in third place with a respectable increase of 56.34%, while Litecoin follows closely with a 29.57% gain. Lastly, Cardano holds onto a 24.57% gain.

*The weekly trading stats as of Monday, July 31st at 10:00 am AEST, based on data from Tradingview in USD.

 Germany’s Balance of Trade. United Kingdom's Interest Rate.

 United States ISM Services PMI, Unemployment Rate and Non-Farm Payrolls. Canada’s Unemployment Rate.

 Canada’s Ivey Purchasing Managers Index.

 Australia’s Consumer Sentiment and Business Confidence Index. China’s Balance of Trade.

Aims to return inflation to the 2-3% target range.

Trade surplus widens to three-month high of AU$11.32 billion.

Strong migration policy helps mitigate severe recession during economic slowdown.

The Reserve Bank of Australia (RBA) has decided to 

 providing a sense of relief to the markets. According to the meeting minutes, the RBA stated that higher interest rates implemented since last year are aiding in stabilising the economy, but they want more time to evaluate their impact and the overall economic outlook.

Despite declining inflation, which still stands at 6%, mainly due to rising service prices, the Australian economy is experiencing below-trend growth, particularly in household consumption and dwelling investment. The RBA stated that its primary objective remains to return inflation to the 2–3% target range, and they have indicated that 

 may be required. The decision will depend on various factors, including global economic risks, household spending, inflation trends, and labour market conditions.

trade surplus widened to a three-month high of AU$11.32 billion

 in June from a downwardly revised AU$10.49 billion in May, beating market forecasts as exports fell less than imports. Shipments dropped by 1.7% from the previous month to AU$55.63 billion. Meanwhile, imports shrank by 3.9% to AU$44.31 billion.

Australia's migration policy is credited with 

 amid an economic slowdown. Factors like strong population growth, conservative investor positioning, and inflation's impact on incomes contributed to a low likelihood of a deep recession. Household and corporate sectors' improved financial balance sheets also reduce vulnerability. While certain sectors show strain, the outlook for a deep recession in 2023 remains low.

The United States government's credit rating has been downgraded following concerns over the state of the country's finances and its debt burden. Fitch, one of three major independent agencies that assess creditworthiness, 

cut the rating from the top level of AAA to a notch lower at AA+

 on Tuesday, citing a "steady deterioration" in governance over the last 20 years. In a statement, the U.S. Treasury Secretary Janet Yellen called the downgrade "arbitrary and based on outdated data".

, mainly driven by non-residential fixed investment and services. However, consumer spending slowed down, and net trade had a negative impact on economic growth. In June, there was an increase in durable goods orders, particularly in the transportation equipment sector. Core PCE prices (a measure of inflation) rose but at a slower pace, while personal spending exceeded expectations, indicating that consumers were resilient to higher interest rates. Personal income also increased, but it fell slightly below market expectations due to a decline in personal dividend income.

Bank of Japan (BoJ) kept its key interest rate unchanged

 and made its yield control policy more flexible. The BoJ is optimistic about the economy's moderate recovery, though inflation is expected to slow down temporarily. The central bank aims to maintain monetary expansion until inflation reaches 2% and is prepared to implement further easing measures if necessary.

European Central Bank (ECB) raised interest rates by 25 basis points to 4.25%,

 the ninth consecutive rate hike, aiming to combat persistently high inflation. The deposit facility rate also reached 3.75%, its highest level in over 22 years. The ECB plans to maintain restrictive rates until inflation returns to the 2% target, marking the fastest rate increase in its history.

, exceeding expectations, but higher interest rates and declining confidence continue to affect the region. France and Spain showed sustained growth, while Germany stagnated, and Italy experienced an unexpected contraction. Annual inflation decreased to 5.3% in July 2023, the lowest since January 2022, mainly due to lower energy and food prices. However, services inflation continued to rise, and core inflation remained at 5.5%, above the headline rate. The ECB's inflation target remains at 2%.

SEC reportedly asked Coinbase to halt trading in everything except Bitcoin.

