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Weekly Crypto Wrap: 28th March 2024

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Rachael Lucas
Weekly Crypto Wrap: 28th March 2024

TLDR

  • New listing: Hedera (HBAR) is now live on BTC Markets!
  • Fidelity leads US$418m into BTC ETFs amid GBTC outflows.
  • Blackrock's tokenised fund attracts US$160m in deposits.
  • ETH ETF: Blackrock CEO Lary Fink confident despite regulatory scrutiny.
  • Solana (SOL) boasts impressive gain of 84.57% in 2024.

BTC Markets announcements

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

Hedera (HBAR) is now fully live and ready to trade on the BTC Markets platform.

You can now place your buy and sell orders for the HBAR/AUD trading pair and take advantage of this new addition to our list of supported cryptocurrencies.

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.

Trade HBAR/AUD now.

'Crypto Corner' hosted by BTC Markets CEO Caroline Bowler.

BTC Markets recently launched 'Crypto Corner', a collaboration with Ticker News, exploring the latest in cryptocurrency and blockchain technology. Hosted by our CEO, Caroline Bowler, we welcome industry leaders for in-depth discussions on market shifts, expert analyses, and macroeconomic influences.

In our latest episode, Caroline sits down with Joni Pirovich from BADASL to talk about the evolution of exchange token offerings in Australia. With extensive experience in providing legal and tax counsel on blockchain and digital assets, Joni shares invaluable insights and expert analysis. As the founder of BADASL, Joni brings a wealth of knowledge to the conversation, illuminating pivotal topics shaping the industry.

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

Money 20/20 Asia: CEO Caroline Bowler joins René Michau to discuss fintech innovation.

At Money 20/20 Asia in Bangkok, industry experts gather to discuss pressing topics impacting the digital asset industry. BTC Markets CEO, Caroline Bowler joins the panel alongside Rene Michau, Head of Standard Chartered’s Fintech Client Advisory team. René spearheaded the establishment of a global business line focused on strategic partnerships with Fintech platforms across Asia, Africa, and the Middle East, driving key innovations in fintech and modernising the bank’s approach.

Join us as we explore pivotal questions surrounding decentralised finance (DeFi) impact on financial structures, the implications for risk management, and the evolving regulatory landscape. Don't miss this opportunity to gain invaluable insights and engage in thought-provoking discussions at #M2020ASIA. Secure your pass today and save $250 with code SUPERSTAR250.

Caroline Bowler Money 20/20

AUD card deposits are now available at BTC Markets.

Did you know that you can now deposit AUD directly into your BTC Markets account using your Australian issued Visa or Mastercard credit or debit card?

This new deposit method makes it even easier and faster to fund your account, all without leaving the exchange. Simply log in to your BTC Markets account and enter your card details. Your funds will be available in your account instantly, ready for you to start trading.

Here are some of the benefits of using AUD card deposits:

  • Fast and convenient: Deposit funds instantly without having to leave the exchange.
  • Flexible: Use your Visa or Mastercard credit or debit card.
  • Secure: We use industry-leading security measures to protect your card information.

In addition to card deposits, we also offer a variety of other deposit methods, including:

  • Osko (PayID).
  • Direct deposit.

We are committed to providing you with a convenient trading experience and adding AUD card deposits will make it even easier for Australians to access digital assets.

To learn more about AUD card deposits, please visit our Help Centre.

Explore our OTC Desk for global liquidity, tighter spreads, and personalised service.

Over the past year, our OTC desk has been instrumental in assisting a diverse range of clients as they realign their SMSF holdings, navigate the complexities of EOFY, and free up additional capital during the tax season.

We've worked in close collaboration with businesses actively engaged in crypto payments, ensuring they optimise their frequent conversions to AUD. Whether you're an experienced trader seeking a discreet execution of substantial positions or a business in need of a seamless solution to manage your crypto portfolio, our OTC team is fully equipped to assist you today.

By choosing our services, you gain access to global liquidity, allowing you to take advantage of tighter spreads and benefit from T+0 settlements. Our approach is built on providing personalised service, ensuring that your specific needs are met with precision and care.

