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Weekly Crypto Wrap: 19th October 2023

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Rachael Lucas
Weekly Crypto Wrap: 19th October 2023

TLDR

  • Australian Treasury proposes new regulations for crypto exchanges.
  • Bitcoin surges almost 5% on Monday as its dominance strengthens.
  • The US SEC will not pursue an appeal in case against Grayscale.
  • Ethereum’s Layer 2 ‘Scroll’ marks milestone in scalability.
  • Uniswap DAO grants US$46.2M to Uniswap Foundation.
  • Lido Finance drops Solana staking following DAO vote.
  • Bitcoin predicted to hit US$100,000 within five years.

**Scheduled maintenance announcement**

Scheduled maintenance is planned for our trading platform on Friday, October 20th, between 2am and 8am AEDT.

Throughout this period, all services will be temporarily offline, and you can stay updated on the progress on X (Twitter). We'll provide a final update as soon as the maintenance is finished, and all services are back online. If you have any inquiries, please don't hesitate to contact our client support team.

BTC Markets in the news

Banks and industry leaders welcome planned cryptocurrency regulation – ABC News.

Our CEO Caroline Bower said that BTC Markets had already been positioning itself for such regulation.

"Digital assets are so clearly the future of financial services. It is imperative the country keeps pace with our international peers, with a robust regulatory framework…BTC Markets has long agitated for appropriate, proportional regulation of the crypto industry in Australia."

Read the full article here.

Crypto regulation proposal a 'critical milestone' – The West Australian.

BTC Markets chief executive Caroline Bowler said the Melbourne-based exchange’s sister company, BTCM Payments, had already held an Australian financial services license since 2022.

“A great next step for the Australian economy…Digital assets are so clearly the future of financial services.” Ms Bowler said of the proposal.

Read the full article here.

Money News with Scott Haywood – 4BC News Radio.

4BC's Scott Haywood chats with Caroline Bowler on the Money News podcast. They discuss the latest regulatory proposal introduced by the Australian government on Monday. Listen in to learn more about how these changes could impact the industry and its consumers.

Money News with Karalee Katsambanis – 6PR Perth.

Karalee Katsambanis, host of Money News of 6PR in Perth talks to BTC Markets CEO, Caroline Bowler on buying a Ferrari with Bitcoin!

Crypto regulation welcomed – auinvesting.com.

BTC Markets CEO Caroline Bowler has welcomed the change.

“We share the desire for widespread investor protections. Mirroring traditional financial products will give investors similar comforts when they trade crypto or other digital assets.”
“BTC Markets has been built around traditional finance risk frameworks. We fully expect to be one of the first exchanges to qualify under the new framework.”

Read the full article here.

BTC Markets announcements

Representing crypto at the ASX Refinitiv 4th Markets Day for Charity.

Once again, BTC Markets is proud to represent the crypto industry in the ASX Refinitiv 4th Markets Day for Charity. Taking place on Tuesday 31st October, all trading profits from the day will be donated to charity.

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The ATO deadline is less than two weeks away!

Once again, it's that time of the year. If you're handling your own tax return, remember the ATO’s deadline is on October 31, 2023.

We offer a seamless integration with leading crypto tax specialist tools that cater to various tax reporting requirements.

To discover more, please visit our tax help page.

State of crypto

  • Australian Treasury proposes new regulations for crypto exchanges.
  • Bitcoin surges almost 5% in Monday’s trading session, as traders predict US$100K price target.
  • Bitcoin’s dominance continues its climb, hitting 52.55%.
  • The US SEC will not pursue an appeal in its case against Grayscale.

Anticipation is building among traders and cryptocurrency advocates, who foresee the price of Bitcoin surging to US$100,000 in the next five years.

This optimism is driven by the expected approval of the first Bitcoin ETFs, which is poised to attract significant interest from institutional investors, including superannuation funds.

Lisa Wade, the CEO of DigitalX, which manages two digital asset funds for wholesale investors, emphasised that thorough analysis by her team indicates a strong possibility of Bitcoin reaching a six-figure value in US dollars in the foreseeable future.

Earlier this week, the Australian Treasury announced new regulatory measures for cryptocurrency exchanges. These regulations could mandate that crypto exchanges must obtain a financial services license from the corporate regulator. This framework includes specific obligations designed to mitigate risks for investors while concurrently fostering the growth of the digital asset sector.

