Weekly Crypto Wrap: 8th August 2024

TLDR

• It's tax time: watch our latest webinars featuring Crypto Tax Calculator & Syla.
• Learn about crypto with BTC Markets’ beginners guide.
• Institutions are 'buying the dip' as crypto stabilises after market slump.
• World’s largest Bitcoin miner expands BTC holdings by US$124m in July 2024.
• US Bitcoin, Ethereum ETFs reach US$6b in volume during market rout.
• BlackRock’s spot Ethereum ETF nears US$900m in inflows after launch.

BTC Markets announcements

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 Crypto Tax Calculator for enhanced reporting.

BTC Markets has partnered with Crypto Tax Calculator (CTC) to streamline your crypto tax reporting. With CTC, users can import data from their exchanges and wallets, including any DeFi and NFT activity, and then access tax reports that can be passed to an accountant or used to file directly with the ATO via myTax.

To celebrate this collaboration, CTC is offering an exclusive 30% discount to BTC Markets clients with the code BTC30. View more details here.

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.

Explore now.

BTC Markets x Ticker News ‘Crypto Corner’ featuring Karen Cohen.

In this episode, Caroline Bowler sits down with Karen Cohen, Founder and Director of Emerging Tech Talent, to discuss the role of innovative HR in navigating tech evolution. They cover community building, talent services, and engaging educational and consulting approaches.

Watch now on YouTube or Ticker News.

Mobile app fiat and crypto withdrawals.

Did you know that you can now easily withdraw fiat and crypto assets using the latest version of our mobile app?

This feature allows you to effortlessly manage your withdrawals and track transfer statuses through a comprehensive history list.

Update your mobile app from the App Store (iOS) or Google Play Store (Android).

Discover more about this exciting mobile app update here.

State of crypto

The weekly trading stats as of Monday, August 5th at 10:00 am AEST, based on data from TradingView in USD.

Institutions are 'buying the dip' as the cryptocurrency market stabilises following a slump.

Following a significant market slump that erased around US$230 billion from the crypto market, institutional investors have been actively "buying the dip," according to FalconX's head of research, David Lawant. Bitcoin interest remains notably high, with trading volumes nearly triple those of Ethereum.

This market correction coincided with a broader sell-off in global stock markets, triggered by disappointing U.S. jobs data and reduced manufacturing activity, raising recession fears.

Despite this, Bitcoin has rebounded, recovering 13% to reach US$56,400. Lawant highlighted that institutional investors view the dip as a strategic buying opportunity, with a positive medium- to long-term outlook for cryptocurrencies. Previous weeks showed more sellers than buyers, but the current trend reflects a strong institutional buying interest during this correction.

Trade BTC/AUD on BTC Markets.

World’s largest Bitcoin miner expands BTC holdings by US$124m in July 2024.

In July 2024, Marathon Digital Holdings, the largest Bitcoin miner globally, significantly increased its Bitcoin holdings by 2,282 BTC, valued at over US$124 million. This boost brings Marathon’s total Bitcoin holdings to 20,818 BTC, equivalent to more than US$1.14 billion.

The company adopted a "full HODL" strategy, aiming to use Bitcoin as a strategic treasury reserve asset, as detailed by CEO Fred Thiel. This strategy follows a US$100 million Bitcoin purchase in July.

Marathon’s approach reflects confidence in Bitcoin’s long-term potential despite challenges such as a 50% reduction in block rewards from the 2024 Bitcoin halving. Additionally, the firm boosted its Bitcoin production by 17% to 692 BTC in July and increased its operational hash rate by 5% to 27.5 EH/s.

US Bitcoin and Ethereum ETFs reach US$6b in volume during market rout.

On August 5, 2024, U.S. Bitcoin and Ethereum ETFs experienced a surge in trading volume due to market turbulence, totalling nearly US$6 billion. Bitcoin ETFs saw US$5.24 billion in daily volume, with over half attributed to BlackRock’s iShares Bitcoin Trust. Ethereum ETFs had US$715.3 million in trading volume, led by Grayscale’s Ethereum Trust and BlackRock’s iShares Ethereum Trust.

Bloomberg ETF analyst Eric Balchunas noted that such high volume during a market downturn is often a sign of fear but also indicates strong liquidity, which benefits traders and institutions in the long run. The market downturn was triggered by Jump Trading moving large amounts of Ether to exchanges and was exacerbated by declines in the Nikkei and the Japanese yen ‘carry trade’ unwinding. Bitcoin briefly dropped below US$50,000 but later recovered to above US$54,200.

Trade ETH/AUD on BTC Markets.

Source: TheBlock.co

BlackRock’s spot Ethereum ETF nears US$900m in inflows after launch.

BlackRock’s iShares Ethereum Trust (ETHA), a spot Ethereum ETF, has attracted nearly US$900 million in inflows in just 11 trading days since its launch on July 23. On August 6 alone, it received US$109.9 million, boosting its total to US$869.8 million. This surge is attributed to a significant price drop in Ether, which fell 18% on August 5, prompting investors to capitalise on the lower prices.

The ETF is among the top six performers of all ETFs launched in 2024, with other high performers mainly being spot Bitcoin ETFs. Despite a market drop that saw over US$600 million in leveraged positions liquidated, ETHA managed to secure US$47.1 million on August 5, referred to as the crypto industry’s “Black Monday.”

Crypto Fear & Greed Index

Source: alternative.me

The week ahead: economic events

August 9th: China Inflation Rate. Canada Unemployment Rate.

August 13th: Australia Consumer Confidence MoM. United Kingdom Unemployment Rate. Germany ZEW Economic Sentiment Index. United States Producer Price Inflation MoM.

August 14th: United Kingdom Inflation Rate. United States Core Inflation Rate MoM, Core Inflation Rate YoY, Inflation Rate MoM and Inflation Rate.

August 15th: Japan GDP Growth Rate.

Source: trading economics

Scam awareness

The never-ending battle against smishing and phishing.

In the ongoing fight against scams, it's essential to discuss smishing and phishing, shed light on their unique characteristics, and provide you with defensive strategies to protect yourself against these persistent dangers.

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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Weekly prices are accurate as of 10:00 AM AEST on 05/08/2024.