The U.S. Securities and Exchange Commission reportedly asked Coinbase to stop trading in all cryptocurrencies except Bitcoin before suing them, showing their intent to regulate a larger part of the market. Coinbase's CEO, Brian Armstrong, revealed that the SEC believed all assets other than Bitcoin were securities, in a 

recent interview with the Financial Times

. Agreeing to this request would have endangered the crypto industry in the US, so Coinbase chose to go to court instead. The SEC's push for wider authority over the crypto industry could impact other American crypto businesses. The oversight of the crypto industry remains uncertain, with the SEC and CFTC seeking control.

Billionaire Mike Novogratz believes that Bitcoin could reach a new record high.

Billionaire Mike Novogratz believes that 

 as BlackRock's CEO, Larry Fink, has become a true believer in the cryptocurrency. Fink's positive stance and BlackRock's application for a Bitcoin spot ETF indicate growing institutional support. Novogratz sees shifting attitudes toward Bitcoin, and with a potential interest rate cut, it could surpass its previous record of US$69,000. Ripple's court victory and the development of Worldcoin also contribute to the positive outlook for the cryptocurrency market.

Proposed Ethereum upgrade could allow Layer 2 developers to share fee revenue.

 that would let popular dApps (decentralised applications) earn a share of the transaction fees they generate on Layer 2. 

EIP-6968 proposes a new type of token providing “contract secured revenue” (CSR), allowing developers to claim a percentage of the transaction fees generated by users interacting with their smart contracts. New revenues generated could fund dApp development, public goods, or enable incentives for developers to join a network.

EIP-6968 seeks to shake up the highly competitive Ethereum scaling sector, with CSR providing a new type of incentive for developers. While Layer 2 rollups are presently the leading scaling solution, top L2 teams including Arbitrum, Polygon, and zkSync are already investing resources into building infrastructure for Layer 3 networks.

L3s typically comprise “app-chains” that host a single dedicated decentralised application. Owocki described upgrade EIP-6968 as enabling “ecosystem-chains,” described as a move forward from app-chains.

. According to data from Whalestats, Ripple executed four transactions involving a total of two transactions worth 400 million XRP and two transactions worth 100 million XRP each. These tokens are scheduled to remain locked until the 1st of September. At that point, the next batch of Ripple will be released into circulation.

To ensure greater certainty in XRP’s supply, Ripple had previously placed 55 billion XRP tokens into a series of escrows. These represent 55% of the entire potential supply. These escrows are securely stored on the ledger, and their release is governed by the ledger’s mechanics, enforced through consensus, to regulate the supply of XRP. The primary objective behind this approach was to enhance predictability in the Ripple token’s supply.

The XRP releases have been taking place since 2017. The final release from the existing escrows is expected later this year, just before the commencement of the next escrow phase. That phase is set to end in March 2026.

Crypto boom is coming, “whether you like it or not” says asset manager.

In an interview earlier this week, M.H. Carnegie & Co Founding Partner Mark Carnegie, told Sky News Australia that the prevalence and popularity of cryptocurrencies and digital assets is “coming whether you like it or not”. 

Carnegie cited the recent application for a Bitcoin exchange-traded fund (ETF) from BlackRock as a key indicator to the likelihood of a crypto boom:

“By launching a Bitcoin ETF, BlackRock are legitimising the asset class. The biggest asset manager in the world... so this is coming whether you like it or not.”

When queried regarding the riskiness of crypto investments, Carnegie acknowledge the importance of minimising security risks through appropriate compliance and disclosure requirements, highlighting that people “have got to be sure that they are on the right exchanges with the right coins.”

Finally, when asked about the future of blockchain, Carnegie used an example from his personal life to underscore the potential that the technology unlocks for digital ownership:

“I watch my kids on social media and realise that they have got very important digital assets - their online profiles – which are at risk of getting removed. Suddenly, they have spent twelve years building a Substack profile, and Substack can take it away from them. I think a world where you can actually own your assets and digital accounts properly, rather than having to live at the grace and favour of big internet companies, will be better for people.”

Japan Blockchain Association seeks crypto tax changes.

The Japan Blockchain Association (JBA) is requesting 

 for digital assets to ease the fiscal burden on crypto holders. They want to eliminate year-end unrealised gains tax on corporations holding crypto assets, change personal crypto asset trading profits taxation method to self-assessment separate taxation with a uniform tax rate of 20%, and eliminate income tax on profits from individual crypto asset exchanges.