Our expert team of traders is at your disposal, ready to help you navigate the world of crypto trading with confidence. Book a call today.

The Bitcoin Halving

Unlocking opportunities: insights for Bitcoin's Halving.

Amidst Bitcoin's recent price swings, three traders provide insights into navigating market dynamics and seizing potential opportunities.

Lucas Kiely, Chief Investment Officer for Yield App, highlights the significance of timing in Bitcoin trading. He suggests capitalising on liquidity surges aligned with key moments in global equity markets. By leveraging strategic entry and exit points, Kiely has achieved a notable outperformance compared to Bitcoin's performance this month.

Michael van de Poppe, CEO and founder of MN Trading Consultancy, offers a contrarian perspective on market movements. He attributes the recent decline in ETF investment to risk aversion ahead of the Federal Reserve meeting. However, van de Poppe remains bullish on Bitcoin's long-term prospects and advises investors to capitalise on price corrections by accumulating during dips.

Chris Newhouse, DeFi analyst at Cumberland Labs, emphasises the importance of understanding investor behaviour in the crypto market. He distinguishes between short-term traders driven by fear of missing out (FOMO) and long-term investors focused on fundamental narratives. Newhouse recommends utilising "stink bids" during periods of market volatility, taking advantage of quick price dips for strategic accumulation.

The Bitcoin Halving countdown

Updated as of 11:10am AEDT 28/03/2024.

CMC Bitcoin Halving countdown

Source: coinmarketcap

State of crypto

  • Fidelity leads US$418m into BTC ETFs amid GBTC outflows.
  • Blackrock's tokenised fund attracts US$160m in deposits.
  • ETH ETF: Blackrock CEO Lary Fink confident despite regulatory scrutiny.
  • Solana (SOL) boasts impressive gain of 84.57% in 2024.

Fidelity & BlackRock's drive a substantial inflow in Bitcoin ETFs.

Spot Bitcoin ETFs in the United States have seen a resurgence, attracting US$418 million in net inflows on March 26, following a series of outflows. Fidelity's ETF leads with US$279.1 million in net inflows, maintaining a streak of consecutive inflow days, totalling US$7.4925 billion.

BlackRock's IBIT fund also experienced significant inflows of US$162.2 million, while Ark 21Shares Bitcoin ETF recorded remarkable inflows. However, Grayscale's Bitcoin Trust (GBTC) continues to face outflows, losing 277,393 BTC valued at roughly US$19.5 billion since converting to an ETF.

Bitcoin ETFs dominate the top 30 asset funds in their first 50 days of trading, with BlackRock and Fidelity leading. Hashdex enters as the 11th spot Bitcoin ETF issuer in the U.S.

Crypto returns surge: Bitcoin & Ethereum outperform as ETF speculation drives growth.

Investors who acquired Bitcoin on New Year's Day are now enjoying a substantial 57% return, while those who invested in Ethereum are reaping impressive gains of 324% since 2023. As cryptocurrency continues to outperform traditional assets, industry leaders are eyeing Ethereum's potential for explosive growth, especially with the anticipation of the launch of spot Ethereum exchange-traded funds (ETFs).

With significant inflows into Bitcoin ETFs and the SEC's pending decision on Ethereum ETFs, the cryptocurrency market is poised for further growth. Despite volatility, Ethereum's demand-supply dynamics indicate a positive trajectory, with potential price projections ranging from AU$8,730 to AU$11,180.

Blackrock's tokenised fund attracts US$160m in deposits, grows with US$95m influx.

BlackRock's debut tokenised investment fund, the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), amassed approximately US$160 million in deposits within its first week. The fund, which primarily invests in U.S. Treasury bills, repurchase agreements, and cash, utilises the Ethereum blockchain for issuing BUIDL tokens.

Ondo Finance, a tokenised real-world asset (RWA) platform, contributed an additional US$95 million to BUIDL, bringing its total balance to US$244.8 million. This success follows BlackRock's recent achievement of SEC approval for its iShares Bitcoin Trust (IBIT), which has attracted over US$15 billion in investments, solidifying its position in the digital assets space.

ETH ETF: Blackrock CEO Lary Fink confident despite regulatory scrutiny.

