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Weekly Crypto Wrap: 21st March 2024

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Rachael Lucas
Weekly Crypto Wrap: 21st March 2024

TLDR

  • New listing: Hedera (HBAR) is going live on BTC Markets!
  • SOL & AVAX outperform, up 39.65% & 38.80% on the week.
  • ‘Crypto Corner’ featuring Joni Pirovich from BADASL.
  • Blackrock announces tokenised investment fund.
  • Central banks maintain cash rates as Australia sees record jobs data.
  • China's industrial production surges in Dec as retail sales miss.

BTC Markets announcements

New listing: Hedera (HBAR) is going live on BTC Markets!

We're excited to announce that Hedera (HBAR) is coming to BTC Markets. Deposits and withdrawals are available now, with the market scheduled to go fully live for trading on Tuesday, March 26th.

Hedera (HBAR) stands out for its innovative approach and ground-breaking solutions in blockchain and distributed ledger technology. With its unique consensus mechanism and focus on scalability, security, and decentralisation, HBAR has garnered attention from both enthusiasts and industry experts alike.

Read more about Hedera on our blog, and stay updated on the latest developments regarding this listing by following us on X/Twitter or LinkedIn.

‘Crypto Corner’ hosted by BTC Markets CEO, Caroline Bowler on Ticker News featuring Joni Pirovich from BADASL.

At the start of the month, we launched 'Crypto Corner', an Australian first collaboration between BTC Markets and Ticker News, where we dive deep into the world of cryptocurrency and blockchain technology. Hosted by our CEO Caroline Bowler, we invite industry leaders across the blockchain and crypto sectors to discuss recent market shifts, expert analyses, and the impact of macroeconomic variables on price action.

In our second episode, Caroline catches up with Joni Pirovich from BADASL to explore the history of exchange token offerings in Australia. Joni, a distinguished figure in the field, shares her expert analysis and perspectives, drawing from years of experience providing legal and tax advice on blockchain and digital assets. As the founder of BADASL, Joni brings a wealth of knowledge to the table, shedding light on key topics shaping the industry.

Tune in to our YouTube channel or Ticker News to watch the second episode.

Event wrap: Blockchain APAC Policy Week in Sydney.

The recent Blockchain APAC Policy Week in Sydney has drawn international interest, particularly for its exploration of the global regulatory framework, vital for Australia's growing blockchain industry. With discussions focused on licensing frameworks and the necessity for consistent definitions and regulatory measures, the event provided invaluable insights for industry stakeholders.

The event not only facilitated knowledge sharing but also emphasised the importance of a cohesive approach towards advancing the blockchain ecosystem. Through meaningful exchanges and strategic partnerships, Blockchain APAC Policy Week laid a solid foundation for future initiatives aimed at navigating the regulatory landscape and driving sustainable growth in the industry.

As sponsors, BTC Markets takes pride in supporting initiatives that propel the blockchain industry forward and foster an environment conducive to innovation and collaboration.

Want more information about Blockchain APAC? Follow them on X/Twitter or LinkedIn to stay up to date with the latest events and announcements.

BTC Markets in the news

Capital Brief: Still searching for Satoshi.

The recent UK high court ruling dismissed Craig Wright's claim to being Satoshi Nakamoto, the pseudonymous creator of Bitcoin, marking the end of a prolonged legal battle. Wright's assertions were contested by the Crypto Open Patent Alliance (COPA), backed by figures like Jack Dorsey, who aimed to preserve the open-source nature of blockchain technology.

Caroline Bowler, CEO of BTC Markets, emphasised the significance of Bitcoin's mysterious origins, suggesting that the anonymity surrounding Satoshi Nakamoto is a boon for the industry. She noted that unveiling the developers' identities could lead to unnecessary scrutiny and divisive interpretations of Bitcoin's philosophy.

Despite the lack of clarity surrounding Bitcoin's creator, the cryptocurrency industry perceives this ambiguity as advantageous, viewing Satoshi Nakamoto's anonymity as a unique aspect that contributes to Bitcoin's mystique and widespread acceptance.

The Block: Solana’s search interest surges on Google amid memecoin mania.

Much of Solana’s popularity spike is attributed to the hype surrounding Solana-based memecoins. “Memecoins like Bonk and dogwifhat along with politically inspired tokens, have gained traction, driving up interest and activity on the Solana blockchain,” Rachael Lucas, head of marketing and communications for BTC Markets, told The Block on Friday.

Read the full article here.

