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Cryptocurrency
News
Past,
Present And Future
Media
Man Group
Mining/Energy/Resources/Biz/Markets/Pop
Culture
The
Business Of Everything Edition!
Sin
City Sydney Australia, Wall Street, New York, and
Beyond The Black Stump
Digital
Bush Telegraph
Past.
Present And Future
June
2026
June
3
Markets
ASX
200 futures are pointing up 38 points or 0.4 per cent
to 8789.
AUD
+0.3% to US71.81¢
Bitcoin
$66,667.53 -6.48%
Wall
St:
Dow
+0.5%
S&P +0.1%
Nasdaq +0.03%
VIX
-0.28 to 15.77
Gold +0.1% to $US4488.86 an ounce
Brent oil +0.9% to $US95.79 a barrel
Iron ore +0.5% to $US105.10 a ton
10-year
yield:
US 4.44%
Australia 4.88%
Shares
TKO
Holdings
$204.59
-3.82 -1.84%
Alphabet
Inc Class A
$361.85
-14.52 -3.86%
News
Markets
Double
Check
Australian
Dollar: $0.7180 USD (up $0.0025 USD)
Iron
Ore: $105.10 USD (up $0.70 USD)
Oil
Price (West Texas): $93.39 USD (up $0.88 USD)
Gold
Price : $4,488.92 USD (up $3.96 USD)
Copper
Price (CME): $6.6775 USD (up $0.1105 USD)
Dow
Jones: 51,307.79 (up 228.91 points)
News
ASX
dips on Iran doubts and retail sell-off
The
Australian sharemarket edged lower on Tuesday, with
the S&P/ASX 200 easing 0.1 per cent to close at
8,724.4 points; the benchmark index had shed more
than 1.2 per cent earlier in the trading session.
The latest minimum wage ruling weighed on retailer
and shopping centre owners, with JB Hi-Fi down 5.4
per cent at $71.05 and Vicinity Centres shedding four
per cent to close at $2.42. However, BHP rose 1.4
per cent to a new high of $63.37 and WiseTech Global
was up 7.9 per cent at $42.23. (RMS)
News
Mining:
Australia
Mining
giants fuel surge in renewables financing
Construction
of 2.6 gigawatts of solar energy projects has begun
in Australia since the start of 2026. Data from consulting
firm Rystad Energy shows that nearly 95 per cent of
these projects feature a storage battery. Factors
such as the falling cost of batteries has boosted
investment in solar projects, while Rio Tinto and
Fortescue have also ramped up spending on such projects
to supply energy to their operations in Australia.
Federal Energy Minister Chris Bowen says the 'green'
energy rollout is putting downward pressure on electricity
prices.
News
Bitcoin
News
Bitcoin
is losing the confidence of major holders
Market
Overview
The
crypto market capitalisation has been rapidly shrinking
since the start of the new week, falling by 5% to
$2.38 trillion, its lowest level since early April.
It appears that confidence in the prospects of cryptocurrency
has fallen sharply following reports of a largely
symbolic BTC sale from Strategy’s balance sheet,
which may be followed by more active selling from
other holders. We also cannot rule out an ‘Iranian
connection’, as reports of seizures of Iranian
cryptocurrency undermine the notion of anonymity and
untraceability that has long underpinned the crypto
market. The solid performance of supposedly anonymous
coins fits neatly into this hypothesis. Thus, over
the past 24 hours, the top performers have been NEAR
Protocol (+14.8%), Internet Computer (+10.2%) and
Zcash (+5%). The three worst performers are Stellar
(-13.2%), Basic Attention Token (-10%) and Bitcoin
(-4.3%).
Bitcoin
is accelerating its decline, having fallen to $69K,
even though it started the week just above $74K. As
expected, the drop below the 50-day moving average
a week ago followed more than a week of selling pressure
at that level. Technically, the leading cryptocurrency
faces relatively few obstacles on its way down to
the $65-66K range, but further down, longer-term support
may come into play, having halted the decline in February
and March.
News
Background
According
to CoinShares, global investment in crypto funds fell
by $1.671 billion last week, marking the largest outflow
since January. Investments in Bitcoin fell by $1.438
billion (the largest outflow from BTC this year),
in Ethereum by $257 million, in Solana by $1 million,
and in Sui by $1 million. Investments in altcoins
rose by $20 million in XRP, $11 million in Hyperliquid,
and $8 million in Near.
Sentiment
towards Bitcoin on social media has reached its most
positive level since the start of the year, despite
the crypto market’s decline in May, Santiment
notes. In the past, such surges in optimism have often
coincided with local highs in the asset’s price.
Strategy
has sold Bitcoin for the first time since 2022. Last
week, 32 BTC were sold for approximately $2.5 million
at an average price of $77,135 per coin. The largest
corporate holder of Bitcoin, which had previously
promised never to sell the asset, will use the proceeds
to pay dividends on preference shares.
As
a result of the latest adjustment, Bitcoin’s
mining difficulty rose by 1.72% to 138.96 T. The figure
has returned to its April highs.
Telegram
founder Pavel Durov has renamed the cryptocurrency
Toncoin (TON) to Gram (GRAM), describing the rebranding
as a return to its roots. The blockchain will retain
the name TON (The Open Network). No action is required
from token holders.
Summary:
Bitcoin accelerated its decline towards $69K amid
a record outflow from crypto funds and Strategy’s
first BTC sale since 2022, heightening fears among
large holders. (FxPro)
News
The
dollar is back in the game
Rumours
of a breakdown in negotiations have reignited investor
interest in the US dollar.
The
risk of further currency interventions is mounting
along with USDJPY.
The
US dollar rose by 0.4% on Monday following reports
that Iran intended to walk away from negotiations
with the US. Tehran’s threat sent oil prices
soaring and reignited investor interest in safe-haven
assets. Strong macroeconomic data also favoured the
bulls on the USD index. However, in the absence of
further escalation, the DXY gave back some of its
gains, stabilising at 99, roughly in the middle of
the range seen over the past two weeks.
The
ISM manufacturing business activity index exceeded
forecasts, rising to 54, its highest level since May
2022. The Purchasing Managers’ Index has remained
in expansionary territory above 50 for the fifth consecutive
month, indicating the sector’s strength.
