This year has seen several significant developments in crypto, making it clear that the industry is booming. From the recovery of some currencies to the growth forecast of others, there have been plenty of stories and developments to cover.
More than 20,000 crypto projects are listed on CoinMarketCap.com alone, and hundreds of new tokens are created daily. This year has seen significant developments in both the public and private sectors as bitcoin and other cryptocurrencies continue to gain momentum, despite government regulation and increased scrutiny from regulators.
So, here is a roundup of the biggest crypto news Australia this summer.
1. Crypto Stock Boost from Meme Craze Traders
The exciting crypto news in Australia this summer is the crypto stocks boost from the traders responsible for the meme craze. A report published by VandaTrack says that these individuals bought $1 billion of crypto stocks in ten days, causing the stocks to get back on track.
2. BlackRock’s Partnership with Coinbase
Hot crypto news in Australia is that Coinbase has partnered with BlackRock to expand the crypto market. This move will make it easier for investors to trade and manage bitcoin. It has granted Coinbase some relief due to its stock losing over two-thirds of its value because of the ongoing investigation over its digital token trade.
3. Over $30 Billion Investments in Blockchain
Great crypto news in Australia is that blockchain projects have received over $30B in investments over the last six months, with 1199 funding rounds. This figure is more significant than last year’s when the same amount was funded in 1313 rounds.
4. Theft of Over $86 Million in NFT
The sad crypto news in Australia is that hacking attacks on NFT projects have risen four times in the past year. NFT users have already lost over $86M in the first half of 2022, with at least 150 targeted attacks.
5. Over $6 Billion Stolen through Defi Protocols
Defi sector attacks have increased significantly since 2020. Hackers stole over $6B by compromising at least 214 Defi protocols in two years, making the decentralized finance sector the main target for fraudsters.
6. Defi Market Cap Drop
The Defi market cap dropped by 74.6% in the second quarter of 2022, although it has maintained a steady user activity level. Crypto news in Australia can confirm that the market fell from $142M in quarter one to $36M in quarter two.
7. Metaverse to Exceed $50B by 2026
The Metaverse market is expected to grow to over $50B by 2026, with a potential 20% growth rate annually. North America is expected to contribute 32% of this growth.
8. CFTC Gaining Custody of Crypto
The Senate introduced a legislative effort to provide regulation and give the CFTC custody over some cryptos. This legislation would allow CFTC exclusive oversight over what a digital commodity means and may be a win for the digital asset market.
9. SEC charges Fraudsters
The SEC charged 11 fraudsters from Forsage, a company claiming to be an intelligent contract earnings program but was a pyramid scheme. This has caused authorities to up digital asset markets enforcement to mitigate exploits.
Conclusion
This roundup of crypto news in Australia highlights some events in the crypto world this summer. As summer ends, we can only hope for better crypto days ahead.
