Morning Coinheads!

There’s a bit of carnage out there in the crypto market, lots of the major tech and digital assets shoved bodily through the ringer of truth.

Bitcoin, which has been pretty much correlated with the Nasdaq, plunged 8% to trade at US$36,475 at 8am AEDT – its biggest fall since January.

US tech stocks tumbled in a reality check of a session for the tech market – Tesla down 8.3%, Apple -5.6%, Amazon -7.6% and Meta -6.8%.

It’s Friday in Cryptoland. Let’s begin.


$100 billion Crypto-crash

Forbes reports that Bitcoin, Ethereum and other major cryptocurrencies have suddenly crashed, wiping around $100 billion from the combined crypto market in mere minutes (and following a serious Bitcoin price warning).

The Bitcoin price has been rolled over the last 24 hours, with Ethereum seeing a similar decline. Ethereum rivals Solana, Cardano, and Avalanche are all down around 3% while Ripple’s XRP is down 7.3% and Terra’s Luna are leading the major crypto market lower. The sudden crash comes amid a tech-led stock market sell-off in the aftermath of the Federal Reserve’s hawkish 50-basis point interest rate hike.


ASX clears way for first listed funds investing directly in Bitcoin

Kylar Loussikian reports, in an amendment to its operating rules,  the Aussie market operator says it’s expanded “the list of acceptable underlying instruments … to include eligible crypto-assets”.

The rule change also sets out an operating framework “to support the ASX’s assessment of whether particular crypto-assets are eligible crypto-assets.” This follows some whingeing from some ETF managers the ASX has dragged its feet on listing cryptocurrency-related products, and some have turned to its rival – Cboe Australia – as an alternative exchange for listing.


European crypto owners managed to earn a living by trading cryptocurrencies in 2021

With overall crypto trading volumes increasing over 500% in 2021, last year also brought record cryptocurrency gains for the average crypto investor. Researchers at TradingPedia combined multiple datasets to provide a thought-provoking view on the crypto profits dynamic. It turns out a significant amount of crypto investors started to earn enough to secure the necessities of life in 2021.


Local crypto-scale up launches ‘at call’ earn feature

Swyftx is looking to strip off its kit and leap into the mainstream of financial markets with the launch of an ‘at call’ earn feature that offers interest on assets like Bitcoin, Ethereum and USDT without any lock-in periods.

Earn services work by flipping the traditional lending model on its head, with customers converting fiat into crypto and then lending those digital assets back to the platform in return for interest. Swyftx CEO, Ryan Parsons saying Australia has among the highest levels of crypto adoption in the world.

“You’re going to see this translate into service offerings that are hyper-competitive.”