Australian Crypto Roundup: Crypto market slides as buyers wait out the storm

Team Luno
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4 minute read

Weekly Market Update
15/11/21 - 19/11/21

With bitcoin and ether failing to maintain last week's all-time highs, buyers have stayed cautious in the market. Can the big two cryptos stabilize or is there more downward movement in the short term?

  • TLDR - A snapshot of the week
  • BTC is down 14.5% (US$ 56323 and AU$ 77,154)
  • ETC is down 14% (US$ 4054 and AU$ 5553)
  • CEO of Skybridge Capital encourages investors to buy bitcoin now
  • Christmas time for Australians to include gifts of crypto
  • Banksy painting sells for a handsome 3,093 ETH in auction house first
  • Aussie baseball team to pay its players it BTC

This years Christmas for Australia to see Crypto-based gifts

  • Australia’s season of giving is expected to see a rise in crypto-based gifts, according to a new research on the growing interest in crypto assets in Australia
    In a survey by Crypto.com over 50% of Australians surveyed have shown interest in using bitcoin and ethereum as gifts
  • Roughly 42% of respondents were considering coin vouchers in the gift ideas, while around 30% had eyed non-fungible tokens (NFTs)
  • A smaller group of respondents stated their intentions to use cryptocurrency or crypto-linked cards to pay for their gifts this christmas season
  • Among the group surveyed, only 13% had previously used cryptocurrency for payments in the last year
  • While the survey showed strong interest from Australians to adopt cryptocurrencies in their spending habits, some key concerns were raised
  • Market volatility was a key issue for 64% Australians, while 78% of respondents prioritised low fees in their buying of crypto
  • For purchasing goods and services, 41% of respondents felt concerned about the lack of acceptance from traditional finance sources

Australian Baseball League team set to pay its players it BTC

  • The Perth Heat, one of Australia’s premier baseball teams, has fully embraced Bitcoin by allowing players and staff to be paid in BTC starting from Friday last week
  • In a deal it claims to be a first for professional sports, the Australian Baseball League club will give the option of full-payment, partial-payment, or traditional currency payment for all members of staff in the organisation
  • "This is the first time a sports club has decided to go all in on a bitcoin standard," the team's CEO, Steven Nelkovski, expressed in a statement with Guardian Australia
  • Partnering with Lightning Network for payment acceptance and payroll, the club is expected to accept BTC for sponsorships, merchandise, and stadium concessions at game days
  • The club has established a new position of chief bitcoin officer to help the transition of "the corporate treasury" from dollars to cryptocurrency
  • As an interesting case-study for the use of cryptocurrencies in financial payments, the Heat has become the first implement crypto payments as a top-down decision for a professional sports club
  • Other examples of American sports stars being paid in crypto, has occurred come from players self-electing to exchange their salaries in cryptocurrency
  • The Heat being one of Australian Baseball's most winning and prominent clubs is a fantastic sign for the legitimacy of cryptocurrencies payments in the countries sporting world

Banksy Painting Sells for 3,093 ETH In Auction House First

  • Two paintings from infamous contemporary artist Banksy have sold for over AU$ 164 million in the first ever sale in ether by the multinational art broker Sotheby's
  • Ownership of the piece's "Love Is In The Air" and "Trolley Hunters" (2006) was purchased for a combined 3,093 ETH last Thursday night
  • At a estimation of AU$ 5.5 - 8.2 million and AU$ 7 - 9.6 million respectively, the artworks both largely met expectations at sales worth AU$ 11,064,657 and AU$ 9,175,890
  • In a growing list of financial transaction use-cases from crypto, the sale is a ground-breaking decision from the Sotheby's
  • The sale is part of a larger effort from the art broker to adopt cryptocurrency and blockchain in the transaction of art
  • Earlier in October the "Sotheby's Metaverse" a virtual gallery for live auction events launched, providing a platform for visitors to view digital artworks available at auction, while also learning about the curators and artists behind the NFTs

CEO of Skybridge Capital advises investors to buy bitcoin now

  • Anthony Scaramucci of Skybridge Capital has made headlines in the past week, with a confident projection for the world’s largest cryptocurrency by market cap, bitcoin
  • While bitcoin’s current price has recently broken new all-time highs and grown astronomically over the last 12 months, Scaramucci is confident continual growth of the coin
  • The CEO insisted that investing in bitcoin is essential, explaining that even at current prices investors are still early in what he sees is the peak of the cryptocurrency
  • "I still feel we are very, very early, " Scaramucci stated, in support of the opinion, widely shared in the global bitcoin community that the value of the asset will reach US$ 100,000 or AU $136,986 by the end of the year
  • Scaramucci's optimistic outlook for BTC is based on the US$ 500,000 per coin valuation by ARK invest's CEO Cathie Wood, who predicts the asset will have over a billion wallets by the middle of 2025
  • Scaramucci has named bitcoin's scarcity or fixed supply of 21 million coins, as another reason for his support for the asset, who added; "You don't even have enough for each millionaire.... As a result, I believe this is a highly rare property."

Market Sentiment

  • The crypto market has seen a sharp slide in price as bitcoin and ether have failed to maintain all-time high prices reached in the previous week
  • Cryptocurrency prices have continued to fall as traders appear to be taking profits in the short-term and waiting out the current correction in bitcoin
  • Bitcoin declined to a three-week low Thursday at around AU$ 76,700 before stabilizing close to AU$ 79,500
  • BTC is down about 11% over the past week, with around a 14% drop in ether in the same period
  • The loss of recent upside momentum is a cause of concern for some analysts, with a cautious outlook on Bitcoin's short term price direction
  • Regulatory developments in the US regarding crypto tax rules and muted Bitcoin trading volume has been pointed to by some as a key reason for the crypto’s pullback
  • Bitcoin's trading volume has declined over the middle of the week across major crypto exchanges, which some see as traders avoiding the pullbacks in BTC's price
  • However the seven-day moving average of spot BTC trading volume is slightly higher, which may reflect the eventual start of an upward trend
  • Ether on the other hand is testing an initial an initial support near $AU 5,500, as upside momentum slowed in the last week after buyers were unable to hold the all-time price high at around AU$ 6,500
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Team Luno

On our way to the moon, we write about all things crypto. And don’t forget we’re humans too. Our blog conveys the views of Luno and the many unique opinions and characters within our team. We’ll never provide you with financial advice, and we urge you to conduct your own research before purchasing or trading any cryptocurrencies. It’s a brave new world out there, and the market can be volatile at times, so never trade with funds you can’t afford to lose. Want to let us know how much you love our blog? Tweet us @LunoGlobal.

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