

TLDR
- Learn about crypto with BTC Markets beginners guide.
- It's tax time: watch our latest webinars featuring Crypto Tax Calculator & Syla.
- U.S. strategic Bitcoin reserve could be partly funded by revaluing Fed's gold.
- 41.5% of Mt. Gox Bitcoin distributed, creditors continue to HODL.
- Ethereum ETF launch boosts US$2.2b inflows.
- California DMV digitises 42m titles with Avalanche blockchain.
- US Fed holds interest rates at 23-year high, signals potential cuts if inflation cools.
BTC Markets announcements
Learn about crypto with BTC Markets beginners guide.
Recently, we announced the launch of our new Learn Section, designed specifically for beginners eager to learn about the world of cryptocurrencies.
At BTC Markets, we understand that the crypto space can be daunting, especially for newcomers. That's why we've created a comprehensive educational hub to help you navigate this vibrant landscape with confidence.

What you’ll find in our Learn Section:
- Introduction to cryptocurrencies: Explore the fascinating world of cryptocurrencies and their potential role in the future of finance.
- Getting started in crypto: Learn the basics about crypto wallets, exchanges and creating an account.
- How to buy and sell crypto: Learn how to buy, sell, and store crypto on an exchange, and secure your assets with best practices.
- How to stay safe in crypto: Stay safe in the crypto space by understanding the common scams and how to avoid them.
- Crypto tax requirements: Understanding the regulatory landscape and tax reporting requirements for crypto.
Visit our Learn Section today and start your journey towards becoming a confident and informed crypto enthusiast. With BTC Markets, the future of finance is at your fingertips.
BTC Markets tax webinar featuring Crypto Tax Calculator and Syla.
Unpacking the ATO’s latest guidance on crypto taxes for DeFi with Crypto Tax Calculator.
Our Head of Finance, Charlie Sherry, catches up with Patrick McGimpsey from Crypto Tax Calculator to talk about the latest guidance from the Australian Taxation Office (ATO) on the taxation of Decentralised Finance (DeFi).
Watch the video here.
How to simplify your crypto tax reporting in 2024 with Syla.
Charlie also chats with Syla’s Technology Co-founder, Nick Christie, to address a long-standing challenge for cryptocurrency investors: accurately declaring and managing taxes on their digital assets.
Watch the video here.
BTC Markets partners with Syla for crypto tax reporting solution.
BTC Markets has partnered with Syla to simplify cryptocurrency tax reporting for Australian users. This collaboration integrates Syla's advanced tax reporting solutions, providing a seamless and localised approach to managing crypto taxes.
The partnership addresses the challenge of accurately declaring and managing taxes on digital assets, benefiting both new and seasoned users.
Click here to view the discount codes.
BTC Markets x Ticker News ‘Crypto Corner’ featuring Charlie Sherry.
In this episode, join BTC Markets CEO, Caroline Bowler as she chats with the Head of Finance, Charlie Sherry, about the implications of the Bitcoin Halving on the broader crypto market.
Watch on YouTube or Ticker News.
Did you know…AUD card deposits are available at BTC Markets?
BTC Markets clients can deposit AUD directly into their accounts using Australian-issued Visa or Mastercard credit or debit cards.
This method provides a fast, convenient, and secure way to fund accounts instantly without leaving the exchange.
Clients can simply log in and enter their card details to make an instant deposit.
Benefits of AUD card deposits include:
- Instant deposits without leaving the exchange.
- Flexibility to use Visa or Mastercard credit or debit cards.
- Enhanced security for card information.
Additionally, we offer other deposit methods such as Osko (PayID) and direct deposits.
Our goal is to provide Australians with easier access to digital assets and a more convenient trading experience.
Deposit AUD today!
BTC Markets in the news
Cointelegraph: What happens when 1% of Bitcoin holders control 99% of BTC supply?
Speaking to Cointelegraph, Caroline Bowler, CEO of Australian crypto exchange BTC Markets, said any concentration of BTC ownership among a small number of addresses presents both challenges and benefits.
“On one hand, it raises concerns about market manipulation, centralisation and liquidity constraints,” she said.
“On the other hand, it provides these large holders with substantial market influence, strategic advantages and exclusive opportunities.”
Read the full article here.