The JBA sees these changes as crucial for promoting the blockchain industry and encouraging broader use of crypto assets in Japan. Japanese Prime Minister Fumio Kishida has also reaffirmed the country's commitment to fostering the blockchain industry.

Litecoin’s halving event has begun as the Litecoin Foundation launches limited collectibles.

As the much-anticipated Litecoin halving is underway, the Litecoin Foundation and crypto cold-storage card manufacturer Ballet have collaborated to launch a 

 made from 50 grams of fine silver, each pre-loaded with a minimum of 6.25 Litecoin (LTC). These unique cards are created to commemorate Litecoin's third halving event, scheduled to take place on August 2nd.

The collectible cards were announced during a Twitter livestream, just one week ahead of the halving event. Litecoin's halving event occurs approximately every four years, where the block rewards for miners are reduced by 50%. This halving will lower the current 12.5 LTC subsidy to 6.25 LTC. To celebrate this event, Litecoin plans to reimburse miners from Litecoinpool with at least 6.25 LTC, which they will then send directly to the blockchain addresses associated with the silver cards.

The commemorative cards are anticipated to be sold for around US$1,000 each, with some potentially auctioned off as limited editions. The sale proceeds will be donated to the Litecoin Foundation to support further adoption and development of the blockchain.

Treasury set to regulate crypto exchanges.

release a consultation paper to regulate cryptocurrency exchanges

 and protect customer funds. This move comes after the collapse of FTX, and major crypto platforms in Australia, such as BTC Markets, Kraken, Swyftx, and Coinbase, support the regulation. The proposed rules will cover crypto custody, licensing, cybersecurity, customer protection, and anti-money laundering to prevent scams.

The regulation aims to bring clarity to the legal framework surrounding tokens and provide confidence to developers using blockchain systems. Delay in regulation has hindered innovation and caused a "mass exodus" of digital asset developers from Australia. The consultation paper will define when a token becomes a financial product and subject to ASIC regulation. Overseas exchanges hope to use global custodians, but this could impact their presence in the Australian market.

Want to transfer your crypto from Binance to your BTC Markets account? 

We have created a comprehensive guide on transferring your cryptocurrency from Binance to your BTC Markets account. Follow our 

Generate your tax report and watch our crypto tax webinar with Koinly.

2022-2023 tax reports (EOFY Wallet Balance and FY Transaction History) are now available for users to generate and download.

If you couldn't join us for our live stream featuring our CEO Caroline Bowler and Koinly's Head of Tax, Danny Talwar, don't worry as you can watch the recorded session on 

Plus, take advantage of a special offer: get 30% off your first Koinly tax report by using the code BTC23 at checkout on Koinly.com.au. This offer is valid until October 31, 2023. Terms and conditions apply. See the 

If you have any feedback on our newsletter or want to request specific content, 

Disclaimer: The information provided in this email is for general purposes only. It should not be construed as professional financial advice from BTC Markets Pty Ltd. BTC Markets is not a financial adviser, and you should consider seeking independent legal, financial, taxation or other advice to ensure that the information relates to your unique circumstances. BTC Markets is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by use of this information contained within this email. Past performance is not an indicator of future performance. We note that we may, at any time, change the characteristics of the product. The information provided is intended for recipients in Australia. This information is not to be reproduced without permission.

Prices are accurate as of 10:00 AM AEST, on 03/08/2023.

Weekly Crypto Wrap: 3rd August 2023

Congratulations to the final winners of our $50k Bitcoin Giveaway!

We are thrilled to announce this week's winners, each will receive $5,000 worth of Bitcoin deposited directly into their BTC Markets account.

They join our other winners, Christina, Harrison, and Stephan from New South Wales. Jai, Andy and Samuel from Victoria and Blake from Queensland. Our week 4 winner from South Australia has yet to claim their prize.

‘BTC Markets $50,000 Bitcoin giveaway’

It’s a wrap! We gave away $50,000 in Bitcoin to our clients to celebrate our 10th anniversary.