The Block: Bitcoin, Ether fall while spot bitcoin ETFs log record outflows.

Aside from ETF outflows, BTC Markets’ Head of Marketing and Communications Rachael Lucas told The Block that speculative shifts to smaller coins like SOL and AVAX, and meme coins like WIF have contributed to Bitcoin’s drop.

Read the full article here.

The Bitcoin Halving


A contrarian view: evaluating Bitcoin's future amidst market dynamics.

It's essential to assess both the upside and downside of all investments, including Bitcoin, to make well-informed decisions that consider both potential gains and risks, thus ensuring a balanced approach. Some market participants believe that the historical patterns related to Bitcoin Halving events, might not provide accurate guidance in the current market environment.

The phenomenon of Bitcoin Halving cycles, which are preprogrammed events occurring at intervals when the amount of newly minted Bitcoin decreases by half. Traditionally, investors have closely observed these cycles, believing that the reduction in new supply would drive up Bitcoin prices. Historically, much of Bitcoin's price appreciation in each boom cycle has occurred after a halving event.

However, the current market cycle, influenced by the introduction of exchange-traded funds (ETFs) investing directly in Bitcoin, is diverging from historical patterns. Unlike previous cycles, Bitcoin has breached its all-time highs before the April Halving event, indicating a shift in market dynamics.

Instead of solely relying on past Bitcoin Halving cycles for predictions, investors are now looking at companies closely associated with Bitcoin, such as MicroStrategy Inc. and Coinbase Global Inc., for insights. These companies issued new convertible notes in March, suggesting anticipation of market peaks or a potentially longer bull market cycle.

The Bitcoin Halving countdown

Updated as of 11:13am AEDT 21/03/2024.

CMC Bitcoin halving countdown

Source: coinmarketcap

State of crypto

  • Bitcoin ETF inflows turn negative amid significant outflows from Grayscale.
  • Blackrock announces tokenised investment fund.
  • What the end of the BTFP could mean for Bitcoin's price.
  • SEC delays decision on ETH ETFs amid approval uncertainty.

Bitcoin ETF inflows turn negative amid significant outflows from Grayscale.

On March 18, over US$640 million flowed out of Grayscale's spot Bitcoin exchange-traded fund (ETF), marking the largest single-day outflow since its conversion to a spot ETF on January 11. Concurrently, Fidelity's Bitcoin ETF experienced minimal inflows, resulting in a net outflow of US$154.3 million from spot Bitcoin ETFs.

Market analysts attribute Tuesday's Bitcoin retracement to several factors, including a slowdown in ETF flows and upcoming events like the halving and the Federal Reserve's Federal Open Market Committee meeting.

Despite these challenges, there remains optimism about the future of Bitcoin ETFs. Early adopters are showing interest, with some advisors witnessing client allocations averaging 3.5% of total funds. Bloomberg ETF analyst Eric Balchunas suggests that Bitcoin ETF inflows could gain momentum as more advisors and clients explore these investment opportunities.

Additionally, commentators highlight the remaining Bitcoin holdings in Grayscale's Bitcoin Trust as a potential bullish indicator for ETF flows in the long term.

Spot Bitcoin ETF total net flows

Source: TheBlock.co

Blackrock announces tokenised investment fund.

In a significant move towards further digital asset involvement, BlackRock, the world's largest asset manager, has unveiled plans to launch a tokenised investment fund in partnership with financial services firm Securitize. The fund, known as the USD Institutional Digital Liquidity Fund, is detailed in a recent filing submitted to the Securities and Exchange Commission (SEC). Investors will be required to commit a minimum of US$100,000 to participate in this offering.

The creation of a token named BlackRock USD Institutional Digital Liquidity Fund (BUIDL) on the Ethereum blockchain further solidifies the company's venture into the digital asset space. Although the token has a maximum quantity of 100 tokens, as of now, there is only one holder.

BlackRock's expanding footprint in the digital asset sector is evident, particularly with the launch of the iShares Bitcoin ETF (IBIT) earlier this year. With US$15.5 billion in assets under management, IBIT ranks as the second-largest spot Bitcoin ETF, marking a notable milestone in BlackRock's journey within the cryptocurrency market.

Despite these developments, neither BlackRock nor Securitize have provided immediate comments into this groundbreaking initiative.

What the end of the bank term funding program (BTFP) could mean for Bitcoin's price.