State of crypto

The weekly trading stats as of Monday, July 29th at 10:00 am AEST, based on data from Tradingview in USD.
Draft bill reveals U.S. strategic Bitcoin Reserve to be partly funded by revaluing Fed’s gold.
Senator Cynthia Lummis has proposed a draft bill to establish a U.S. strategic Bitcoin reserve, revealed at the Bitcoin Nashville conference. The plan includes financing the purchase of up to 200,000 BTC annually over five years partly by revaluing the Federal Reserve's gold certificates.
Announced after Donald Trump's speech on blockchain policy, the reserve would use the U.S. government's existing bitcoin holdings from criminal seizures as its "core" of a new "strategic national bitcoin stockpile."
The draft bill, titled the "Bitcoin Act of 2024," directs the Treasury secretary to create a decentralised network of secure Bitcoin storage across the U.S. and maintain the bitcoin for at least 20 years, with limited disposal to pay federal debt.
Financing would also come from setting aside US$6 billion from Federal Reserve earnings and reducing the Fed's discretionary surplus funds. The revaluation would require the Federal Reserve banks to exchange current gold certificates for ones reflecting market value, remitting the difference to the Treasury.
Trade BTC/AUD on BTC Markets.
41.5% of Mt. Gox Bitcoin distributed, creditors continue to HODL.
Over 41.5%, or 59,000 Bitcoin, of the total 141,686 Bitcoin owed to Mt. Gox creditors has been redistributed. Despite receiving nearly US$4 billion worth of Bitcoin, creditors continue to hold their assets rather than sell. This trend is noted in a July 29 Glassnode report, which highlights that creditors chose to receive BTC instead of fiat, making it likely that only a subset of these coins will be sold on the market.
Mt. Gox, a prominent Bitcoin exchange that collapsed in 2014 due to a hack, lost 850,000 BTC, impacting around 127,000 creditors. The exchange, which once processed over 70% of all Bitcoin transactions at its peak, saw its creditors waiting over a decade for reimbursement.
The report notes minimal sell-side pressure following the recent distribution, suggesting a shift back to 'hodling,' (holding on for dear life) with over 65.8% of Bitcoin supply inactive for over a year and 54% for over two years.
Bitcoin 100 days post-halving: is there a price surge ahead?
On July 29, Bitcoin reached the 100-day mark since its latest halving on April 20, which cut mining rewards from 6.25 BTC to 3.125 BTC per block. Historically, Bitcoin’s price tends to rise significantly after about 100 days following a halving event.
This pattern is observed from previous halvings in 2012, 2016, and 2020, where significant price rallies followed the initial 100-day period. The halving, occurring every four years, reduces the reward miners receive by 50% to control Bitcoin’s supply and increase scarcity, as opposed to fiat currencies with growing supply.
Research by ETC Group indicates that the performance difference becomes statistically significant, with T-values exceeding 2, starting around 100 days post-halving. he key question is whether this historical trend will repeat itself this time.
Learn more about the Bitcoin halving.
Ethereum ETF launch boosts US$2.2b inflows.
The launch of spot-based Ethereum ETFs in the US has led to a notable US$2.2 billion in inflows, according to a CoinShares report. This marks one of the most significant inflow periods for Ethereum since December 2022. Despite this, Grayscale’s Ethereum trust experienced US$285 million in net outflows, which somewhat dampened the positive impact.
In addition to Ethereum developments, Bitcoin has also seen substantial inflows of US$3.6 billion in the past month, bringing its year-to-date total to a historic US$19 billion. This surge is attributed to speculation about the upcoming US elections, potential Federal Reserve rate cuts, and renewed investor confidence.
Overall, the digital asset market is expanding, with total assets under management reaching US$99.1 billion and inflows for 2024 reaching a record US$20.5 billion. However, Grayscale's Ethereum Trust ETF saw significant outflows exceeding US$1.5 billion since the launch of the spot Ethererum ETFs. Conversely, its Ethereum Mini Trust recorded a net inflow of US$44.9 million on July 26.
Trade ETH/AUD on BTC Markets.

Source: TheBlock.co
California DMV digitises 42 million titles with Avalanche blockchain.