This announcement coincided with the 2nd annual Financial Review Cryptocurrency Summit in Sydney, where industry experts convened to deliberate on pivotal topics, including the influence of increasing institutional adoption on the digital asset market, regulatory strategies to ensure the safeguarding of consumers and investors, the implications of central bank digital currencies (CBDCs) on monetary policy and financial stability.

On Friday, the SEC failed to file an appeal challenging the court ruling in its case against Grayscale. This decision increases the probability of Grayscale's Bitcoin Trust being eventually transformed into a spot ETF.

As a result, Bitcoin's price surged 4% during the morning hours on Monday, further building upon the positive sentiment following the SEC's decision. It then witnessed a sudden price surge, from US$26,838, peaking at US$30,000 in Tuesday’s trading session.

This abrupt price movement was attributed to a social media post on the X platform (formerly known as Twitter) by Cointelegraph stating the SEC had granted approval for a spot Bitcoin ETF. The news resulted in a price spike causing almost US$100 million in liquidations within the hour, according to data from Coinglass. Bitcoin’s market dominance peaked as high as 52.55% during the speculation of the ETF approval.

When market analysts were unable to confirm the report through official sources, the post was deleted, and an apology issued by Cointelegraph.

Bitcoin's price then retraced to its current trading range at US$28k. The SEC has not granted approval for a spot Bitcoin ETF, and BlackRock's application remains under review, as reported by Bloomberg. The SEC posted a stern warning on X stating that the only source of truth would come from the SEC website.

Crypto market sentiment is currently in the neutral zone, at 52 on the Crypto Fear & Greed index as fear slowly leaves the market.

The weekly close.

In the last trading week, Bitcoin (BTC) closed at US$27,154.15, down 2.73%. Ethereum (ETH) also lost 4.60% on the week, closing at US$1,577.77. XRP settled at US$0.4874, reflecting a 5.80% decrease.

Litecoin (LTC) incurred a loss of 5.68%, closing at US$63.63, while Cardano (ADA) also experienced a decrease of 3.51% and closed at US$0.2473. Solana (SOL) wrapped up the week with a loss of 5.56%, ending at US$21.93.

Bitcoin's market dominance extended its streak of consecutive weekly gains, recording a 0.20% increase and closing the week out at 51.03%.

Simultaneously, the total cryptocurrency market capitalisation experienced a decline of 2.89% during the week, ultimately closing at US$1.039 trillion.

Year-to-date in the crypto space.

In the year-to-date** performance of the top cryptocurrencies on our exchange, Solana (SOL) stands out, showcasing an impressive 135.51% gain.

Bitcoin (BTC) follows with an impressive 71.55% increase.

XRP (XRP) showing resilience, recording a 44% gain whilst Ethereum (ETH), is holding steady up 30%.

On the other hand, Cardano (ADA) has entered negative territory, experiencing a loss of 0.81%, while Litecoin (LTC) has faced a decline of 13.70%, underscoring challenging market conditions.

*The weekly trading stats as of Monday, October 16th at 11:00 am AEDT, based on data from Tradingview in USD.

**Year -to-date performance as of Thursday, October 19th at 11:00 am AEDT, based on data from Tradingview in USD.

Crypto news

Bitcoin’s ‘moral imperative’ to replace fiat currencies.

CEO of Coinbase, Brian Armstrong, warned that emerging market currencies in Africa, the Asia Pacific and South America faced “long tails” of destruction due to reckless and corrupt governments.

“Bitcoin has an important role in feeding the moral imperative to replace the long tail of fiat currencies that are really abused the most in [emerging market] countries around the world…A lot of those currencies eroded the wealth of the poorest people in society. And it’s a real tragic story where governments have abused that and it’s basically like theft.”

Digital asset fund tip Bitcoin to hit US$100k within five years.

Crypto advocates are tipping the price of Bitcoin to reach new highs within the next five years if approval of the first exchange-traded funds for digital assets opens the floodgates to institutional investors.

Bitcoin's strong performance this week drove its market share among all cryptocurrencies, known as the Bitcoin Dominance Rate, to over 52%, its highest level since April 2021, according to data from TradingView.

Lisa Wade, the chief executive of DigitalX, which runs two digital asset funds for wholesale investors, said “really grounded” analysis by her team suggested that Bitcoin would easily reach the equivalent of six figures in US dollars in the near future.

Buy Bitcoin on BTC Markets.

