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Commonwealth Bank Brings Cryptocurrency Trading In-App To A Halt After Serious Market Volatility Australia’s largest bank has decided it will pause its rollout of its app-based trading of digital currencies such as Bitcoin and Ethereum pending further regulation.   The multinational corporation has also sought to pause all testing features, preventing any cryptocurrency sales on its app amid the current cryptocurrency market downturn and uncertainty.     Following strong demand, Commonwealth Bank in November, 2021,...
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ATO Takes Aim At Cryptocurrency Gains For Tax Time 2022 The Australian Tax Office (ATO) has released its four priorities come tax time at the end of this financial year, honing in on four key focus areas, including record-keeping, work-related expenses, rental property income and deductions, but most importantly, capital gains from cryptocurrency assets, property, and shares.   An entire publication on these four priorities for the ATO this tax time can be read here. ...
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The Australian Prudential Regulation Authority Released Roadmap For Digital Assets Policy The Australian Prudential Regulation Authority (APRA) has published a letter to Australian regulatory bodies on Thursday setting out its expectations of risk management, as well as a policy roadmap for the regulation of digital assets through 2025.     Chairman Waynes Byres detailed in the letter “while activities associated with crypto assets are still relatively limited in Australia, the potential scale and risks of...
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PART 4: 2022: The Future of Cryptocurrency   What we have seen so far in 2022   Entering 2022 and the month of January saw a highly volatile market, continuing the negative trend line, with many of the top cryptocurrencies losing a lot of value. BTC began the year with a $900 billion market capitalisation and a price of $47,600, having been down 5.4% in the week, ETH was at $448 billion market cap with...
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LUNA Spectacularly Tanks As UST Fails to Re-Peg TerraUSD (UST), a digital token with a once $16 billion market capitalisation that is designed to maintain a 1:1 peg with the dollar, known as a stablecoin, nosedived over the past 36 hours.    Its price fell below $0.65, before somewhat recovering to $0.93 as yesterday before tumbling to as low as $0.59 as of writing. In other words, UST failed dramatically at the one thing that...
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Australian Exchange Swyftx Launches ‘Earn’, Allowing Users To Earn High Yield on Cryptocurrencies With No Lock-Ins Swyftx, one of Australia’s most popular cryptocurrency exchanges, is set to innovate Australia’s markets by offering their new product ‘Earn’, which offers interest-bearing yields on a wide range of cryptocurrency assets. They will be the first Australian-operated centralised cryptocurrency exchange to do so.   In doing so, Australian and New Zealand residents have the ability to earn interest on...
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Elon Musk grabs big-name investors such as Binance, eyes Twitter’s temporary CEO role after takeover Over the last 24 hours, 19 different parties have put forward $7.1 billion in commitments to help finance Elon Musk’s $44 billion takeover of one of the world’s most popular social media platforms, Twitter.    As a result, it is expected that Musk will become Twitter’s temporary CEO once the takeover of the social media firm is official according to...
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Ethereum Has Had 10% Of The ETH Supply Locked In Consensus Layer Deposit Contract  Last Friday, the deposit contract for staking Ethereum (ETH) on the Beacon Chain reached over 10% of the entire supply, containing over 12 million in Ethereum. Formerly known as ETH 2.0, the deposit contract for Ethereum’s consensus layer now has ETH worth over $34 billion dollars at current prices.   The Beacon Chain is a concurrently-running proof-of-stake (PoS) version of Ethereum...
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Blackrock Launches Blockchain ETF, Naming Cryptocurrency As One Of Three Big Opportunities Blackrock, an American multinational investment management corporation that is a leader in investment management, risk management and advisory services worldwide, has launched its blockchain ETF, offering its investors exposure to the cryptocurrency sector.    Blackrock is the world’s largest asset manager with $10 trillion in assets under management.     The asset manager detailed “the Ishares Blockchain and Tech ETF seeks to track...
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