California's Department of Motor Vehicles (DMV) has digitised 42 million vehicle titles using the Avalanche (AVAX) network, partnering with Oxhead Alpha to streamline the title transfer process. This new system allows users to transfer and manage vehicle titles within minutes via the DMV's application, a significant improvement over the traditional two-week process.
The DMV's move to blockchain technology aims to modernise and enhance efficiency in public services, showcasing blockchain's potential beyond financial services.
John Wu of Ava Labs highlights the benefits of blockchain for government operations, emphasising improved efficiency, compliance, and data protection. This initiative demonstrates how blockchain can transform bureaucratic processes and manage large public databases effectively.
Trade AVAX/AUD on BTC Markets.
Crypto Fear& Greed Index

Source: alternative.me
The week ahead: economic events
August 1st: United Kingdom Interest Rate.
August 2nd: United States ISM Manufacturing PMI, Non-Farm Payrolls and Unemployment Rate.
August 6th: United States ISM Services PMI. Australia Interest Rate.
August 7th: Germany Balance of Trade.
August 8th: Canada Ivey Purchasing Managers Index. Australia Business Confidence.
Source: trading economics
Market reflections
Overview
Economic indicators reflect a mixed landscape in Australia as inflation remains above the RBA's target, whilst retail sales rise unexpectedly amidst a sharp drop in dwelling approvals. In the US, the Federal Reserve held interest rates at a 23-year high, hinting at potential cuts if inflation cools. Meanwhile, China's manufacturing PMI signals deepening factory contraction. In Europe, Germany's economy contracted slightly, while the Euro Area and France posted modest growth. Inflation ticked up across major European economies, with rising energy costs as a key driver.
Australia
- Annual inflation rises in June and remains above RBA target.
- Retail sales up, exceeding expectations despite slower growth.
- Dwelling approvals plunge amid soaring construction costs & interest rates.
Australia's annual inflation rises to 3.8% in June, remains above RBA target.
Australia's annual Consumer Price Index (CPI) increased by 3.8% year-on-year in June, down from 4% in May and in line with market expectations. On a monthly basis, the CPI rose by 1%, with housing credit also increasing by 0.4%. The RBA's Trimmed Mean CPI recorded a 3.9% annual increase, the softest in over two years, still outside the central bank's target range of 2-3%.
Retail sales in Australia rose in June, surpassing market estimates but slowing from a four-month high in May. Private sector credit in Australia grew in June, the highest rate since September 2022, and matching market forecasts. This growth was driven by an increase in personal credit and steady housing credit. On an annual basis, private sector credit rose by 5.6%, the strongest growth in a year, following a 5.2% increase in the previous quarter.
There was a sharp decline in dwelling approvals across Australia, with a seasonally adjusted 6.5% drop in June 2024, following a 5.7% rise the previous month. This decrease, steeper than the expected 3% fall, is the largest since December 2023, highlighting significant stress in the construction sector.
The decline was particularly severe in the private sector dwellings excluding houses segment, which plummeted by 19.7%, reaching its second-lowest level since January 2012. Private sector house approvals also fell by 0.5%, reversing prior growth.
Global
- US Fed holds interest rates at 23-year high, signals potential cuts if inflation cools.
- The US economy surges, with rising core inflation & stable job openings despite slowing income.
- China's manufacturing PMI slips in July, signalling deepening factory contraction.
- The Bank of Japan raises short-term interest rates and plans bond-buying reduction.
- Germany's inflation rises in July as the economy contracts in Q2.
- Euro area GDP up in Q2 as inflation edges up to 2.6%.
- French inflation increases to 2.3% in July as economy grows 0.3% in Q2.
- Italy’s economy rises 0.2% in Q2; inflation reaches 1.3% due to higher costs.
USA
US Federal Reserve holds interest rates at 23-year high, signals potential cuts if inflation cools.
The US Federal Reserve kept the federal funds rate at a 23-year high of 5.25%-5.50% for the eighth consecutive meeting. Policymakers noted progress toward the 2% inflation target, though inflation remains elevated. The Fed indicated that rate cuts will only be considered with greater confidence in sustained inflation decline. Fed Chair Jerome Powell suggested a possible rate cut in September, depending on future economic conditions.
Economy surges in Q2 despite June dip in durable goods orders.
The US economy grew at an annualised rate of 2.8% in Q2, driven by strong consumer spending. However, June saw a 6.6% month-over-month decline in durable goods orders, missing expectations and following four months of gains.