BlackRock CEO, Larry Fink expressed confidence in the possibility of listing an Ethereum ETF, even if the U.S. Securities and Exchange Commission (SEC) designates ETH as a security. Fink's remarks come amid reports of the SEC's inquiry into ETH’s classification.

Despite regulatory uncertainties, BlackRock remains among the potential issuers of a spot ETH exchange-traded fund (ETF). Fink's optimism reflects broader bullish sentiment towards crypto assets, evidenced by the success of BlackRock's bitcoin fund, which amassed over $15 billion in assets within a short period.

Spot Bitcoin ETF total net flows

Source: TheBlock.co

The weekly crypto close from TradingView*.

During a relatively subdued trading week in the crypto markets, Litecoin (LTC) emerged as the top performer, gaining 4.40%, followed by XRP with a 2.21% increase. Meanwhile, all other major cryptocurrencies closed the week with losses.

Weekly crypto wrap

Litecoin (LTC) gains 90,000 new users ahead of the Bitcoin Halving, price eyes US$100 breakout.

A surge in new funded wallets totalling 90,000 in March, occurs as investors anticipate the upcoming Bitcoin Halving. With LTC trading just below US$90, bullish sentiment prevails, with traders betting on a potential breakout above US$100. Despite facing resistance near US$95, the influx of new users suggests upward price momentum. However, caution is advised, as leveraged short positions could trigger a retracement to US$94.

Analysts predict XRP price surge following Bitcoin Halving.

Despite a recent market correction, analysts remain optimistic about XRP’s future trajectory, with speculation suggesting a potential reversal aiming for a US$3 price point post the Bitcoin Halving event in mid-April.

Amidst ongoing market fluctuations, XRP is currently trading at US$0.6288, showing a 1% increase over 24 hours and a significant 14% rise over the past month. Technical indicators and market sentiment fuel expectations of a bullish trend, with traders eyeing ambitious targets, including a US$6 valuation, rooted in breakout patterns and historical highs.

While reaching its all-time high of US$3.84 remains a considerable distance, the recent market dynamics hint at the potential for significant price movements.

Total crypto market cap.

Despite recording a significant 58% gain for the year, the total crypto market experienced a second consecutive week of decline, marking a 1.77% loss and closing at a valuation of US$2.468 trillion. This downturn highlights a period of correction within the market following previous gains, suggesting a healthy adjustment phase.

*The weekly trading stats as of Monday, March 25th at 11:00 am AEDT, based on data from Tradingview in USD.

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

Here's a snapshot of the year-to-date performance for selected cryptocurrencies based on data from TradingView:

  • Solana (SOL) leads the pack as the top performer of 2024, boasting an impressive gain of 84.57%.
  • Following closely behind is Bitcoin (BTC) with a solid increase of 64.99%.
  • Ethereum (ETH) has also demonstrated strong performance, showing a gain of 54.45%.
  • Avalanche (AVAX) is not far behind, with a respectable increase of 41.14%.
  • Litecoin (LTC) broke into the top 5 with a 29.85% increase, surpassing Chainlink (LINK) which has gained 29.67% for the year.
Year to date

*Year-to-date performance as of Thursday, March 28th at 11:20 am AEDT approximately. Based on data from Tradingview in USD.

Crypto Fear& Greed Index

Greed and fear index

Source: alternative.me

Crypto news

Ripple slams SEC seeking US$2b penalty as unfair.

Ripple Labs' chief legal officer, Stuart Alderoty, reported that the United States Securities and Exchange Commission (SEC) is seeking a US$2 billion penalty against Ripple in their ongoing civil case which started in 2020.

“Rather than faithfully apply the law, the SEC remains bent on wanting to punish and intimidate Ripple - and the industry at large,” said Alderoty. “We trust the Court will approach the remedies phase fairly.”

He mentioned that Ripple plans to respond to the SEC's request in April and accused the regulator of making false and misleading statements. On March 18, a judge in Utah penalised the SEC for acting in "bad faith" regarding the evidence it presented in a case involving the company Debt Box.

Ripple CEO Brad Garlinghouse also condemned the SEC's actions, stating that such a massive fine has no precedent. “We will continue to expose the SEC for what they are when we respond to this.” Garlinghouse said.