The
price component of the PMI fell in May compared with
April.
The
strength of the US economy allows the Fed to adopt
a wait-and-see approach. The futures market puts the
odds of the federal funds rate remaining unchanged
in 2026 at 51%, with a 49% probability of a hike.
According to Rabobank, such assessments suggest limited
upside potential for the EURUSD. Two ECB hikes are
already priced into the euro exchange rate. However,
the longer the Strait of Hormuz remains closed, the
more pain the eurozone economy will suffer.
Until
now, the markets have been optimistic about the US-Iran
deal. However, a partial escalation of the conflict,
along with rumours that Tehran is withdrawing from
the negotiations, is making investors nervous. What
if the current dialogue with the Islamic Republic
ends the same way as all the previous ones, i.e.,
in failure?
As
the USDJPY moves higher, the intensity of the government’s
verbal interventions is increasing. Finance Minister
Satsuki Katayama is using the same rhetoric she used
ahead of the previous currency market intervention.
She asserts that the authorities are ready to take
appropriate measures at any time, as necessary. Tokyo
is in close contact with Washington regarding the
situation in the Forex market.
Japan
holds colossal foreign exchange reserves of $1.17
trillion, which, according to Goldman Sachs, would
allow it to intervene in the market at least 30 times.
However, a significant portion of these reserves consists
of US Treasury bonds, the sale of which would raise
their yields and is therefore not welcomed by the
US Treasury.
Summary:
Rumours of a breakdown in US-Iran negotiations supported
the dollar, while strong US data boosted demand. Rising
USDJPY increases the risk of currency intervention
in Japan. (FxPro)
News
Pop
Culture
Tomb
Raider: Legacy of Atlantis Sets February 2027 Release
Crystal
Dynamics revealed Tomb Raider: Legacy of Atlantis
during PlayStation's State of Play, locking in a February
12, 2027 launch on PS5, Xbox Series X|S, PC, and Nintendo
Switch 2. The trailer showcases puzzle-filled ruins,
raptor battles, and a nod to the 1996 original's Scion
quest, blending nostalgia with modern traversal and
combat. Pre-orders are open now, with Standard at
$59.99 and Deluxe at $69.99 offering early access
and extras like exclusive outfits. (Media Man Peg-On):
The Legend Lives On!
News
Gaming/UFC
EA
Sports UFC 6 Revives Open Weight Class Selection for
Ranked Matches
EA
Sports UFC 6 restores open weight class selection
in Prospect ranked ladder placement matches, letting
players choose divisions freely just weeks before
the June 19 launch on PS5 and Xbox Series X|S. The
feature, a hit in the first three games, was dropped
in UFC 4 and 5 for rotating classes but returns alongside
revamped fighter ratings and Flow State perks to mix
up matchups. Streamers like Liam Healy hail it as
a game-changer, though some note potential matchmaking
issues in lighter divisions and lament the lack of
PC support at launch. (Media Man Peg-On): The best
of both worlds. Ground and pound and strike action.
Take down your gaming store today, in a food and friendly
way. Road To The White House?!
News
Streaming/Netflix
Netflix
Greenlights War Machine Sequel After Massive Hit
The
sci-fi action film War Machine, directed by Patrick
Hughes and starring Alan Ritchson, launched on Netflix
March 6, 2026, and racked up 39.3 million views in
three days, topping charts in 93 countries for a total
of 139 million views. Its success prompted a quick
sequel greenlight, with Hughes returning to direct
and co-write alongside James Beaufort. Ritchson is
expected to reprise his role as the battle-hardened
engineer, building on the gritty thrills that blended
military realism with Predator-style action. (Media
Man Peg-On): The Big N on fire. Going all guns blazzing.
Netflix for the win!
News
Lucha
Libre
Chad
Gable Unmasks in Epic AAA Mask vs. Mask Win for Ludwig
Kaiser
On
May 30 at AAA's Noche de los Grandes in Arena Monterrey,
WWE's Ludwig Kaiser, as fan-favorite El Grande Americano,
defeated the Original version in a 33-minute brutal
match filled with suplexes, ankle locks, and chair
shots, pinning with his running headbutt. The reveal
showed Chad Gable underneath, who graciously handed
over his mask and promised a return. The bout earned
massive praise, including Dave Meltzer calling it
Gable's career-best and JBL naming him the world's
top wrestler, plus over 2 million YouTube views and
top ratings from fans and insiders. (Media Man Peg-On):
An al time classic. Legendary!
News
Flasback
January
2026
Sports
Business
Banks
called for tennis overhaul
The
Professional Tennis Players Association is seeking
advice from investment banks and other financial advisory
firms on the creation of a new structure for professional
tennis. The PTPA is proposing a structure that would
involve three tiers, with the first, to be known as
the Pinnacle Tour, to include 16 of the sport's most
prestigious events including the grand slams. As part
of the new structure, players would be guaranteed
minimum levels of compensation, including $US1 million
($1.5 million) for those ranked in the top 100, while
Tennis Australia has indicated it is supportive of
the PTPA's plans (RMS)
News
Flashback
January
2026
Sports
Business
Tennis
fans back AO's bold vision to revolutionise sport
Tennis
Australia CEO Craig Tiley has outlined a vision for
the Australian Open that includes drone-powered food
and drink services and no match officials on court.
His plans are part of Tennis Australia's goal of maintaining
the Open's status as the biggest of the four grand
slams by attendance, with more than 1.2 million attending
last year's event. Most fans attending the Open are
supportive of Tiley's vision, although some are worried
it might be getting too big for its own good. Graham
Bradley, who is a former director of Tennis Australia,
says that "we don't apologise for the fact that
we're in the entertainment business, as well as the
sporting business". (RMS)
News
News
Heavy
Industry News
Mack
Trucks wins Media Man 'Truck Manufacturer Of The Month'
award
Caterpillar
wins Media Man 'Heavy Equipment Manufacturer Of The
Month' award
Bingo
Industries wins Media Man 'Construction Brand Of The
Month' award
Elders
wins Media Man 'Agribusiness Of The Month' award
Landman
wins Media Man 'Streaming Series Of The Month' award
(Oil/mining industry based story via Paramount Plus)
News
Gold
Movie
Gold
is a 2016 American epic crime drama film directed
by Stephen Gaghan and written by Patrick Massett and
John Zinman. The film stars Matthew McConaughey, Édgar
Ramírez, Bryce Dallas Howard, Corey Stoll,
Toby Kebbell, Craig T. Nelson, Stacy Keach and Bruce
Greenwood. The film is loosely based on the true story
of the 1997 Bre-X mining scandal, when a massive gold
deposit was supposedly discovered in the jungles of
Indonesia; however, for legal reasons and to enhance
the appeal of the film, character names and story
details were changed.