Core inflation ticks up as personal income growth slows in the US.
Core PCE inflation rose by 0.2% in June, slightly above expectations, while the annual core PCE inflation remained steady at 2.6%. Personal income growth slowed to 0.2%, with deceleration in wages, salaries, and income from assets. Consumer spending increased by 0.3%, driven by services and goods, with real consumption expenditure up by 0.2%.
Job openings in the US hold steady, while job quits drop to lowest level since November 2020.
Job openings in the US remained stable at 8.2 million in June, slightly above forecasts. However, job quits fell to 3.282 million, the lowest since November 2020, with declines in construction and government education sectors.
China
China's manufacturing PMI falls in July, highlighting persistent factory contraction.
China's official Manufacturing PMI dropped in July, marking a third consecutive month of contraction and the steepest decline since February. Weak demand, deflationary pressures, and property market issues are impacting growth, with declines in new orders, foreign sales, and buying levels. Output expanded at the slowest pace in five months, though employment conditions slightly improved. Input and output prices decreased amid ongoing economic challenges.
Similarly, the Caixin China General Manufacturing PMI fell in July, the first decline since October. This drop is driven by shrinking new orders and subdued demand, with reduced buying levels and output growth. Despite easing input cost inflation, sentiment improved from June's near five-year low due to new business developments.
Japan
Bank of Japan raises short-term interest rates and plans bond-buying reduction.
In July, the Bank of Japan (BoJ) increased its key short-term interest rate to approximately 0.25%, up from the previous range set in March. The central bank also announced a reduction in monthly bond purchases starting January-March 2026, aiming to normalise its monetary policy.
The adjustments are part of a broader strategy to reduce the BoJ's nearly USD 5 trillion balance sheet and gradually exit the bond market. The BoJ projected core inflation for FY 2024 to be around 2.5%, revised down from April's 2.8% forecast, and estimated it will be around 2% for FY 2025 and 2026. The growth forecast for 2024 was lowered to 0.6% from 0.8%, while the outlook for FY 2025 and 2026 remains at 1.0%.
Germany
Germany's inflation rate unexpectedly rises in July, driven by higher food and service prices.
Germany's annual inflation rate increased slightly in July, above expectations. On a monthly basis, the Consumer Price Index (CPI) increased by 0.3%, the highest in three months, exceeding forecasts of a 0.2% rise. The EU-harmonised CPI also saw stronger-than-expected increases, rising 2.6% year-on-year and 0.5% month-on-month.
Business confidence hits 6-month low as economic crisis deepens in Germany.
The Ifo Business Climate indicator for Germany fell for the third month in a row in July, its lowest level since February, and missing forecasts. Sentiment has weakened significantly among German companies, with current conditions dropping, and future expectations falling.
Ifo president Clemens Fuest remarked, "The German economy is stuck in the crisis." The business climate worsened across all key sectors: manufacturing, services, trade, and construction, according to the Ifo Institute.
German economy contracts in Q2, marking fifth consecutive quarter of stagnation.
The German economy unexpectedly contracted by 0.1% in Q2, reversing from 0.2% growth in the previous quarter and missing forecasts of a 0.1% gain. This marks the fifth straight quarter of no growth, driven by declines in investment in equipment and buildings, as the industrial sector struggles with high interest rates. Year-on-year, the economy also shrank by 0.1%. The European Commission projects minimal growth of 0.1% for 2024, with domestic demand expected to pick up slowly, though investment and exports are likely to remain subdued.
Euro Area
Euro area GDP rises in Q2, achieving highest annual growth in five quarters.
The Euro Area's GDP grew by 0.3% quarter-over-quarter in Q2, aligning with its long-term average and signalling a steady recovery. On a year-on-year basis, the economy expanded by 0.6%, marking the highest annual growth rate in five quarters and slightly exceeding market expectations of 0.5%. This follows an upwardly revised 0.5% growth in Q1 2024, indicating a gradual improvement in economic conditions across the region.
Euro area inflation edges up in July, driven by rising energy costs.