‘A massive thank you goes out to all our loyal clients who participated in our $50,000 Bitcoin Giveaway to celebrate our 10-year anniversary. Your unwavering support has been the backbone of our success throughout the past decade. We couldn't have reached this milestone without you, and we are committed to continuing this incredible journey together.

At BTC Markets, we will always strive to bring you cutting-edge innovations, seamless trading experiences, and exciting opportunities. As we move into the next chapter, we look forward to serving you with even greater dedication and passion.

Once again, congratulations to our lucky winners and a heartfelt thank you to all who joined our celebrations.’

BTC Markets submission to the Senate on the Digital Assets Bill 2023.

Could Bitcoin reach new highs before the 2024 halving?

Australia's Consumer Price Index (CPI) comes in at 6.0%.

US Fed raises interest rates, hinting at further hikes in the future.

US$116 million in ETH moves after eight years.

Avalanche Foundation revolutionises tokenisation.

BTC Markets submission to the Senate on the Digital Assets (Market Regulation) Bill 2023.

Earlier this week, BTC Markets CEO, Caroline Bowler submitted comments to the Senate Legislative Committee into the Digital Assets (Market Regulation) Bill 2023. She emphasised the significance of regulatory clarity for exchanges like BTC Markets to make informed decisions about future investments in Australia. Her testimony further highlighted the need for Australia to keep pace with global regulatory developments, ensuring a conducive environment for cryptocurrency businesses to thrive and contribute to the country's digital asset ecosystem.

other high-profile exchanges and businesses in the digital asset space

 and their collective feedback aims to shed light on the current state of regulations in Australia. Industry participants are advocating for the establishment of appropriate and forward-looking measures in the crypto industry.

 into to the parliament aiming to establish a licensing regime for cryptocurrency exchanges in Australia. The bill, known as the Digital Assets (Market Regulation) Bill 2023, seeks to regulate exchanges, custody services, and the issuance of stablecoins. It aims to address the regulatory uncertainty surrounding the crypto industry, which has become a key concern amid the recent legal actions taken by US regulators against major crypto exchanges Binance and Coinbase. The bill proposes minimum capital requirements, governance procedures, customer fund segregation, and security measures to enhance investor protection and promote responsible practices in the crypto sector.

Clever Women Co. Podcast with Caroline Bowler.

The Clever Women Co. Podcast recently featured a captivating conversation with BTC Markets CEO, Caroline Bowler. As the first female CEO of a cryptocurrency exchange in Australia, Caroline shares her fascinating journey from the financial industry to the world of digital assets, dating back to 2015.

Join hosts Gal and Em as they delve into her career trajectory and gain valuable insights on the exciting future of cryptocurrencies. If you're curious about the evolving landscape of digital assets and the inspiring success story from inside the crypto space, then this podcast episode is a must-listen.

Want to transfer your crypto from Binance to your BTC Markets account?

For clients who have been asking, we have created a comprehensive guide on transferring your cryptocurrency from Binance to your BTC Markets account. Follow our 

Log in to download your 2022-2023 tax reports (EOFY Wallet Balance and FY Transaction History) from the 

You can also take advantage of exclusive BTC Markets customer discounts with a number of the industry-leading crypto tax specialists: Koinly, Crypto tax Calculator, Syla and Vault Accounting.

 featuring our CEO Caroline Bowler and Koinly's Head of Tax, Danny Talwar, don't worry you can watch the recorded session on 

If you have any questions regarding tax or API/csv integrations with third party tax providers, please see our 

Despite a slew of positive market events, Bitcoin (BTC) has been unable to break through the US$32,000 resistance level, possibly due to 

 regarding the interest rate hike by the U.S. Federal Reserve this week.

This month’s price surge across the crypto market, driven by BlackRock's Bitcoin ETF application and the favourable ruling on XRP had raised hopes for continued institutional investment. However, the market has remained calm as investors seem to be waiting on the sidelines, and as a result, Bitcoin's price has been range bound.

At the weekly close on Monday, Bitcoin’s price held steady at US$30,083, with a slight loss of 0.49%. Ethereum (ETH) followed suit down 1.74%, closing at US$1,888. XRP saw a 1.12% loss on the week closing at US$0.7384 whilst Litecoin (LTC) managed to close barely in the green with a 0.29% gain closing the week at US$93.16. Cardano (ADA) also closed in the green registering a 0.79% gain at US$0.3171.