Trailer
Gold
(YouTube Movies and TV)
https://youtube.com/watch?v=yc0S96OZhi0
Gold
is the epic tale of one man's pursuit of the American
dream, to discover gold. Starring Oscar® winner
Matthew McConaughey (Interstellar, Dallas Buyers Club,
The Wolf Of Wall Street) as Kenny Wells, a modern
day prospector desperate for a lucky break, he teams
up with a similarly eager geologist and sets off on
an amazing journey to find gold in the uncharted jungle
of Indonesia. Getting the gold was hard, but keeping
it would be even harder, sparking an adventure through
the most powerful boardrooms of Wall Street. The film
is inspired by a true story.
News
Flashback
Early
2026
Streaming
Wars
The
"Streaming Wars" refers to the intense competition
among digital media platforms to dominate the subscription
video-on-demand (SVOD) market by capturing and retaining
global audiences.
As
of early 2026, the landscape has shifted from a period
of rapid expansion into a phase of major consolidation
and a focus on profitability over subscriber volume.
The
"Winner" and Current State (2026)
Netflix
Dominance: Industry analysts increasingly cite Netflix
as the victor. In January 2026, Netflix reported 18%
year-over-year revenue growth and is currently pursuing
a high-stakes $83 billion all-cash acquisition of
Warner Bros. Discovery’s studio and streaming
assets (including HBO/Max).
The
"Big 3": Despite fierce competition, the
market is primarily dominated by Netflix, Amazon Prime
Video, and Disney+.
YouTube's
Rise: Some experts argue YouTube is the true winner
of the broader attention economy, surpassing traditional
streaming services in total viewership by pivoting
back to user-generated content.
Key
Strategies in 2026
Consolidation:
Smaller or struggling services are being shuttered
or merged. For example, Disney recently shut down
Hulu as a standalone service.
Monetization
Shifts: Platforms have moved away from "growth
at all costs" to strategies like password-sharing
crackdowns, ad-supported tiers, and price hikes.
Live
Sports & Events: Services are increasingly bidding
on live sports rights (e.g., Netflix hosting WWE's
Raw starting in 2025) to differentiate their offerings.
Bundling:
To combat "subscription fatigue," platforms
are forming strategic partnerships with telecommunications
companies and banks to offer bundled service hubs.
Consumer
Impact
Price
Hikes: Many consumers are canceling services due to
rising costs; over 40% of Americans cited price as
their primary reason for unsubscribing in late 2025.
Resurgence
of Piracy: Fragmented content and high costs have
led to a significant comeback for pirate sites, which
some users now find more comprehensive than paid services.
"South
Park: The Streaming Wars": The term was popularized
in mainstream culture by a 2-part South Park special
released on Paramount+ in 2022, which satirized the
industry's aggressive competition.
News/Profile
Hancock
Prospecting Pty Ltd
Hancock
Prospecting Pty Ltd (HPPL) is a privately owned Australian
mineral exploration and agriculture company headquartered
in Perth, Western Australia. As of 2026, it is recognized
as one of the most successful private companies in
Australian history.
Leadership
and Ownership
Executive
Chairwoman: Gina Rinehart AO, who has led the company
since 1992.
CEO:
Garry Korte.
Ownership:
The company is owned by Gina Rinehart (76.6%) and
the Hope Margaret Hancock Trust (23.4%).
Major
Mining Operations
The
company has transitioned from a prospecting firm into
a major global miner, with primary interests in the
Pilbara region:
Roy
Hill: A flagship mega-project and Australia’s
largest single iron ore mine, producing 60–70
million tonnes annually.
Hope
Downs: A 50/50 joint venture with Rio Tinto, comprising
four open-pit mines with a capacity of approximately
47Mtpa.
Atlas
Iron: Acquired in 2018, it operates the Mount Webber,
Sanjiv Ridge, and Miralga Creek mines.
Hancock
Iron Ore: A new entity formed in July 2025 to consolidate
Roy Hill and Atlas Iron operations.
Diversification
and Strategic Investments
Under
Rinehart’s leadership, the company has expanded
significantly into other sectors:
Agriculture:
Hancock is Australia's second-largest beef producer,
owning over 25 properties including the iconic S.
Kidman & Co. It also owns 50% of Bannister Downs
Dairy.
Critical
Minerals: Major stakes in lithium (Liontown Resources,
Azure Minerals, Vulcan Energy) and rare earths (Arafura
Rare Earths, MP Materials, Lynas Rare Earths).
Energy:
Significant interests in oil and gas through Warrego
Energy and Senex Energy.
International
Ventures: In January 2026, the company signed a gold
exploration license agreement with Saudi Arabia's
state-owned miner, Ma’aden.
Current
Events (January 2026)
Australia
Day Sponsorship: The company is the principal partner
for the 2026 Hancock Prospecting Australia Day celebrations
in Perth.
Helipad
Proposal: In December 2025, the City of Perth refused
the company's proposal to build a helipad at its West
Perth headquarters.
Financial
Performance: For the 2025 fiscal year, the company
reported a profit of AU$3.08 billion.
History
The
company was founded on November 25, 1955, by Lang
Hancock, who is credited with discovering the world's
largest iron ore deposit in 1952. When Gina Rinehart
took over following his death in 1992, the company
was in a precarious financial state with significant
debt.
News
Gold
(1974)
Gold
is a 1974 British action-thriller directed by Peter
R. Hunt, starring Roger Moore and Susannah York. Based
on the 1970 novel Gold Mine by Wilbur Smith, the film
is set in the South African goldfields and follows
a conspiracy by a global syndicate to manipulate the
price of gold by sabotaging a rich mine.
