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Australia Crypto News in Review, Week 16 – 22 Nov
Welcome to our Weekly Crypto News Review, each week we aim to bring you up to speed on all the recent news and events about Bitcoin, crypto and blockchain from Australia.
Australia‘s Stories of the Week
Binance Australia launches AUD deposits and Masterclass
Last week Binance Australia launched AUD deposits on their App. And they also launched Masterclass: Free Online Crypto Trading Course. Great to see Binance expanding into Australia and making crypto trading easier for us.
Australian Exchanges are Expanding Their Digital Assets
- Coinjar have recently added 4 new ERC-20 DeFi tokens to their platform.
- Swyftx is another growing Australian cryptocurrency exchange and has recently added 54 new cryptocurrencies to its platform, for further details.
Blockchain Technology Now Supported By Aussie Politicians On Both Sides
Encouraging news that both sides of the Australian Government support blockchain. Cory Bernardi – who has served as senator from 2006 to 2020 – stated his support for cryptocurrency after becoming more acquainted with the concept over the years.
View more Australian Crypto News
Worldwide Stories of the Week
PayPal Joins the Crypto World in the USA
Whilst its great news that PayPal is now supporting Cryptocurrencies in the USA, but there are some limitations:
- A limited number of cryptocurrencies (namely, Bitcoin, Litecoin, Bitcoin cash and Ethereum) available.
- You cannot transfer those cryptos to your own external wallet. Don’t forget: “not your keys”, “not your cryptos”.
- You cannot use the crypto currencies to pay for goods and services.
- You cannot send the crypto currencies to family and friends.
- Paypal crypto fees vary based on the amount you buy/sell. For $1-25 USD the fee is 0.50 USD. Nice to see they are keeping their fees high.
- The weekly limit on purchases per week has been increased to $20,000 USD.
Currently this is only available to USA only but PayPal plans to release it to other countries in the first half of 2021, so we will keep you posted when it will be available in Australia.
Banks Moving In, Bitcoin Better Than Gold?
- The SEC has announced that banks may act as custodians for Bitcoin and crypto assets in the US.
- Singapore’s Largest Bank is planning to launch its own Crypto Exchange however the launch date is not provided because they are still seeking regulatory approval.
- Billionaire Stanley Druckenmillar bought bitcoin and wants the world to know it maybe a better store of value than gold.
- The Daily Hodl reports “German multinational bank, Deutsche Bank, says more and more people are choosing Bitcoin over gold to protect their cash.”
- And last week Andrew Munro reported on Finder that the RBA is testing an Ethereum based central bank digital currency.
Important Crypto Dates
A select list of recent and upcoming important crypto events:
| Coin | Date | Event |
| Bcash (BCH) | Nov 15 | Hard Fork |
| Uniswap (UNI) | Nov 17 | End of Uni Farming |
| ZCash (ZEC) | Nov 19 | Hard Fork |
| Stella (XLM) | Nov 22 | Network Upgrade to Protocol 15 |
| Ethereum Classic (ETC) | Nov 28 | Hard Fork |
| Cosmos (ATOM) | Nov 30 | Public Testnet |
| Populous (PPT) | Nov 30 | DeFi Release |
| Ethereum (ETH) | Dec 01 | ETH2 Staking Enabled |
The Bitcoin cash fork went live, dropping over 5% in the first 24 hours with Coinbase announcing a temporary pause in deposits and withdrawals of BCH on their platform.
Uniswap’s liquidity dips 44% as UNI farming ended with users reportedly rushing back to Sushiswap after UNI rewards end.
For XRP holders, there will be a free air drop of the Spark token from the Flare network on December 12, and you may need to prepare for that, or your wallet or exchange may plan to do it for you. For more information on Flare and on how to claim the Spark token.
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Crypto Musings
CNBC’s Fast Money tweeted “…it might be time to take a breather. Here’s why…” on Thursday 19/11/2020 in the context of bitcoin crossing $18,000 suggesting it may be time to sell some of your Bitcoin. The traders on “Crypto Twitter” (CT) have observed and comment frequently that CNBC’s calls are known as a counter trade indicator. And in the last few years this has wrung true on many occasions with bitcoin and the crypto market going the opposite to what they say within a few weeks. So, let us see if it rings true within the next few weeks for Bitcoin!
Thought for the week – Is the end of the bear market a bull trap or will Bitcoin goto the Moon and beyond?
Author
Raj Evans
Raj is a business strategist with keen interests in blockchain, cryptocurrencies & life.