Ethereum’s Layer 2 ‘Scroll’ launch marks milestone in network scalability.

Following two years of research, three successful testnets and rigorous security audits, Scroll has officially launched on mainnet, according to developers.

Scroll, a layer 2 network built on Ethereum, confirmed on Tuesday that its mainnet is now live. Scroll aims to solve the fundamental scalability issue which continues to plague the Ethereum network, without compromising security or decentralisation. It joins the competition among rival scaling solutions (such as those from Polygon and Matter Labs) which aim to bring about cheaper and faster transactions on the largest smart-contracts blockchain, Ethereum.

Scroll has been building a layer-2 network using zero-knowledge cryptography, led by co-founder Sandy Peng, that is compatible with the Ethereum Virtual Machine computing environment (EVM).

It works by batching thousands of transactions off-chain into one, then submitting a proof consisting of a minimal data summary to Ethereum’s mainnet. The compatibility will make it easier for developers to redeploy applications built for Ethereum onto the new ‘zkEVM’ network.

Scroll co-founder Sandy Peng told Blockworks in an interview that existing Ethereum projects will be able to directly deploy their projects onto Scroll and utilise its zkEVM technology.

“The significance of zkEVM to developers lies in its ability to batch proofs in a highly efficient manner, offering faster transaction speeds at reduced costs. A key element in this process is bytecode-level compatibility.”

Buy ETH on BTC Markets.

Uniswap DAO grants US$46.2M to Uniswap Foundation.

Uniswap Foundation (UF), a non-profit dedicated to supporting the growth and decentralisation of the Uniswap decentralised exchange (DEX), will receive US$46.2 million from the Uniswap DAO after a vote passed quorum earlier this week.

The proposal passed with a significant majority of Uniswap (UNI) token holders voting in favour of allocating US$46.2 million to the Uniswap Foundation.

The UF will be delegated the funds through a smart contract created by the Uniswap DAO, which will ensure that the DAO could claw tokens back via an additional vote if necessary.

The UF received an initial US$20 million from the Uniswap DAO to cover operating expenses and one year’s worth of grants.

“Last year, Uniswap governance approved the creation and initial funding of the Uniswap Foundation. Today we are requesting the remainder of our initial funding to support our next 2 years of work (US$46.2M),” the UF wrote in the proposal.

Following this vote, the Foundation will now receive the additional funds it was pledged.

Uniswap v3 is the largest DEX by total value locked (TVL) today. Since its inception, the UF has been focused on providing grants to ecosystem participants, so far completing 40 grants and committing around US$4.5 million to different projects, according to a post on X (formerly Twitter).

Buy UNI on BTC Markets.

Lido Finance drops Solana staking after DAO vote decision.

Decentralised liquid staking giant Lido Finance has decided to no longer accept new requests for staking Solana (SOL) token following Lido's (LDO) token holders' voting in favour of discontinuing the service.

The proposal to ‘sunset’ Solana was first put forward by Lido’s peer-to-peer (P2P) team in early September, citing unsustainable financials and low fees generated by Lido on Solana. On October 16th, Lido wrote in a post:

“After extensive DAO forum discussion followed by community vote, the sunsetting of the Lido on Solana protocol was approved by Lido token holders and the process will begin shortly…Whilst this decision was difficult in the face of numerous strong relationships across the Solana ecosystem, it was deemed a necessity for the continued success of the broader Lido protocol ecosystem.”

More than 92% of the Lido community voted to end the product rather than keep it going. Lido’s P2P team has been working on the project since acquiring it in early 2022 from Chorus One.

According to the author of the proposal, Lido has invested around US$700,000 into Lido on Solana and made US$220,000 in revenue, resulting in a net loss of roughly US$484,000.

Lido’s staking services are now only supported on Ethereum and Polygon, where US$14 billion and US$80 million are staked, respectively. Lido confirmed that staked Solana (stSOL) token holders will continue to receive network rewards throughout the sunsetting process, unstaking support for the Lido on Solana Frontend will end on February 4th, 2024.

Buy SOL on BTC Markets.

The week ahead: upcoming economic events

October 20th: US Fed Chair Powell Speech. Japan’s Inflation Rate YoY. UK Retail Sales MoM.

October 24th: Germany’s GfK Consumer Confidence and HCOB Manufacturing PMI Flash. UK Unemployment Rate.

October 25th: Australian Inflation Rate YoY Q3. Germany’s Ifo Business Climate.