Plot:
Rod Slater (Moore), a newly appointed general manager,
is manipulated by his boss, Manfred Steyner (Bradford
Dillman), into drilling through a protective barrier
into a subterranean lake. This is intended to flood
the mine, causing a global gold shortage and driving
up prices for a greedy cabal.
Production
Controversy: The film was controversially shot on
location in South Africa during the apartheid era.
This led to a "black ban" by British film
unions, though some crew members defied it to work
on the production.
James
Bond Connection: Many crew members were veterans of
the James Bond franchise, including director Peter
Hunt (On Her Majesty's Secret Service), editor John
Glen, and title designer Maurice Binder.
Accolades:
The film received an Academy Award nomination for
Best Original Song for "Wherever Love Takes Me,"
composed by Elmer Bernstein and sung by Maureen McGovern.
Cast
& Crew
Rod
Slater: Roger Moore
Terry Steyner: Susannah York
Hurry Hirschfeld: Ray Milland
Manfred Steyner: Bradford Dillman
Farrell: John Gielgud
Director:
Peter R. Hunt
Music:
Elmer Bernstein
Availability
in 2026
As
of 2026, the film is available through several formats
and platforms:
Streaming:
Accessible on Prime Video, Tubi, and Roku devices.
Physical
Media: High-definition restorations are available
on Blu-ray and DVD from Kino Lorber and 88 Films
News
Pop
Culture
"Gold"
(Spandau Ballet)
"Gold"
is a signature 1983 hit by the British New Romantic
band Spandau Ballet, written by Gary Kemp.
Lyrics
Thank
you for coming home I'm sorry that the chairs are
all worn I left them here, I could have sworn These
are my salad days Slowly being eaten away Just another
play for today Oh, but I'm proud of you, but I'm proud
of you
Nothing
left to make me feel small Luck has left me standing
so tall
Thank
you for coming home I'm sorry that the chairs are
all worn I left them here I could have sworn
These are my salad days Slowly being eaten away Just
another play for today Oh but I'm proud of you but
I'm proud of you
Nothing
left to make me feel small Luck has left me standing
so tall
Gold
(gold)
Always believe in your soul You've got the power to
know You're indestructible Always believe in
'Cause you are
Gold (gold)
Glad that you're bound to return There's something
I could have learned You're indestructible Always
believin'
Oh
after the rush has gone I hope you find a little more
time Remember we were partners in crime It's only
two years ago
The man with the suit and the face You knew that he
was there on the case Now he's in love with you he's
in love with you
My
love is like a high prison wall But you could leave
me standing so tall
Gold
(gold)
Always believe in your soul You've got the power to
know You're indestructible Always believe in 'Cause
you are
Gold (gold)
Glad that you're bound to return There's something
I could have learned You're indestructible Always
believin'
My
love is like a high prison wall And you could leave
me standing so tall
Gold
(gold)
Oh always believe in your soul You've got the power
to know You're indestructible Always believe in 'Cause
you are
Gold (gold)
Glad that you're bound to return Something I could
have learned You're indestructible Always believin'
Songwriter: Gary James Kemp
Spandau
Ballet - Gold (HD Remastered)
https://youtube.com/watch?v=ntG50eXbBtc
Official
video of Spandau Ballet performing 'Gold' from their
1983 third album 'True'.
Gary
Kemp wrote both the music and lyrics; the song was
produced by the partnership of Steve Jolley and Tony
Swain. The music video was filmed on location in Carmona,
Spain and directed by Brian Duffy. The video featured
Sadie Frost as a gold-painted nymph, in one of her
earlier roles. Some parts of the music video were
also filmed in Leighton House, which was also used
in the video for "Golden Brown" by The Stranglers.
Spandau
Ballet are one of Britain’s great iconic bands
having sold over 25 million records, scored numerous
multi-platinum albums and amassed 23 hit singles across
the globe since their humble beginnings as a group
of friends with dreams of stardom in the late 1970s.
It wasn’t long before they became fully-fledged
members of the iconic Blitz Club scene and established
themselves as one of the super-groups of the 80s.
The
band's classic line-up features brothers Gary and
Martin Kemp on guitars, vocalist Tony Hadley, saxophonist
Steve Norman and drummer John Keeble.
Spandau
Ballet’s hits include Gold, True, To Cut A Long
Story Short, Through The Barricades and many more.
News
The
Australian Financial Review wins Media Man 'Newspaper
Of The Month' award
Roy
Morgan wins Media Man 'News Services Business Of The
Month' award
Sky
News Australia wins Media Man 'Australian Media Outlet
Of The Month' award
Media
Man
The crypto market has temporarily found balance
Market
Overview
The crypto market cap on Monday morning is $2.31 trillion,
just over 1% higher than a week ago. Volatility in
cryptocurrencies decreased significantly in the second
half of the week, unlike in traditional financial
markets. Cryptocurrencies did not emerge as a safe
haven; instead, they found only a temporary balance
between opposing forces.
Last
week, crypto failed to maintain its mid-week momentum.
They are also avoiding a collapse following traditional
markets, which began trading on Monday. This is too
fragile a balance, and we see a greater risk of increased
cryptocurrency sell-offs as institutional players
are forced to reduce leverage amid the decline of
key assets.
The
sentiment index stood at 8 on Monday, returning to
single digits after twelve days of attempts to stabilise
and form a rebound. This behaviour proves once again
that not all extremely low sentiment values constitute
a good entry point.
Bitcoin
is trading at $67K, around which it has been for more
than 4 weeks. On intraday intervals, purchases are
still noticeable on dips below $66K. Still, it is
difficult to rely on this support given the powerful
movements in financial markets.
News
Background
Bitcoin is in the deepest phase of a bear market,
and the situation could worsen, according to ZX Squared
Capital, which expects BTC to fall further by 30%
in 2026 due to the war with Iran.
Culper Research has opened short positions on Ethereum
and BitMine shares. Analysts believe that the altcoin's
economy has deteriorated following the recent Fusaka
update.
For
the first time in US history, the Trump administration
has included cryptocurrencies and blockchain in the
National Cybersecurity Strategy, which explicitly
states the need to protect these technologies at the
state level.