Bitcoin's market capitalisation clung on to a slight gain for the week with a 0.07% gain, and dominance closing at 50.15%. The overall cryptocurrency market capitalisation came off, down 0.56%, closing the week at US$1.166 trillion as investors look to take profits ahead of anticipated hawkish moves from the Federal Reserve.

*The weekly trading stats as of Monday, July 24th at 10:00 am AEST, based on data from Tradingview in USD.

 Germany's GfK Consumer Climate Indicator. Euro Area Interest Rate announcement. US Quarterly GDP Growth Rate and Monthly Durable Goods Orders.

Japan Interest Rate announcement. France GDP Annual Growth Rate and Inflation Rate announcement. Germany GDP Annual Growth Rate and Inflation Rate. United States Monthly Core Pce Price Index, Personal Spending, and Personal Income reports due out.

China NBS Manufacturing PMI. Italy GDP Annual Growth Rate and Inflation Rate. Euro Area GDP Growth Rate and Inflation Rate.

China Caixin Manufacturing PMI. Australia Interest Rate announcement.

United States ISM Purchasing Managers Index (PMI) and Job Openings report.

Australia Balance of Trade. Germany Balance of Trade. United Kingdom Interest Rate announcement.

Consumer Price Index (CPI) came in at 6.0%

, which is a decline from the previous quarter, indicating two consecutive quarters of lower annual inflation. Consumer prices rose by 0.8% in the June 2023 quarter, driven by higher rents, international holiday travel costs, and new dwellings purchased by owner-occupiers. However, domestic holiday travel and accommodation, electricity, clothing accessories, and automotive fuel saw price falls. Underlying inflation measures were considered, with services inflation surpassing goods inflation for the first time since September 2021.

The monthly CPI indicator for June rose by 5.4% on the year, easing down from 5.5% in May, mainly due to increased prices for new dwellings and rents, but automotive fuel prices fell.

This month, Australia's economic landscape exhibited contrasting dynamics across key sectors. Notably, the 

 displayed a modest recovery, marking the highest reading in five months. This upturn in manufacturing production is encouraging, breaking an eight-month contractionary trend. However, the 

 witnessed a setback, signalling a contraction for the first time in four months, attributed to the repercussions of heightened interest rates impacting consumer confidence and spending behaviour.

On the employment front, the nation experienced a 

, with noteworthy growth in full-time employment. Conversely, part-time employment 

, highlighting a somewhat disparate employment landscape. The unemployment rate, 

 indicates a labour market operating at historically low levels, with an associated decline in the number of unemployed individuals. Nevertheless, the labour force participation rate saw a marginal dip to 66.80% from the previous month's peak of 66.90%.

These developments have market participants speculating a reduced probability of another rate hike by the Reserve Bank of Australia.

In July 2023, the Federal Reserve decided to 

raise the federal funds rate target range

 by 25 basis points to 5.25%-5.5%, meeting the expectations of the market. This move brought borrowing costs to their highest level since January 2001. The decision was made while considering the ongoing economic expansion, strong job gains in recent months, and persistently elevated inflation.

The policymakers also expressed their commitment to closely monitoring incoming information regarding the economic outlook. They emphasised their readiness to 

 if any risks emerge that could hinder the achievement of their inflation and employment goals. To make well-informed decisions, officials will consider various factors, including labour market conditions, inflation pressures and expectations, and developments in the financial and international spheres. It's worth noting that the Fed resumed its tightening campaign after a pause in June, reflecting their continued efforts to manage the economic situation effectively.

, signalling a positive balance between its exports and imports. However, the country's year on year 

 in the same month, though higher than May's 3.2%, fell short of market expectations of 3.5%. The rise in inflation was driven by increasing costs in various sectors such as food, housing, transport, and medical care, while prices for fuel and utilities declined for the fifth consecutive month.

 struggled in July 2023, as the manufacturing PMI dropped, indicating the sharpest deterioration since May 2020. Factory output, new orders, and payroll numbers all declined, leading to concerns about the industry's stability. The business climate in Germany also weakened, reflecting increased pessimism among firms and dampened expectations for the future.