The termination of the Bank Term Funding Program (BTFP) on March 11, has raised questions about its impact on Bitcoin's price. While the conclusion of the program marks a significant moment for financial markets, its direct influence on Bitcoin remains uncertain.

The BTFP, designed to support liquidity and stability in banking institutions, ended amidst Bitcoin hitting a new all-time high. However, its closure has led to speculation about potential repercussions for asset prices.

Analysts suggest that the end of the BTFP could have mixed effects on Bitcoin. On one hand, it may attract investors seeking alternative stores of value amid renewed market volatility, potentially driving up Bitcoin's price. Conversely, tightening liquidity conditions in traditional markets could prompt investors to sell assets like Bitcoin, exerting downward pressure on its price in the short term.

While the timing and magnitude of the BTFP's impact on Bitcoin remain uncertain, analysts remain optimistic about Bitcoin's long-term prospects. Factors such as market liquidity, investor sentiment, and broader economic conditions will all play a role in shaping Bitcoin's price trajectory in the post-BTFP era.

SEC delays decision on Hashdex and ARK 21shares ETH ETFs amid approval uncertainty.

The U.S. Securities and Exchange Commission (SEC) has further delayed its decision on Hashdex and ARK 21Shares' proposed spot ETH exchange-traded funds (ETFs). The decision postponement, announced on Tuesday, March 19, pushes the final determination date to late May, specifically May 24 for ARK 21Shares and on or before May 30 for Hashdex.

Analysts have grown increasingly pessimistic about the approval prospects for these Ether ETFs, with concerns mounting due to the lack of engagement between the SEC and the issuers. Bloomberg ETF analyst James Seyffart noted a shift from his previously optimistic stance, now predicting denial of the ETFs by May 23.

Similarly, Bloomberg's Eric Balchunas lowered the odds of approval from 50% to 35%, citing the SEC's silence on the matter. Public sentiment mirrors this pessimism, with Polymarket odds for approval by the end of May dropping to 32% from January's 77%. Meanwhile, Grayscale is considering adding staking to its spot ETH ETF application, aiming to mitigate inflationary pressures and maintain parity with other similar investment products.

This proposal, outlined in a consent solicitation statement, is subject to shareholder approval. If accepted, Grayscale would join other issuers like ARK 21Shares, Franklin Templeton, and Fidelity in incorporating ETH staking into their ETF applications.

The weekly crypto close from TradingView*

Solana (SOL) and Avalanche (AVAX) outperformed the market in the last trading week, while other major crypto projects struggled to maintain their growth trajectory. SOL closed the week with an impressive gain of 39.65%, closely followed by AVAX with a gain of 38.80%. XRP managed to secure a modest gain of 1.66%.

Weekly crypto close

Surge in Solana (SOL) meme coin presales.

A surge of speculative fervour has led to over US$100 million pouring into presales of meme coins on the Solana blockchain. Despite lacking a working product or long-term plan, these presales have gained traction, driven by the allure of quick and substantial profits. The success of projects like Book of Meme (BOME), which saw significant returns for early investors, has fuelled this frenzy, resulting in a proliferation of presales.

Despite warnings about associated risks, investors continue to be drawn to these opportunities, leading to increased trading volumes and market capitalisations of presale tokens. This influx of capital has also contributed to the recent surge in Solana's native token, SOL, which surpassed US$210 for the first time since November 2021.

Impressive gains for Avalanche (AVAX).

Avalanche (AVAX) has stood out with gains of 39% in the past trading week. Contributing to AVAX's momentum is its collaboration with global bank Citi to explore tokenisation of private funds, demonstrating Avalanche's growing integration with traditional finance.

Total crypto market cap.

The total crypto market closed slightly in the red, losing 0.77% closing at US$2.512 trillion valuation for the week. This price consolidation comes after a 42% gain on the year and reflects a healthy market correction.

*The weekly trading stats as of Monday, March 18th at 11:00 am AEDT, based on data from Tradingview in USD.

Year-to-date in the crypto space from TradingView*.

Here's the year-to-date performance summary for selected cryptocurrencies according to TradingView:

  • Solana (SOL) remains the top performer of 2024, boasting an impressive gain of 87.30%.
  • Bitcoin (BTC) follows closely behind with a solid 60.19% increase.
  • Ethereum (ETH) has also shown strong performance, with a gain of 53.95%.
  • Avalanche (AVAX) is not far behind, with a respectable gain of 48.62%.
  • Chainlink (LINK) rounds out the top 5, with a gain of 23.21% for the year.
Year to date

*Year-to-date performance as of Thursday, March 21st at 11:00 am AEDT approximately. Based on data from Tradingview in USD.