Florida
has passed the first state-level stablecoin bill in
the US. Governor Ron DeSantis will sign the document
within the next 30 days.
The
US SEC has dropped charges against Justin Sun. The
founder of Tron agreed to pay a $10 million fine but
did not admit guilt. In 2023, the SEC accused Sun
of unregistered sales of securities in the form of
Tron and BitTorrent cryptocurrencies, as well as fraudulent
price manipulation.
About
38% of altcoins have approached historic lows. The
situation in the sector is worse than after the collapse
of the FTX crypto exchange, notes analyst Darkfost.
(FxPro)
crypto.com
Media
Man Featured Websites
Google
Finance: Cryptocurrencies
CoinDesk
Crypto.com
Coin
Telegraph
FOX
Business: Markets - Cryptocurrency
The
Australian Financial Review - Cryptocurrencies
Blockchain
News
The
Sydney Morning Herald: Bitcoin
Blogs
Bitcoin
News Media Blog
X
Bitcoin
News Media X
Media
Man Crypto Blog
Promotion
Crypto
Castle (Coogee, Sydney, Australia)
Special Project
Bitcoin
News Media
Crypto
Castle wins Media Man 'Venue Of The Month' and
'Promotion Of The Month'
Cryptocurrency
News via Wires
Lamborghini
Bros No More: Crypto Is Creating a New Wealth Effect
It’s
an oft-told anecdote littering social media: Those
who invested early in cryptocurrencies have enjoyed
life-changing wealth.
How
much that extra cash gives them confidence to spend
more — a phenomenon economists call the wealth
effect — is a hot topic whenever crypto prices
are surging. A group of researchers tried to quantify
it and determined that crypto bonanzas in the US aren’t
exactly spent like windfalls from winning the lottery.
And so far, the effect has been relatively modest
on the $28 trillion American economy. But if the asset
class continues to boom, the study provides insight
on potential game-changers in consumer patterns.
The
new wealth increased households’ consumption
by about $30 billion in total over a decade, the researchers
estimated, with every dollar of unrealized gains leading
to about nine cents of spending. While that figure
is almost double the marginal propensity to consume
when it comes to stock-market returns, it’s about
one-third that of income shocks such as lottery winnings.
Despite all the flexing on social media, it wasn’t
all blown on Lamborghinis and bling: Some went toward
home purchases, boosting real estate markets where
crypto is popular.
“If
households tend to treat crypto like gambling, then
we would expect them to spend their gains in similar
ways as lottery winners do,” Darren Aiello, assistant
professor of finance at Brigham Young University’s
Marriott School of Business and one of the authors
of the paper, said in an interview. “In contrast,
our estimates suggest that household spending out
of crypto gains is more like the patterns we see from
traditional equity investments.”
It’s
a topic that is likely to gain more attention from
economists after this year’s launch of spot-Bitcoin
exchange-traded funds expanded the universe of potential
crypto investors.
The
researchers, who presented the paper to the Federal
Deposit Insurance Corp. in March, also hail from Northwestern
University, Emory University and Imperial College
London. They used data from 60 million people from
2010 to 2023, spanning millions of bank, credit- and
debit-card transactions, to analyze how crypto wealth
spills over into the real American economy. They found
that 16% of the households analyzed made deposits
to retail cryptocurrency exchanges at some point in
the decade through 2023.
Making
the connection between spending and crypto investments
can be tricky, since some may invest in the asset
class in hopes of boosting their savings in order
to make a big purchase, rather than deciding to make
a big purchase only after a crypto windfall. As a
result, the researchers isolated the portion of household
crypto gains that were driven by long-term buying
and holding, rather than recent investments, in order
to directly measure the causal effects of crypto on
spending.
“There
is significant debate about the role crypto should
play in a household’s portfolio due to its high
volatility and nebulous fundamentals,” Jason
Kotter, another assistant professor of finance at
BYU who co-authored the paper, said in an interview.
To
Noelle Acheson, author of the Crypto Is Macro Now
newsletter, the insights about how crypto holds different
appeal to different investor types is more noteworthy
than the takeaways for the macro economy. “For
lower-income investors placing less priority on wealth
preservation, a crypto allocation could be seen as
a make-or-break play — more to gain than to lose,”
she said. “So it makes sense that any gains would
be spent on big-ticket items such as a house.”
Housing
market
While
the boost in wealth was mostly poured into discretionary
spending, a significant portion spilled into local
housing markets, the researchers found, especially
in parts of California, Nevada, Utah and other places
where crypto is popular.
To
arrive at a figure, the researchers went back in time
to 2017, a year when Bitcoin saw its price jump from
around $950 to $14,000 for a nearly 1,400% rally.
Using zip codes associated with brokerage accounts,
they compared what happened to home prices in counties
with high crypto wealth compared with those that were
less enthusiastic toward digital assets. They discovered
that home prices in crypto-wealthy counties grew 43
basis points faster, pushing the median house price
up by about $2,000 in 12 months.
They
analyzed what that would look like spread out over
the decade through 2023, and found that every dollar
gained in households’ crypto wealth pushed median
home price up by 15 cents over the following three
months.
The
researchers also tracked investors who withdrew at
least $5,000 from their crypto brokerages — around
90% of which came from Coinbase Global Inc. —
between 2018 and 2023. That analysis revealed that
Americans increased their total spending in the year
after a large withdrawal by around $5,754 relative
to the prior year. And while mortgage spending remained
constant in the six months leading up to large withdrawals,
it rose significantly after the event.
“For
every household that withdrew $5,000 from their crypto
exchange account, one in 20 bought a house for the
first time,” said Kotter.
After
all, you can’t live in a Lambo.
Bitcoin
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Crypto
has retreated from the lows, but no rush for growth
- January 29, 2024
Market
picture
Crypto
market capitalisation at around $1.62 trillion is
less than 1% higher than it was seven days ago, thanks
to a growth spurt on Friday. Bitcoin has added 3%
in the same period and continues to be the driving
force behind crypto volatility. The sentiment is gradually
returning to greed territory, taking the corresponding
index to 55 after lows of 48 in the middle of last
week.