October 26th: Bank of Canada’s Monetary Policy Report.

Economic Calendar (tradingeconomics.com)

Market reflections

Australia

  • The RBA’s "low tolerance" for sustained inflation dampens market enthusiasm.
  • Tokenisation of financial assets will generate billions in savings.
  • The ANZ-Roy Morgan Consumer Confidence survey sees an increase in inflation expectations.
  • The Westpac-Melbourne Institute Leading Economic Index points to further weakness.

The Reserve Bank Meeting Minutes.

The Reserve Bank of Australia (RBA) meeting minutes suggests the possibility of another interest rate increase if inflation proves more persistent than anticipated.

The minutes from the RBA's October meeting reveal that the board considered raising the official cash rate by 25 basis points to 4.35%, but ultimately kept it at 4.1% for the fourth consecutive month. The decision was based on a lack of significant new information from economic data or financial markets.

However, the RBA maintains a "low tolerance" for sustained inflation that doesn't align with their previous expectations. The upcoming data on the job market and inflation, along with the RBA's revised quarterly forecasts, will play a pivotal role in determining the future course of interest rates.

The RBA's reference to persistent and prolonged inflation, given recent developments, is considered a "hawkish" stance by some analysts. The next RBA meeting, scheduled for November, is seen as having high potential for a rate change, especially if the quarterly inflation numbers surpass the RBA's prior expectations.

The RBA expressed concerns about recent inflation figures, including a rise in the consumer price index to 5.2% in August and the substantial increase in oil prices since the end of June. They noted that higher petrol prices could continue to drive inflation and affect households' inflation expectations.

The recovery of home values in major cities, a reduction in property price drops, and evidence of monetary conditions being tight were factors highlighted in the RBA's minutes.

However, the minutes also pointed out that households faced significant debt repayment obligations, impacting consumer spending. Additionally, the RBA noted that rents remained stable but tight, indicating ongoing inflationary pressure in the rental market.

The minutes highlighted a turning point in the labour market, with the supply of new job seekers increasing and job demand moderating. Job vacancies, although lower than their peak last year, remained high.

The risk of a price-wages spiral was considered low, and household disposable income, accounting for inflation, had decreased by 3% year-on-year.

The minutes acknowledged the potential risk of a slowdown in the Chinese economy as a key global concern. Nonetheless, indicators suggested positive developments, supporting prices for iron ore and coking coal, two of Australia's significant exports.

Tokenisation of financial assets will generate billions in savings.

The RBA contends that converting tangible financial assets into a "tokenised" format has the potential to generate substantial annual savings, amounting to billions of dollars, for banks and other financial entities. This cost reduction would come through the simplification of settlement procedures and the automation of registries.

The RBA is currently in the preliminary phases of organising a project aimed at evaluating the utility of various digital currency forms, including "central bank digital currency" (CBDC) and stablecoins issued by banks, in facilitating the growth of tokenised asset markets within Australia.

ANZ-Roy Morgan Consumer Confidence survey.

A survey of consumer sentiment by ANZ, indicated a slight increase in inflation expectations. Investors are currently leaning toward anticipating a rate cut, although this outlook may change based on the forthcoming job and inflation data.

Westpac-Melbourne Institute Leading Economic Index.

The index continues to point to an extended period of weak conditions. September marks the fourteenth consecutive subzero read on the headline index growth rate, implying that lacklustre sub-trend growth momentum will carry well into 2024.

Bill Evans, the chief economist at Westpac Group, anticipates that GDP growth will slow in 2023 and remain at this weak pace in early 2024. The growth rate is significantly lower than the population growth rate, which indicates a challenging economic environment in Australia with subdued growth prospects compared to the population growth rate.

Global

  • US CPI comes in hotter than expected as consumer sentiment slips.
  • Positive retail sales out of the US beat market expectations.
  • China's economy displayed resilience in Q3 2023.
  • Good news for the German economy as sentiment comes in higher.
  • Canada's annual inflation eases as the rate dips to 3.8%.
  • UK economy rebounds in August after a sluggish July.

US

Recently released U.S. inflation figures have sparked fresh discussions about potential actions by the Federal Reserve (Fed) concerning interest rates. This led to a drop in the U.S. stock market as core consumer prices increased for the second consecutive month and consumer sentiment decreased slightly.