Crypto Fear& Greed Index

Fear and greed index

Source: alternative.me

Crypto news

Ethereum upgrade lowers costs & new developments in ETH ETFs.

After Ethereum's Dencun upgrade, the transaction costs on layer 2 blockchains like Optimism, Base, and Arbitrum have significantly decreased. This upgrade allows these platforms to store data in "blobs" rather than in more expensive call data, making transactions cheaper. The blob mechanism introduced in Ethereum's Dencun upgrade is expected to reduce transaction costs on layer 2 solutions by 90%.

This upgrade is deemed successful, with layer-2 transaction activity reaching a record high of 122 transactions per second (TPS) in the past two days, marking a 31% increase from the previous week. This rate is eight times higher than Ethereum's base layer capacity of 15 TPS.

Fidelity has updated its spot Ethereum ETF application to include staking, aiming to generate additional income by staking a portion of the fund's Ethereum holdings. This move follows the trend of integrating staking into ETF proposals, enhancing potential earnings for investors. The exact staking providers were not specified, but the market reacted positively to the announcement, with Lido DAO's price momentarily spiking.

Financial institutions in Hong Kong are pushing to introduce Ethereum (ETH) exchange-traded funds (ETFs) ahead of the United States, aiming to gain a foothold in the cryptocurrency market.

Trade ETH/AUD on BTC Markets.

SOL surpasses US$200 as meme coin frenzy boosts Solana network demand.

The recent meme coin frenzy is likely the driving factor behind the significant boost in network activity on Solana, leading to SOL's price crossing US$200, a level not seen since November 2021. Despite being 22% below its all-time high of US$260, SOL's market capitalisation has set a new record, surpassing US$75 billion. This growth is attributed to the influx of new tokens on the market over the past year.

Over the weekend, Solana's network saw record highs in metrics like volumes, active wallets, total value locked (TVL), fees, and market capitalisation due to increased pre-sale activity. Fees reached US$3.2 million in 24 hours, surpassing the previous US$300,000 record, while on-chain volumes exceeded US$3 billion, overtaking a past record of US$300 million. Santiment data indicates that the recent increase in Solana network activity is likely driven by retail traders engaging in new meme coin presales and activities.

Buy SOL/AUD on BTC Markets.

Ripple gains an impressive 7% in market cap.

In early March, Ripple's (XRP) market capitalisation experienced a significant 7% increase, rising from US$31.92 billion to US$34.2 billion. This growth positioned XRP alongside major global companies like Baidu and Barclays in terms of market value. This increase reflects a growing investor interest in XRP and altcoins, despite market fluctuations and ongoing legal challenges with the U.S. Securities and Exchange Commission (SEC).

Santiment's data shows a decrease in XRP's supply on exchanges and active addresses, indicating reduced trading activity and potentially less selling pressure, which might support price stability or growth. XRP's price is fluctuating between US$0.60 and US$0.63, with potential for a rally if it sustains above US$0.62, but risks a downtrend if it drops below this level. The US$0.63 mark is crucial for XRP bulls to maintain momentum.

Trade XRP/AUD on BTC Markets.

The week ahead: economic events

March 21st: Germany Manufacturing PMI, United Kingdom Interest Rate.

March 22nd: Japan Inflation Rate, United Kingdom Retail Sales MoM, Germany Ifo Business Climate Index.

March 26th: Australia Consumer Confidence MoM.

Source: tradingeconomics.com

Market reflections

Overview

The Reserve Bank of Australia maintains its cash rate amid an economic slowdown, while Judo Bank's indices show mixed private sector performance. The US Federal Reserve holds rates steady, China's industrial production surges, and Japan implements its first interest rate hike since 2007.

Australia

  • RBA maintains cash rate amid economic slowdown.
  • Judo Bank's indices reflect mixed performance in private sector.
  • Service sector leads growth while manufacturing faces challenges.
  • Record high employment & lowest unemployment data, surpassing market expectations.

In its March meeting, the Reserve Bank of Australia (RBA) kept its cash rate steady at 4.35%, aligning with market expectations. This decision reflects concerns about a recent economic growth slowdown despite previous rate hikes. While inflation, especially in goods prices, has eased, service costs remain high, prompting a cautious approach to further easing.