Bitcoin
has stabilised near $42K over the past three days.
The 50-day moving average at $42.8K has acted as local
resistance for short-term gains. This curve changed
direction from rising to falling last week, which
looks to be an additional short-term negative factor.
Ethereum,
as the flagship cryptocurrency, has pulled back from
local lows but is in no hurry to gain altitude, trading
near $2270.
The
two major cryptocurrencies have started stabilising
and rebounding higher than we expected. But we assume
that the current calm is a local trap for bulls, and
the decline will continue after some pause. The trigger
for the decline may be volatility in equities ahead
of the reports of giant corporations, the results
of the Fed meeting and the employment report.
News
background
The
US Department of Justice has filed a notice to sell
another batch of crypto assets confiscated from the
criminal trading platform Silk Road. A total of 2,934
BTC worth $115 million is to be sold.
The
US Securities and Exchange Commission (SEC) is likely
to approve an ETF based on the spot price of Ethereum
in the summer of 2024, Grayscale expects.
According
to cryptocurrency payment operator BitPay, XRP has
become one of the most used crypto asset for making
payments, with the number of payment transactions
up 42%. Bitcoin topped the top 10, followed by Litecoin
and Ethereum.
According
to Flipside, the Polygon project has equalled Ethereum
in terms of new users. For 2023, Polygon recorded
15.24 million new accounts, compared to 15.4 million
for Ethereum.
Matthew
Schultz, co-founder of mining firm CleanSpark, believes
that unless Bitcoin shows significant growth, 11 major
mining companies will be unprofitable after the halving.
Source:
Alex Kuptsikevich, the FxPro
Crypto
News
Bitcoin
to soar as ETFs on cusp of approval
- January 9, 2024
The
price of Bitcoin is spiking and one analyst predicts
it could more than triple in value and hit $300,000
by the end of 2025.
Bitcoin
has risen above $US47,000 (A$70,000) for the first
time since April 2022 and one analyst is predicting
it could more than triple in value to be worth US$200,000
(A$298,000) by the end of 2025.
The
prediction comes after news that US regulators appear
ready to finally approve Bitcoin exchange-traded funds
(ETFs).
In
a note, Standard Chartered head of crypto research
Geoff Kendrick wrote: “If ETF-related inflows
materialise as we expect, we think an end-2025 level
closer to US$200,000 is possible.”
It
has been over a decade since the first applications
for ETFs that invest directly in the digital currency
were filed with the US Securities and Exchange Commission
(SEC).
Prospective
ETF issuers BlackRock, Fidelity, Invesco, Ark, Galaxy
Digital and WisdomTree filed amended forms on Monday
in what is seen by analysts as a final push to offer
the investment products.
The
regulator has until Wednesday to make a decision on
the applications, which could result in an investment
product tracking the daily price of the most popular
digital currency traded on a stock market for the
first time.
If
approved, the advent of Bitcoin ETFs is expected to
drive up Bitcoin’s price due to increased accessibility
and liquidity of the digital currency.
The
rise in Bitcoin also flowed through to a surge in
the price of other cryptocurrencies, such as Ethereum,
Cardano, SOL and Polkadot, while the share prices
of listed crypto exchanges and miners such as Coinbase
Global, Riot Platforms and Marathon Digital also rose.
Bitcoin’s
previous all-time high of almost $US69,000 (A$103,000)
was reached in November 2021.
#Bitcoin
#BitcoinNews #BitcoinETF #BitcoinETFs #ETF #cryptonews
#cryptocurrencynews #cryptocurrencies #fintech #BTC
#SEC #BlackRock #Fidelity #Invesco #Ark #GalaxyDigital
#Galaxy #WisdomTree #Ethereum #Marathon #SOL #Polkadot
#Riot #RiotPlatforms #bizneews #biz #finnews #digitalnews
#research #trends #trending #buzz #hype #cryptoculture
#culture #AI #X #media
(Newsfeeds)
Bitcoin Rally Cools in Countdown to US Spot ETF Decision
by SEC - 9 January 2024
Bitcoin
consolidated after briefly rallying past $47,000 on
optimism that regulators are set to approve the first
US exchange-traded funds investing directly in the
world’s largest digital asset.
The
token dipped to $46,739 as of 6 a.m. Tuesday in London
after a 6.5% jump on Monday in the US to a 21-month
high. Bitcoin’s new year climb now stands at
10%, contrasting with drops over the same period in
stocks and gold.
The
crypto market expects a green light for US spot Bitcoin
ETFs by a Jan. 10 deadline. Prospective issuers such
as BlackRock Inc., Fidelity Investments and Ark Investment
Management updated paperwork with the Securities and
Exchange Commission, and the regulator has until Wednesday
to take action on at least one of the applications.
Speculators
are wagering that the agency will announce a slew
of decisions at once to avoid handing out a first-mover
advantage. If the funds are approved, the next question
is how much money they will woo. Bitcoin is up 172%
in the past 12 months in a sign that traders anticipate
wider adoption of the token.
“Participants
seem to be coming around to thinking that the initial
flows will actually exceed expectations,” said
Kyle Doane, a trader at Arca.
Applicants
amended forms on Monday in the US in a final push
to offer spot Bitcoin ETF products more than a decade
after the first attempt.
SEC
Chair Gary Gensler has repeatedly argued that crypto
is rife with fraud and misconduct. The agency cracked
down on the sector following a 2022 rout and collapses
such as the bankruptcy of Sam Bankman-Fried’s
FTX exchange.
But
the SEC last year lost a key legal fight against crypto
asset manager Grayscale Investments LLC, spurring
speculation that the regulator will have to acquiesce
to the spot ETFs. The spat was over the $29 billion
Grayscale Bitcoin Trust’s desire to convert into
such a product.
ETF
Critics
Critics
contend that spot crypto ETFs would pose a risk for
investors given that digital assets are notorious
for volatility and attracting illicit activity.
“What’s
going to happen, unfortunately, is lots and lots of
Americans in our view, are going to get hurt financially,”
said Dennis Kelleher, chief executive officer of financial
reform nonprofit Better Markets.