Trade XRP/AUD on BTC Markets.

Avalanche's Memecoin Rush and ANZ partnership boost AVAX.

The Avalanche Foundation is intensifying its focus on memecoins by launching a liquidity mining initiative called "Memecoin Rush", aiming to drive momentum for community-owned coins within the Avalanche ecosystem. US$1 million in AVAX tokens will be allocated to incentivise traders and liquidity providers of community coins on Avalanche.

The initial phase of the program will kick off on the decentralised finance (DeFi) platforms SteakHut and Trader Joe. These platforms will focus on incentivising trading activities and enhancing liquidity strategies for community tokens within the Avalanche network.

On March 25, Avalanche announced a successful collaboration between the Australia and New Zealand Banking Group (ANZ) and Chainlink Labs. This collaborative effort was focused on linking blockchains, specifically Avalanche and Ethereum, with the goal of facilitating the global transfer and settlement of tokenised assets. After the announcement, Avalanche's AVAX token experienced a momentary surge of 8%, reaching a price of US$58.6.

Trade AVAX/AUD on BTC Markets.

Cardano's leading developer engagement drives ADA's 80% surge.

Cardano (ADA) is shown as the most actively developing blockchain in the cryptocurrency space according to data from IntoTheBlock. The data reveals that Cardano consistently leads other blockchain networks in terms of developer engagement. It surpasses major cryptocurrencies like Bitcoin (BTC), Dogecoin (DOGE), Avalanche (AVAX), Algorand (ALGO), and Tron (TRX) in developer activities. Cardano even outperforms Ethereum, which is the largest smart contract network.

Moreover, Cardano's cumulative developer contributions have exceeded 450,000 commits, while Ethereum's developers recorded fewer than 442,000 commits, followed by Avalanche (AVAX) with developer commits above the 162,750 threshold.

Since 2023, Cardano has had 23,248 GitHub commits across 550 core repositories, following closely behind Internet Computer (ICP) with 23,742 commits across 80 core repositories, according to Crypto Metheus data.

Increased developer activity on Cardano has likely contributed to ADA's price surge, with ADA experiencing a remarkable rise of over 80% since last year, reaching a price of US$0.6407.

Trade ADA/AUD on BTC Markets.

The week ahead: economic events

March 28th: United States GDP Growth Rate.

March 29th: France Inflation Rate. Italy Inflation Rate. United States Core PCE Price Index MoM, Personal Income and Personal Spending.

March 30th: United States Fed Funds Interest Rate.

March 31st: China NBS Manufacturing PMI.

April 1st: Japan Business Confidence. China Caixin Manufacturing PMI.

April 2nd: United States ISM Manufacturing PMI. Australia Interest Rate. Germany Inflation Rate.

April 3rd: United States Job Openings. Euro Area Inflation Rate.

April 4th: United States ISM Services PMI and Fed Funds Interest Rate.

Source: Economic Calendar

Market reflections

Overview

In March, consumer confidence in Australia experienced a decline while the monthly Consumer Price Index (CPI) remained unchanged. Housing credit in Australia also remained steady during this period. However, there were modest monthly increases in both retail sales and private sector credit in February. Meanwhile, in the United States, durable goods orders surpassed expectations, indicating strength in the economy. In Japan, the inflation rate reached 2.8%, reflecting an upward trend. The Bank of England opted to maintain interest rates amidst concerns over inflation. On a positive note, both the German business climate index and consumer confidence surged, suggesting optimism in the economic outlook for Germany.

Australia

  • Consumer confidence dips in March as monthly CPI stabilises.
  • Housing credit in Australia remained unchanged.
  • Retail sales & private sector credit saw modest monthly increases in Feb.

Consumer confidence in Australia, as reported by the Westpac-Melbourne Institute Consumer Sentiment index, declined in March. The subdued sentiment stemmed from concerns surrounding the economic outlook and family finances, with measures for both showing declines. Despite sporadic positive signals in recent months, sentiment remains muted, with the index persistently below the neutral mark since February 2022, marking the longest streak since the early 1990s recession. Matthew Hassan, a senior economist at Westpac, emphasised the sluggish progress in alleviating consumer gloom.