The RBA reaffirmed its commitment to bringing inflation within the target range of 2–3% by 2026, emphasising data reliance and global economic monitoring. Additionally, the RBA stated that it would maintain stability by retaining the interest rate on Exchange Settlement balances at 4.25%.

Meanwhile, Judo Bank's indices offer insights into Australia's private sector performance:

  • The Composite Output Index rose, driven by service sector growth, although goods orders remained subdued due to economic conditions.
  • Manufacturing PMI declined, indicating ongoing sectoral challenges with reduced output and job cuts.
  • Services PMI Business Activity Index increased, showing sustained growth driven by new business, despite slower employment growth and softer input cost and output price increases.

In February, Australia's employment landscape showcased remarkable vitality, with a surge in employment figures reaching a record high of 14,269,600 individuals, surpassing market forecasts. This uptick was characterised by growth in both full-time and part-time positions, with both full-time and part-time employment increasing.

The nation's unemployment rate experienced a notable decline to 3.7%, marking its lowest point since September and surpassing market expectations. The significant decrease in the number of unemployed individuals by 52,000 underscores the strength and resilience of Australia's labour market, portraying a landscape ripe with opportunities and robust growth prospects. Whilst the broader economic indicators highlight a mixed economic landscape, with cautious optimism tempered by ongoing challenges in certain sectors.

Global

  • The U.S. Fed maintains rate at 5.25%-5.5% for the 5th consecutive meeting.
  • Higher U.S. GDP growth projected for 2024-2026, stable inflation forecasts for 2024.
  • China's industrial production surges in December, retail sales miss expectations.
  • Japan's BoJ implements first interest rate hike since 2007, unveils major policy changes.
  • Germany's economic sentiment surges to highest level since 2022.
  • Canada's inflation rate declines to 2.8% in February 2024.
  • UK’s inflation rate declines to 3.4% in February, below market expectations.

United States

In March, the Federal Reserve opted to maintain the federal funds rate at 5.25%-5.5%, consistent with market expectations and unchanged for the fifth consecutive meeting. Despite this, policymakers plan to implement three interest rate cuts this year, in line with previous forecasts. Looking ahead, projections suggest fewer rate cuts in 2025 and 2026 compared to earlier estimates.

Economic outlooks have been revised upwards, with higher GDP growth rates expected for 2024, 2025, and 2026. Inflation forecasts remained stable for 2024 but were slightly raised for 2025, while the core inflation rate is anticipated to be higher in 2024. Projections also indicate a decline in the unemployment rate for 2024 compared to previous estimates, signalling positive trends in economic performance.

In other economic news, the U.S. housing market exhibited robust growth in February 2024, with building permits and housing starts reaching their highest levels since August. On the flip side, producer price inflation surged by 0.6% month-on-month, driven by increases in goods prices, while retail sales experienced a modest 0.6% increase, falling short of market expectations.

Finally, the University of Michigan's Consumer Sentiment Index declined, influenced by decreased expectations for business conditions and economic uncertainties.

China

In December, China's industrial production grew by 6.8% year-on-year, surpassing market expectations and marking the strongest expansion since February 2022. This growth was driven by increased output in mining, manufacturing, and utilities. Specifically, sectors like non-ferrous metals and chemicals experienced growth.

However, retail sales only increased by 7.4%, missing market consensus and showing a slowdown from the previous month's growth. Some retail segments, experienced declines, while others saw accelerated growth. Overall, while industrial production remained robust, the retail sector showed signs of softening, indicating potential shifts in consumer behaviour.

Japan

The Bank of Japan (BoJ) has made significant changes to its monetary policy, including raising its key short-term interest rate from approximately -0.1% to a range of 0% to 0.1%. This move, the first interest rate hike since 2007, responds to inflation levels exceeding the central bank's 2% target for over a year.

Major companies in Japan have also committed to substantial wage increases, with a significant 5.28% raise, marking the largest hike in over three decades. However, the decision was not unanimous, with two out of nine BoJ board members dissenting.

In addition to the interest rate adjustment, the BoJ has ceased yield curve control for 10-year government bonds and halted purchases of ETFs and Japan real estate investment trusts (J-REITs). The central bank plans to gradually reduce corporate bond purchases over the next year before stopping entirely. Despite these changes, the BoJ remains prepared to respond swiftly to any rapid increases in long-term rates by potentially increasing its purchases of Japanese government bonds (JGBs).

Meanwhile, Japan's trade deficit saw a significant reduction in February 2024, compared the previous year. This improvement was driven by a robust 7.8% year-on-year increase in exports, fuelled by strong demand from the US and China. Imports rose modestly, marking the first increase in a year.