The
months-long advance in Bitcoin has lifted the digital-asset
market more broadly, bolstering smaller tokens like
Solana and Avalanche. US crypto-linked stocks mostly
rose on Monday, providing a tailwind for Asian peers
such as Japan’s Monex Group and Woori Technology
Investment Co. in South Korea.
Pullback
Risk
Some
crypto watchers wonder whether Bitcoin is ripe for
a pullback if and when SEC approval finally lands,
since speculators may decide to bank a slice of profits
from the token’s rally.
There
are “no signs” of a so-called sell-the-news
event just yet, Chris Weston, head of research at
Pepperstone Group Ltd., wrote in a note. Based on
chart patterns, the $51,000 level is a possible target
before any such retreat, according to Tony Sycamore,
a market analyst at IG Australia Pty.
Looking
past short-term price gyrations, “the main result
of Bitcoin spot ETF approval will be the marketing
machine behind greater Bitcoin awareness, powered
by some of the largest names in traditional finance,”
wrote Noelle Acheson, author of the Crypto Is Macro
Now newsletter.
The
token reached a record high of almost $69,000 back
in 2021 during a pandemic-era bull run fueled by ultra-low
borrowing costs.
#Bitcoin
#BitcoinETF #ETC #crypto #cryptonews #cryptocurrencies
#SEC #markets #finance #fintech #digitalnews #digitalbiz
#digitalbusiness #newsmedia #newsfeeds #media
Bitcoin
News Media
January
8, 2024
Bitcoin
ETF Insider Leak Powers Bitcoin Price Surge Over $45,000
After $1.6 Trillion Ethereum, XRP, Solana And Crypto
Boom
Now,
as panicked traders try to get ahead of the U.S. Securities
and Exchange Commission's (SEC) "rug pull of
the decade," an insider leak has revealed BlackRock
has readied a huge $2 billion bazooka if its spot
bitcoin ETF bid is approved.
"I
heard from a pretty well placed source that BlackRock
has more than $2 billion lined up in week one in new
incremental flows from existing bitcoin holders who
are adding to positions," Matthew Sigel, head
of digital assets research at investment company VanEck,
said during an X Spaces broadcast organized by The
Block.
"I
can't vouch for that," Sigel added. "But
you know, that's what everyone is doing. Just making
phone calls and trying to find the folks who can write
checks into these products. And our estimates—that,
you know, if that $2 billion happened in week one,
you know, that would blow away our estimates."
1/8
update: The bitcoin price has shot over $45,000 per
bitcoin as the Wall Street race to get a bitcoin spot
exchange-traded fund (ETF) to market enters its final
week. The price surge boosted the price of ethereum,
XRP and solana as traders bet a historical spot bitcoin
ETF would boost crypto prices across the board.
This
week, spot bitcoin ETF hopefuls, including BlackRock,
Fidelity and Grayscale, have met the deadline to file
their amended documents.
This
filing "is another important step towards uplisting
GBTC as a spot bitcoin ETF," Grayscale spokeswoman
Jenn Rosenthal said in a statement to Coindesk. Grayscale
has been trying to convert its bitcoin trust to a
fully-fledged spot bitcoin ETF for years, last year
successfully suing the SEC over its rejection of its
bid. "At Grayscale, we continue to work collaboratively
with the SEC, and we remain ready to operate GBTC
as an ETF upon receipt of regulatory approvals."
"Market
participants maintain expectations for the approval
of the 21Shares filing, potentially triggering a cascade
approval for all issuers," Matteo Greco, a research
analyst at investment company Fineqia International,
said in emailed comments, referring to the Ark 21Shares
spot bitcoin ETF bid that's first in line.
"Numerous
meetings between the SEC, issuers, and exchanges have
fuelled the narrative of an imminent approval. The
introduction of ETFs could usher in new investor cohorts
from traditional finance, significantly improving
market transparency and liquidity and bringing long
term capital inflow in the digital assets market."
Sigel
said VanEck was anticipating "$2.5 billion in
the first quarter of trading," a figure derived
from "past flows into the first gold ETF and
adjusting by the U.S. money supply. And we have a
$40 billion market opportunity over two years based
on a similar analysis."
"$2
billion week one into BlackRock alone would blow expectations
out of the water," Travis Kling, the chief investment
officer of Ikigai Asset Management, posted to X. "Half
that from all ETFs combined would have been a pretty
good outcome."
VanEck,
along with other spot bitcoin ETF hopefuls BlackRock,
Fidelity, Grayscale, Valkyrie, ARK 21Shares and InvescoIVZ
+1.8% have rushed to finalize their applications this
week ahead of a January 8 Monday morning deadline.
Five
SEC commissioners will reportedly vote on the spot
bitcoin ETF bids next week, according to Bloomberg,
citing an anonymous source.
#Bitcoin
#BTC #BitcoinNews #Crypto #CryptoNews #cryptocurrency
#XRP #ETF #Ethereum #BitcoinETF #BitcoinETFs #fintech
#digitalnews #newsmedia #newsfeeds #trend #trends
#buzz #hype #bitcoinnewsmedia #x #media
(Sources:
Wires, Newsfeeds, X)
Crypto
needs a new king. These are the contenders - December
15, 2023
The price of bitcoin is surging again. Major financial
firms are showing renewed interest in digital currencies.
And crypto fanatics are celebrating the end of a long
period of depressed prices and business collapses.
But
the sudden explosion of optimism has come at a turbulent
moment for the cryptocurrency industry.
The
last time crypto prices were skyrocketing, the industry’s
most influential executives were Sam Bankman-Fried
and Changpeng Zhao, rival billionaires whose online
sparring could move markets. Now Bankman-Fried, founder
of the FTX crypto exchange, and Zhao, who ran the
world’s largest crypto firm, Binance, both face
prison time after parallel falls from power.
A
federal jury convicted Bankman-Fried last month on
fraud and conspiracy charges stemming from FTX’s
collapse. Three weeks later, Zhao pleaded guilty to
a money laundering charge and agreed to relinquish
control of Binance.
With
the two men out of the picture, a crowded field of
crypto entrepreneurs, Wall Street executives and government
regulators are vying to control the industry’s
next chapter. Their scramble for influence could determine
whether crypto survives in the United States, where
a regulatory crackdown has made it increasingly difficult
for the industry to operate.