The annual inflation rate in the Euro Area unexpectedly rose to 2.6% in July, up from 2.5% in June, contrary to forecasts of a slowdown to 2.4%. The core inflation rate, which excludes food, energy, alcohol, and tobacco, remained steady at 2.9%, above the anticipated 2.8%. Inflation accelerated in major economies such as Germany, France, and Italy, but eased in Spain.
France
French economy surprises with growth in Q2, driven by steady consumption and resilient trade.
In Q2, the French economy grew by 0.3% quarter-over-quarter, exceeding market expectations and matching the revised growth from Q1. This marks the strongest quarterly growth since Q2 2023, supported by stable household consumption, modest gains in government spending and fixed investment, and robust exports. Imports remained flat, contributing to the positive net trade balance. On a yearly basis, the economy expanded by 1.1%, slightly down from the revised 1.5% growth in Q1.
France's inflation rate edges up in July, continuing a recent uptrend.
France's inflation rate increased to 2.3% in July 2024, up from 2.2% in June, continuing the recent upward trend. This figure aligns with historical averages, as France's inflation has averaged 4.25% from 1958 to 2024, with notable highs and lows over the decades.
Italy
Italy’s economy grows in Q2, driven by domestic demand despite weak exports.
Italy's GDP grew by 0.2% quarter-over-quarter in Q2, slightly down from 0.3% in Q1 but in line with market expectations. The growth was supported by a strong domestic component, particularly due to significant inventory build-up, while net exports contributed negatively. On an annual basis, the economy expanded by 0.9%, the highest growth rate in five quarters, up from a revised 0.7% in Q1. Despite the challenges, this annual growth rate marks a notable recovery from previous quarters.
Italy’s inflation rate rises in July, driven by higher energy and service costs.
Italy's annual inflation rate increased to 1.3% in July, up from 0.8% in June, surpassing market expectations of 1.2%, according to preliminary estimates. The EU-harmonised rate also rose sharply to 1.7%, nearing the European Central Bank's 2% target. The easing of energy deflation, particularly in regulated and unregulated components, was a key factor in this rise. Additionally, inflation was bolstered by higher prices for tobacco and recreational, cultural, and personal care services. However, inflation slowed for non-durable goods and processed food products, with unprocessed food prices even declining. Monthly, consumer prices in Italy increased by 0.5%, up from a 0.1% rise in June.
Scam awareness
SIM card swap attacks: risks, mechanisms, and safeguards.
In our increasingly interconnected world, where mobile phones are integral to communication, commerce, and identity verification, the security of mobile devices has become paramount. One emerging threat that individuals and businesses alike must be aware of is the SIM card swap attack. In this section, we will delve into the mechanics of SIM card swap attacks, their potential risks, and whether they can occur in Australia.
What is a SIM card swap attack?
A SIM card swap attack, also known as SIM swapping or SIM hijacking, is a type of identity theft where attackers gain control over a victim's phone number by manipulating their mobile carrier's customer service. This attack involves convincing the carrier to switch the victim's phone number to a new SIM card controlled by the attacker. Once successful, the attacker can receive all calls and messages intended for the victim, enabling unauthorised access to sensitive information.
Read the full blog here.
The ASIC provides a checklist of common scams and ways to avoid them. To learn more, visit ASIC’s website.
Discover more on our ‘Compliance conversation’ blog page, where we share the latest updates on safeguarding against scams and protecting your assets. Stay informed and stay protected!
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Disclaimer: The information provided on this page is issued by BTC Markets Pty Ltd (BTC Markets, we, us, our). The information is general only and is not intended to constitute an opinion or recommendation with respect to its contents. Past performance is not a reliable indicator of future performance. Any reference to past performance is intended to be for general illustrative purposes only. The information cannot be relied upon for any purposes and is not intended to be a substitute for professional advice.
The information does not purport to be complete, accurate or contain all of the information that a person may require to make a decision. It may also contain forward looking statements, which are subject to known and unknown risks, uncertainties, and other factors. We recommend you obtain professional advice before making any decision with respect to the matters discussed in this document. To the maximum extent permitted by law, BTC Markets will have no liability for any loss or liability of any kind: (i) arising in respect of the information contained (or not contained) on this page; or (ii) arising from a person relying on any information or statement contained on this page. The information provided is only intended for recipients in Australia. This information cannot be reproduced without our prior written permission.
Weekly prices are accurate as of 10:00 AM AEST on 29/07/2024.
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