The monthly Consumer Price Index (CPI) in Australia stood at 3.4% in the year to February 2024, unchanged from the previous two months and slightly below market expectations of 3.5%. Trends included a minimal rise in food prices, the least in 25 months, and moderations in prices for alcohol, tobacco, and communications. However, prices declined for furnishings, household equipment & services, while remaining steady for housing and health. On the other hand, prices accelerated for transport, education, and clothing and footwear. The monthly CPI excluding volatile items and travel advanced by 3.9% in February, indicating persistent inflationary pressures beyond the Reserve Bank of Australia's target range of 2-3%.

Housing credit in Australia remained steady at 0.40 percent in February 2024, according to data from the Reserve Bank of Australia. This figure aligns with the long-term average since 1976, with the highest recorded at 3 percent in April 1980 and the lowest at -0.40 percent in July 1984.

Retail sales in Australia experienced a modest increase of 0.3% month-over-month in February, a significant slowdown from the 1.1% growth observed in the previous month. While sales in cafes, restaurants, and takeaway food moderated, declines were noted in food trade, household goods retailing, and other sectors. However, sales accelerated in department stores and clothing, footwear, and personal accessory retailing. Among states and territories, sales growth varied, with some experiencing slowdowns and others seeing declines.

Private sector credit in Australia grew by 0.5% month-on-month in February 2024, matching the upwardly revised figure from the previous month and exceeding forecasts of a 0.4% rise. This marked the fastest pace in four months, with personal use credit growing slightly faster while business credit expanded slightly softer.

Global

  • United States durable goods orders beat expectations.
  • Japan’s inflation rate reaches 2.8%.
  • Bank of England maintains interest rates amid inflation concerns.
  • German business climate index and consumer confidence surge.

United States durable goods orders beat expectations.

New orders for manufactured durable goods in the United States demonstrated resilience in February, surpassing market expectations. The month-over-month increase of 1.4% outpaced forecasts of a 1.1% rise, indicating a rebound from a previous decline. Notable Improvements were observed in various sectors, including transportation equipment, machinery, fabricated metal products, primary metals, and capital goods.

Excluding transportation, new orders increased by 0.5%, while excluding defence, orders surged by 2.2%. Additionally, orders for non-defence capital goods excluding aircraft, a key metric for business spending plans, showed a noteworthy increase of 0.7%, signalling optimism in the business landscape. This positive performance reflects ongoing resilience in the US economy amidst global uncertainties.

Japan inflation rate reaches 2.8%.

Inflationary pressures in Japan continued to gather momentum in February, with the annual inflation rate reaching 2.8%, the highest level since November of the previous year. This uptick was primarily driven by accelerated costs in Culture & Recreation, while Communication witnessed a slight decrease in inflation. The core inflation rate, excluding volatile food and energy prices, matched market forecasts at 2.8%, consistently meeting or exceeding the central bank's target for 23 consecutive months. Despite fluctuations across sectors, the core inflation rate remains in line with long-term objectives, presenting a nuanced picture of inflation trends in Japan.

Bank of England maintains interest rates amid inflation concerns as retail sales remain steady.

During its March meeting, the Bank of England opted to maintain the Bank Rate at 5.25%, its highest level since 2008. The decision, supported by an 8-1 vote, reflected policymakers' cautious approach amid lingering inflationary pressures. Despite recent data showing a slight decrease in the Consumer Price Index (CPI) rate, concerns persist regarding the economy's ability to manage price pressures effectively. Governor Bailey expressed optimism about the UK's economic outlook but emphasised the need for greater certainty before considering adjustments to interest rates, underscoring the central bank's commitment to fostering stability amidst evolving economic conditions.

Retail sales volumes in the United Kingdom maintained stability in February, defying market forecasts of a decline. While clothing and department stores experienced boosts in sales, counteracted by declines in food and fuel retailers. Online sales surged notably, reflecting changing consumer preferences amid varying weather conditions. Despite these fluctuations, retail trade remained relatively stable, signalling resilience in consumer spending patterns amidst evolving economic dynamics.