Some
executives have argued that the crypto world needed
to purge figures like Zhao and Bankman-Fried —
aggressive entrepreneurs who gave priority to growth
over compliance — to win over regulators and
the public.
After Zhao’s guilty plea, Brian Armstrong, CEO
of the US-based crypto exchange Coinbase, hailed the
case as a turning point for the industry.
“We
now have an opportunity to start a new chapter,”
Armstrong posted on social media last month. “This
industry should be built right here in America, in
a compliant way, under US law.”
But
the crypto world remains filled with companies that
engage in risky business practices and don’t
offer much transparency about their experimental products.
“There
is no intrinsic value to any of this,” said Hilary
Allen, an expert on financial regulation at American
University. “The only hope is to have more money
sloshing around, and more people willing to buy into
it to create demand.”
Crypto
has always had its share of influential leaders. The
vision behind bitcoin, the original and most valuable
digital currency, was first laid out by someone using
the pseudonym Satoshi Nakamoto, whose mysterious identity
became its own brand.
As
the crypto world expanded, new centres of power and
influence emerged. Zhao founded Binance in 2017 and
built it into the world’s largest marketplace
for buying and selling experimental coins. The exchange’s
size and reach turned Zhao into a star on Twitter,
now known as X, where he accumulated more than 8 million
followers, dismissing government lawsuits and allegations
of illegal conduct as disinformation spread by crypto’s
enemies.
Zhao’s
chief rival was Bankman-Fried, who appeared on billboards
and magazine covers, cultivating a persona as the
responsible adult who would help the fledgling industry
work with regulators.
In
the end, both Zhao and Bankman-Fried fell from grace.
Bankman-Fried is set to be sentenced in March and
faces the prospect of decades behind bars. Zhao is
likely to receive a lighter sentence, with prosecutors
expected to request about 18 months.
“Having
those characters not in the plot any more is a really
good thing,” said Jeremy Allaire, CEO of the
crypto company Circle. “I’m focused and
have been focused on: How do we make this useful for
the world?”
A
new generation of executives is already emerging as
the industry’s top cheerleaders. Paolo Ardoino,
an outspoken crypto enthusiast with a vast online
following, recently took over as CEO of Tether, the
company that oversees one of the most popular digital
currencies. At Binance, Zhao was replaced by Richard
Teng, a key executive at the exchange who had been
groomed to step into Zhao’s shoes.
On
paper, Teng is Zhao’s opposite. The Binance founder
was antagonistic toward regulators, while Teng is
a veteran of the Monetary Authority of Singapore,
the country’s central bank.
Binance’s
future is uncertain. As part of a settlement last
month, the company agreed to pay a $US4.5 billion
($6.7 billion) fine to several government agencies
and have a US monitor embedded in the business for
the next three years.
“My general sense is there’s a real ‘wait
and see,’” Allaire said. “I don’t
think anyone knows the details of what that monitorship
means.”
A
Binance spokesperson did not respond to a request
for comment.
Arguably
the biggest beneficiary of crypto’s current reshuffle
is Coinbase’s Armstrong, who declared this month
that bitcoin “may be the key to extending western
civilisation”. Coinbase’s share price has
nearly tripled over the past six months, even after
the Securities and Exchange Commission sued the firm
as part of the agency’s broad crackdown on the
industry.
“Coinbase
is now the last man standing,” said John Todaro,
an analyst at Needham who tracks the crypto industry.
“There’s less competition out there.”
Coinbase
has also positioned itself to profit from a potentially
seismic development in the crypto world — the
possible approval of an exchange-traded fund, or ETF,
that tracks the price of bitcoin.
“Having
those characters not in the plot any more is a really
good thing.”
Circle
CEO Jeremy Allaire
In
recent days, bitcoin’s price has surged to over
$US43,000 ($65,600), its highest level since a wave
of bankruptcies sent the industry into crisis last
year. Much of the enthusiasm is fuelled by growing
confidence that the SEC is poised to approve a bitcoin
ETF that would trade on traditional stock exchanges,
potentially bringing new money into the industry.
Coinbase
has agreed to store the bitcoin that would underlie
an ETF offered by BlackRock, one of the world’s
largest asset managers. BlackRock is the biggest of
several major financial firms, including Fidelity,
that have applied to offer the investment product.
Wall
Street was once the enemy of the insurgent crypto
industry, but after a bruising 18 months of bankruptcies
and arrests, crypto proponents have greeted the collaboration
between Coinbase and BlackRock as a potential salvation.
“Crypto
isn’t disrupting Wall Street; it’s merging
with it,” Allen said. “It’s fairly
obvious — they think they can make some money
here.”
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Cryptocurrency-mining
Chinese principal sacked for stealing school power
supply -
12th November 2018
by
Richard Wood Cryptocurrency
machines drained electricity from a Chinese high school for almost a year before
the principal behind the illicit operation was busted. ‘Lei's
clandestine set-up would total eight cryptocurrency machines’ When
a school employee reported a spike in electricity usage, the principal Lei Hua
blamed it on air conditioners and heaters, reports the South China Morning Post. Lei,
the head of Puman Middle school in China’s Hunan province, started mining
the cryptocurrency ethereum from his home in June 2017 using one machine. But
it became such a huge electricity drain – reportedly up to 21 kilowatts per
hour – that he moved his operation to his school’s computer room. Eventually
Lei’s clandestine set-up there would total eight cryptocurrency machines. In
January, the school’s deputy principal purchased a mining computer and, under
guidance from Lei, also tapped into the school’s power source. High
powered mining machines can generate more cryptocurrency, but become hot and noisy
and eat up huge amounts of power. Authorities
uncovered the electricity theft after reports of strange round-the-clock noises
from the school’s computer room and problems with its IT network. The
school’s energy surge also caused its power bill run to 14,700 yuan ($2900)
– almost double compared with the previous year. Lei
was dismissed soon after and his deputy principal was reportedly issued a warning,
reports the BBC. China
started a crackdown on cryptocurrency mining operations this year amid fears of
future financial chaos. In
April, police arrested six people in Tianjin province for stealing electricity
from the local grid to power 600 bitcoin mining machines. (Nine.com.com)
| 