Germany

In March, Germany’s ZEW Indicator of Economic Sentiment continued its upward trend for the eighth consecutive month, reaching its highest level since February 2022 and surpassing market expectations.

This surge in economic sentiment is attributed to various factors, including expectations of potential interest rate cuts by the European Central Bank (ECB), optimistic outlooks for the construction industry, and positive economic prospects for China, which could boost German exports.

This surge in economic sentiment is attributed to various factors, including expectations of potential interest rate cuts by the European Central Bank (ECB), optimistic outlooks for the construction industry, and positive economic prospects for China, which could boost German exports.

Additionally, anticipation of a weakening US dollar against the euro is expected to benefit German exports. However, despite the positive outlook for the future, the assessment of the current economic situation in Germany remains pessimistic, with the corresponding indicator showing only a marginal increase and remaining at a very low level.

This indicates that while investors are optimistic about prospects, concerns persist regarding the current economic conditions in Germany.

Canada

In February, Canada's inflation rate slightly decelerated to 2.8% from January's 2.9%, marking its lowest level since June 2023 and falling below market expectations of 3.1%. The decline in inflation was driven by significant drops in cellular and internet access service costs, alongside moderation in food inflation attributed to lower grocery prices. However, gasoline prices rebounded amid elevated global crude oil costs, and rising bond yields led to increases in mortgage rates and shelter prices.

On a monthly basis, the Consumer Price Index (CPI) edged up by 0.3% in February. These data indicate a mixed picture of inflationary pressures in Canada, providing the Bank of Canada (BoC) with leeway to consider monetary loosening later in the year if economic conditions necessitate such action.

United Kingdom

In February, the UK’s inflation rate dropped to 3.4% year-on-year, marking a decline from the 4% recorded in both January and December. This figure was also below the market expectation of 3.5%.

Decreases in price growth were observed across several sectors, including food and non-alcoholic beverages, restaurants and hotels, recreation and culture, and miscellaneous goods and services. Conversely, the costs for housing and utilities, as well as transport, fell at a slower pace.

The annual core inflation rate, which excludes volatile items like energy and food, reached 4.5%, slightly below the market consensus of 4.6%.

Regulation roundup

OJK takes proactive steps toward crypto oversight in Indonesia.

Indonesia's Financial Services Authority (OJK) has introduced new regulations for the financial sector to foster technological innovation, including cryptocurrencies, effective from January 2025.

This regulatory framework guides financial institutions like banks and insurance companies in leveraging technology and includes provisions for customer protection, establishing testing environments, and reporting outcomes.

Although not detailing the specifics of crypto advancements, the regulations address activities involving digital financial assets, including crypto, highlighting OJK’s proactive progress for assuming crypto oversight by January 2025. The OJK has been collaborating closely with Bappebti and Bank Indonesia, the current crypto regulator, forming a transition team to oversee the shift in supervising digital financial assets.

Earlier in March, the OJK engaged with financial authorities from Malaysia, Singapore, and Dubai to develop a comprehensive crypto policy. This effort includes drafting Memorandums of Understanding with Malaysia's Bank Negara, Singapore's Monetary Authority, and Dubai's Virtual Asset Regulatory Authority, aiming to establish a robust framework for crypto regulation.

Compliance conversations

A devastated Aussie dad loses life savings to an inheritance scam.


A 60-year-old Australian man, has lost his life savings to a scam after receiving an email about an inheritance of 3.8 million euros from a so-called relative in the Philippines. Fake documents, such as a death certificate and others bearing the same name as a real cousin, were provided. He was convinced by the scammer, who posed as a bank owner, to provide personal details and transfer funds to secure the inheritance, leading to significant financial loss.

“They said I needed to open a bank in the Philippines in order to get my inheritance. But to do this I’d need to deposit some money.” Over three months, he deposited money into an account, believing he would receive a large sum of money. The scam seemed legitimate, with official-looking documents and convincing communications, including phone calls.

After realising the scam, the man reported the loss to the police, Scamwatch, and his bank, but the funds could not be recovered.

The bank advises customers to be cautious when asked to send money, advocating a "Stop. Check. Reject" approach for assessing payment requests. They recommend consulting a trusted person before making payments to unfamiliar recipients, especially when promised a large return.

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.

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Weekly prices are accurate as of 11:00 AM AEST on 21/03/2024.

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