Surprisingly, the year-on-year growth rate has held steady at 3.7%, contrary to expectations of a decrease to 3.6%. This outcome has prompted economists to exercise caution in their assessments.

While the Fed has made progress in controlling inflation and maintaining economic growth in 2023, concerns remain for the coming year. The Fed projects a slowdown in GDP growth to 1.5% in 2024, some experts are sceptical about maintaining economic growth, even though the labour market is currently robust.

While there's hope for a "soft landing" for the economy, there's also concern about the impact of high-interest rates. There is potential for more rate hikes in 2024 and the risk of a recession, although the Fed is no longer forecasting a prolonged one.

US retail sales rose in September surging by 0.7% month-on-month, surpassing market expectations. This signals strong consumer spending despite challenges like high prices and borrowing costs. Although, Bank of America has reported that credit card debt is on the rise, recording a 0.2% increase in monthly balances for September. Housing starts in the US surged by 7%, while building permits experienced a 4.4% decline.

Market participants are weighing the risks to economic growth, including inflation, financial pressures like student loans and household debt, and geopolitical risks.

The CNN Fear and Greed Index is steady at 35 in the fear zone up from 31 a week ago.

China

China's economy displayed resilience in Q3 2023, surpassing expectations with a 4.9% year-on-year growth, attributed to increased government support and higher consumer spending, despite property market challenges.

Industrial production remained stable at 4.5% in September, aligning with forecasts and marking the highest reading since April. Retail sales saw a significant uptick, rising by 5.5% YoY in September, surpassing previous months and estimates whilst consumer prices stagnated, indicating persistent deflationary pressures.

Trade surplus narrowed in September, exceeding forecasts but reflecting weak domestic and international demand. The producer price index (PPI) fell by 2.5% in September, extending a 12-month decline, amplifying deflationary pressures.

Finally, the grace period for China's Country Garden coupon payment has expired, fuelling speculation that the country’s biggest private property developer has defaulted on its offshore debt as reports emerge about a regional bank run, further dampening sentiment in the world’s second largest economy.

China continues to wrestle with deflationary pressures, despite specific areas showing signs of recovery, and financial analysts approach future inflation trends with cautious optimism.

Japan

Japan's trade balance unexpectedly shifted to a surplus in September, beating market estimates and registering the first trade surplus in three months.

Germany

Positive news for the German economy as the ZEW Indicator of Economic Sentiment surpassed expectations with the highest reading since April, indicating a strong recovery from recent challenges. Factors like reduced inflation and stable short-term interest rates in the Eurozone are driving optimism.

Canada

Canada's annual inflation eases as the rate dips to 3.8% in September, below market expectations of 4%. This suggests the Bank of Canada may pause rate hikes. On a monthly basis, CPI saw its first reduction of the year, decreasing by 0.1%.

UK

UK inflation unexpectedly remained at 6.7% in September, defying expectations of a slight dip to 6.6%. Soaring fuel prices continued to strain households, keeping inflation well above the Bank of England's 2% target. This development raises questions about the upcoming interest rate decision in November.

On a more positive note, the UK's economy showed signs of recovery with a 0.2% MoM growth, in line with market expectations. The services sector played a significant role, expanding by 0.4%, driven by professional and educational activities.

Over the past three months, the UK's GDP increased by 0.3%, offering reasons for optimism. EY experts believe that while high-interest rates will impact GDP, the risk of a recession has diminished.

Regulation roundup

ASIC chairman warns new crypto rules need more time.

The Australian Treasury has confirmed that new regulatory measures for cryptocurrency exchanges are on the way. Assistant Treasurer Stephen Jones announced the government’s long-anticipated regulatory regime at The Financial Review Crypto Summit in Sydney on Monday. These regulations could mandate that crypto exchanges must obtain an Australian Financial Services License (AFSL) from the corporate regulator.

According to recent reports, the Australian Securities and Investment Commission (ASIC) will be forced to license crypto platforms using the existing financial services licensing regime, with the government planning draft legislation by early next year.

ASIC chairman Joe Longo, warned the crypto industry that it will take more time to finalise ASIC licensing laws to avoid high-profile collapses among Australian crypto exchanges, some of which may not be able to meet the requirements for an AFSL. Speaking at the Crypto Summit, Mr Longo said, “more work is needed to ensure we get our domestic settings right for this complex issue.”

According to Mr Longo, ASIC will continue with enforcement actions against crypto businesses which it believes are issuing unlicensed financial products. “The most comprehensive regulatory framework in the world would be incomplete without strong enforcement to support it,” he said.