German Ifo Business Climate Index surges.

Sentiment in Germany's business landscape surged in March, with the Ifo Business Climate indicator reaching its highest point since June 2023. Anticipations of potential interest rate cuts by the European Central Bank and easing inflationary pressures fuelled optimism among companies across industries. Manufacturers, service providers, traders, and constructors all exhibited a less pessimistic outlook, indicating growing confidence in economic prospects despite prevailing challenges.

Consumer confidence in Germany showed modest improvement heading into April, with the GfK Consumer Climate Indicator reaching its highest reading since the start of the year. While income expectations and economic prospects saw slight rises, the propensity to buy remained unchanged at a low level. High propensity to save underscored lingering uncertainties among consumers, highlighting the need for sustained recovery efforts and clear policy strategies to bolster economic confidence.

The German manufacturing sector encountered continued challenges in March 2024, as reflected in the HCOB Germany Manufacturing Purchasing Managers' Index (PMI). The index dropped to 41.6, falling below expectations and indicating a significant contraction, the most severe in five months. Despite a slight slowdown in output decline, backlogs of work fell sharply, leading to further job losses. Price trends remained mixed, with a moderate easing in manufacturing purchase prices but a faster decline in factory gate charges. Despite these challenges, cautious optimism emerged among manufacturers, suggesting resilience amid adverse conditions and anticipation of potential improvements ahead.

Regulation roundup

ASIC focuses on ‘regulatory trilemma’ in crypto reform.

The Australian Securities and Investments Commission (ASIC) is working on regulations to reform the crypto sector, focusing on specific regulatory outcomes.

During Blockchain APAC Policy Week, ASIC Commissioner Alan Kirkland emphasised the importance of solving “regulatory trilemma” - consumer protection, market integrity and encouraging financial innovation.

Aiming to enhance trust for crypto and decentralised financial systems, ASIC will improve oversight and address these trilemma factors. Over 900 entities have received informal guidance from ASIC since 2016.

“In short, our desired outcome is a clear set of rules that maintain market integrity and mitigate the risks to consumers and investors – backed by mechanisms that promote compliance with these rules and enable us to enforce them effectively.” Kirkland said regarding the upcoming reform.

ASIC has received plenty of proposals related to tokenising financial and other “real world” assets. Some of them will be regulated through the current regulatory regime, others will be regulated under the Government’s digital asset platform proposal released in October 2023 by the Department of the Treasury. According to the proposed new rules, any crypto exchange with over AU$5 million or above AU$1,500 per individual will be required to obtain a license from ASIC.

The proposal elicited a mixed reaction from crypto exchanges operating in Australia. However, the Treasury clarified that the purpose of the consultation paper is to gather feedback on the various questions and regulations it contains.

Compliance conversations

Australians lose big in Bali villa investment scams.


Several Australians have allegedly fallen victim to fake villa investment scams in Bali, collectively losing around AU$120,000. The main suspect, Putry Thornhill (also known as Prima Putri Ratnasari and Prima Putri Thornhill), convinced victims to invest in villa properties, promising significant returns. Victims were told they would earn profits within a short period. However, their investments were not backed by signed contracts or legitimate property verification.

Putry utilised various excuses to postpone repayments, evade signing the contracts, and fail to fulfill her commitments. The victim sent a friend to the address Putry put on the financial statement and found out there was nothing there.

Some victims managed to receive partial reimbursements after confronting her, but others are yet to recover their losses. The NSW police have been investigating Putry for suspected fraudulent activities, including luxury handbag scams, with reports indicating she fled the country in 2020 but recently returned to Newcastle.

The victims of the scams are exploring legal options to seek recourse and reclaim their lost investments. The Bali Regional Police urged victims to come forward and report such fraud cases without fear. Additionally, Australian authorities like the Australian Securities and Investments Commission (ASIC) and the Department of Foreign Affairs and Trade (DFAT) offer guidance and support to Australians dealing with scams overseas.

Investors should exercise caution and conduct comprehensive research before engaging in overseas investment opportunities to avoid falling prey to fraudulent schemes.

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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Weekly prices are accurate as of 11:00 AM AEST on 25/03/2024.

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