Meanwhile, the United Kingdom's retail sector experienced a 0.7% monthly growth in June 2023, representing three consecutive months of expansion. The surge was attributed to 

, boosting sales across food, non-food, and non-store retailing categories. However, retail trade still faced challenges, with a year-on-year decline of 1.0%, though it performed better than anticipated.

Avalanche Foundation 'revolutionises' tokenisation by unveiling US$50m 'Avalanche Vista’.

‘Avalanche Vista.’ a bold US$50 million initiative

 aimed at 'revolutionising' the world of tokenisation on the Avalanche blockchain. With a focus on converting off-chain assets into on-chain tokens, this program promises to bring accessibility and democratisation to asset allocation. It goes beyond traditional real estate tokenisation, exploring a diverse array of use cases encompassing company equity, venture capital, debt instruments, intellectual property, and portfolio diversification.

The underlying vision of Avalanche Vista is to showcase the 

, offering unparalleled advantages such as heightened liquidity, fractional ownership, reduced transaction costs, complete transparency, and global access for investors. Acting as an active investor, the Avalanche Foundation will carefully evaluate and purchase a wide spectrum of tokenised assets, spanning equities, credit, real estate, commodities, and blockchain-native assets like environmental, social, and governance (ESG) products and creator intellectual property.

At the core of this endeavour lies the Avalanche blockchain, supported by the innovative architecture of Subnets—custom blockchains within Avalanche that can use their own tokens for network gas fees.

Asset tokenisation is on the rise as financial giant Citi predicts tokenisation to be the next "killer use case" in the crypto space, projecting a global market cap of US$4-5 trillion by 2030. This initiative has the potential to disrupt traditional markets and financial infrastructure, paving the way for a new era of tokenised assets.

Could Bitcoin reach new highs before the 2024 halving, from BlackRock ETF Demand?

Fundstrat, an investment research firm, has predicted that 

Bitcoin's price could surge to US$180,000

 before the April 2024 halving, driven by potential demand from a BlackRock Bitcoin ETF. The firm believes the ETF could generate an additional US$100 million in daily demand for the cryptocurrency, balancing the reduced daily mining rewards post-halving. Other firms, including Standard Chartered, also project a price target of over US$100,000 for Bitcoin.

Google's Bard AI has gained attention in the crypto market for predicting Bitcoin's future after the 2024 halving. 

 could reach new highs due to factors such as the halving event, increased global adoption, and favourable regulations. However, it also cautions about potential hindrances like bear markets and emerging rival cryptocurrencies.

 for further approvals in the US. Despite past rejections, several high-profile Bitcoin ETF applications are pending, with industry optimism remaining high. Other countries have already approved Bitcoin ETFs, and exchange-traded notes (ETNs) are available in Europe.

Dormant Ethereum ICO whale moves US$116 million in ETH to an exchange after eight years.

A dormant Ethereum wallet, which participated in the Ethereum ICO in 2014, has transferred its entire balance of 

, to a crypto exchange. The wallet had remained inactive for eight years before the recent transaction. Ethereum's ICO was a significant event in the crypto industry, raising US$18.3 million and paving the way for other projects to conduct token sales.

The sender conducted a test transaction to ensure the transfer's accuracy, with a remarkably low transaction fee. The identity and motive of the wallet owner remain unknown, but similar moves by other whales have occurred recently.

SEC claims XRP ruling was “wrongly decided” as the token becomes the most actively traded alt coin.

The SEC hints at appealing the Ripple XRP case ruling, 

 and could favour their position. The dispute centres around the Howey test, determining if an instrument is an investment contract under SEC regulation. The SEC believes the judge should dismiss recent rulings related to XRP's retail sales, arguing the distinction between institutional and retail investors contradicts the Howey test. Notably, XRP now stands as the most actively traded altcoin in 2023, with more than 

, crypto market data provider Kaiko noted on July 25.

New asset listing ‘Worldcoin’ under watchful eye of UK regulator.