Coinbase CEO, Brian Armstrong, appearing remotely at the Crypto Summit, commended Australia for taking the next step to define its own rules rather than relying on the regulatory approach of the US Securities Exchange Commission.

“That’s the benefit of countries like Australia taking a more proactive approach, to engage in conversations around rule making.” Mr Armstrong said.

Compliance conversations

Unmasking the shadows: How to spot deep fake scams.

In the digital age, technology has brought numerous conveniences into our lives, but it has also opened the door to a new realm of cyber threats. One of the most concerning and sophisticated of these is the deep fake scam. Deep fakes are manipulative and often malicious attempts to deceive individuals by creating hyper-realistic but entirely fabricated videos, audio recordings, or images. In this section, we will explore what deep fake scams are, the dangers they pose, and provide you with practical tips on how to spot them.

Understanding deep fake scams

A deep fake is a type of artificial intelligence-generated content that can seamlessly superimpose the face, voice, or appearance of one person onto another. These manipulations can be used for various purposes, including political misinformation, identity theft, and financial fraud. Deep fake scams typically fall into the following categories:

  • Financial Fraud: Scammers can create fake videos or audio recordings of someone you know, like a family member, colleague, or supervisor, to request money transfers or sensitive information.
  • Impersonation: Fraudsters can convincingly impersonate someone in a position of authority, such as a government official, bank representative, or corporate executive, to extract confidential data or funds.
  • Blackmail: Criminals may create doctored videos or images and threaten to release them unless a victim pays a ransom.
  • Misinformation and Propaganda: Deep fakes can be used to spread false information or defame individuals for political or personal gain.

Spotting deep fake scams

Spotting deep fake scams requires a cautious and discerning eye. Here are some tips to help you identify them:

  • Check the Source: Always verify the source of the content. Is it a reputable news organisation, a known website, or a credible social media account? Deep fake scammers often disseminate content through obscure channels.
  • Examine Audio Quality: Deep fakes often struggle with audio quality. Listen for odd speech patterns, unnatural tone shifts, or discrepancies between audio and video.
  • Analyse Facial Expressions: Pay close attention to facial expressions, especially when emotions are involved. Deep fakes may show a lack of emotion or incongruity between speech and facial movements.
  • Look for Inconsistencies: Scrutinise the background and any elements within the video. Inconsistencies, such as distorted backgrounds or unnatural lighting, can be telltale signs of a deep fake.
  • Verify the Timing: Deep fake scams often rely on a sense of urgency. Take a moment to double-check the timing of the request or information and ensure it aligns with what you know.
  • Consult with Trusted Contacts: If you receive a suspicious message or video, contact the person or organisation directly using verified contact details. This can help confirm the legitimacy of the content.
  • Use Deep Fake Detection Tools: Several online tools and software applications are designed to detect deep fakes. These tools analyse the content and assess its authenticity. While they are not foolproof, they can provide an added layer of security.
  • Stay Informed: Stay updated on emerging deep fake technologies and common scam tactics. Awareness is your best defence against falling victim to these scams.

Preventing deep fake scams

While it is essential to spot deep fake scams, prevention is equally crucial. Here are some steps you can take to protect yourself and your digital identity:

  • Enable Two-Factor Authentication: Secure your online accounts with two-factor authentication. This adds an extra layer of protection against unauthorised access.
  • Be Cautious with Personal Information: Avoid sharing sensitive personal or financial information through video or voice calls, especially if you did not initiate the contact.
  • Educate Yourself and Others: Share information about deep fake scams with friends, family, and colleagues. Encourage them to stay vigilant and informed.
  • Use Strong Passwords: Create complex and unique passwords for your online accounts. Password managers can help you keep track of them securely.
  • Report Suspicious Activity: If you encounter a deep fake scam, report it to the relevant authorities, such as your local law enforcement or online platforms.

Deep fake scams are a growing threat in the digital landscape, and staying informed and cautious is your best defence. By understanding the nature of deep fake scams, learning how to spot them, and taking preventive measures, you can protect yourself and those around you from these deceptive and potentially harmful manipulations of technology. In a world where information is power, your ability to discern fact from fiction has never been more critical.

ASIC provides a checklist of common scams and ways to avoid them. To learn more, visit ASIC’s website.

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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 11:00 AM AEST, on 19/10/2023.

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