 (WLD), the identity-verification project launched by OpenAI CEO Sam Altman. As reported on CNBC Crypto World, the move comes as concerns about data privacy and token volatility surround the project. Worldcoin's platform verifies a user's identity by scanning their iris to create personal, secure identification codes.

In response to CNBC's inquiry, Worldcoin assured they are compliant with all relevant data protection laws, including GDPR and the UK Data Protection Act. Emphasising their commitment to individual privacy, the project has implemented various privacy-centric measures, including a ‘Data Protection Impact Assessment’ and addressing requests for personal data deletion.

However, the launch of the associated crypto token, Worldcoin, was met with significant price fluctuations. Ethereum co-founder 

Vitalik Buterin raised concerns regarding privacy

, centralisation, and security issues. Criticism also surfaced about Worldcoin's promotion in developing countries, with concerns about potential exploitation.

Amidst these challenges, the UK data watchdog's inquiry aims to delve into 

 practices. Additionally, scepticism grew due to the project's association with individuals involved in controversial activities, such as Sam Bankman-Fried and Three Arrows Capital. The tokenomics and lockup period for early investors were also subjected to scrutiny.

Weekly Crypto Wrap: 27th July 2023

BTC Markets is celebrating 10 years in crypto and to thank our clients for their loyalty, we are giving 10 lucky traders a share of $50,000 worth of Bitcoin!

July 27th, 2023: Competition has now closed.

It's easy! Simply log into your BTC Markets account. Make a trade on any pair to the value of AU$10.00 or more each week during the promotional period.

You are automatically entered into the draw.

The promotion period will run from Thursday June 22nd commencing at 12:00am through to July 26th, 2023, at 11:59pm AEST.

Competitions will run on a weekly basis from Thursday 12:00am AEST through the following Wednesday 11:59pm AEST. This constitutes the trading period for each weekly competition.

The next weekly competition begins at 12:00am the following Thursday.

Winners will be personally notified by our client support team via email to confirm the prize allocation and schedule a phone call to talk through the steps necessary to claim the prize. 

 associated with your BTC Markets account. 

We will also post a weekly announcement on this blog, on our social media channels and via our weekly email newsletter on Thursday afternoons. 

In order to safeguard the privacy and security of the weekly winners, limited information will be disclosed publicly to include the prize draw number and their state (ie. Week 1, winner #1 from Victoria). However, it is entirely up to the winners whether they wish to grant BTC Markets permission to utilise their first name and state, although this is not obligatory.

Due to the overwhelming number of scams in the market, we have created a 

 for you to verify our official URL, client support and marketing email address and social channels:

Support & marketing emails: support@btcmarkets.net

Remember, we will never direct message you via social media. If you do receive a notification about winning a prize via social media, it is a scam. Report the account immediately. The best way to verify that the offer is legitimate is to raise a secure support ticket via our website for confirmation.

Each Thursday at 10:00am AEST, we will randomly draw two (2) winners to receive $5,000 each in Bitcoin (except for SA residents who will receive $5,000 in AUD).

At 10:30am the winners will be notified via email and this blog post will be updated.

See below for trading periods and announcement dates:

June 29th, 2023: Week 1 competition has closed. 

We are excited to announce the winners of the Week 1 prize draw, who have each won $5,000 in Bitcoin. 

Our client support team will reach out to you via email to set up a phone call via the verified mobile number on your account to discuss the details. 

The $5,000 in Bitcoin will be deposited directly into your BTC Markets account. 

Congratulations to our Week 2 prize draw winners:

July 13th, 2023: Week 3 competition has closed. 

Congratulations to our Week 3 prize draw winners:

July 20th, 2023: Week 4 competition has closed. 

Congratulations to our Week 4 prize draw winners:

BTC Markets Blog

Weekly Crypto Wrap: 3rd August 2023

Weekly Crypto Wrap: 27th July 2023

BTC Markets $50,000 BTC Giveaway

Weekly Crypto Wrap: 20th July 2023

XRP: Regulatory breakthrough in the US and its global implications.

Weekly Crypto Wrap: 13th July 2023

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Weekly Crypto Wrap: 27th July 2023

BTC Markets $50,000 BTC Giveaway

Weekly Crypto Wrap: 20th July 2023

XRP: Regulatory breakthrough in the US and its global implications.

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