Wayex Weekly Wrap
Your Essential Crypto Round-Up
From Bitcoin’s jaw-dropping all-time high to the RBA’s surprising crypto pivot, it’s been a week where the headlines hit hard and fast. Whether you're new to the space or a seasoned pro, we've cut through the noise to bring you what matters. Get expert tax tips from our partner Koinly, track Ethereum’s rising momentum, and find out why the term “bubble” might not mean what you think.
Let’s dive in.
Top Gainers & Losers of the Week on the Wayex Platform
Tax tips from our partner, Koinly
Last week, we featured Syla, one of our three tax partners. This week, we visited Koinly with a few questions. As the old saying goes, you can always count on taxes, and the ATO waits for no one. For crypto investors, sorting out your tax return can feel like decoding another blockchain.
That’s why we’ve teamed up with trusted tax-time partners who truly get crypto.
Today, we're speaking with our tax time partner, Koinly.
Koinly is a crypto tax platform founded in 2018 that streamlines the management of digital asset taxes for users. It automatically imports transactions from over 800 exchanges, wallets, and blockchains, then calculates capital gains and income from staking, mining, and airdrops. It smartly matches transfers and generates tax-ready reports that comply with major jurisdictions, including Australia.
We asked the team at Koinly - what they wished every Aussie crypto investor knew about the ATO and digital assets?
"The ATO gets data from all registered Australian exchanges. Since 2018, these exchanges have been required to follow AML/CTF rules. This includes verifying user identity, tracking transactions, reporting large transactions, and storing records for seven years. If you think the ATO won't notice missing crypto in your return, think again."
This is why you ensure your taxes are sorted this tax season. You want an expert in your corner who knows both tax and crypto. One of our trusted partners, Koinly, can also assist you.
Bitcoin All-Time High
It's one of those where were you questions? Where were you when?
If you've been out of the country, focused on a holiday or out of service, you might have missed something.
Bitcoin went to an All-time high, climbing to $123,000 USD and hitting an AUD value of $182,600 AUD.
Cryptotwitter was abuzz with people sharing their views on Bitcoin’s trading and price fluctuations, with many, including the team at Wayex, asking when they would sleep as opposed to watching the market.
The all-time high price of Bitcoin, the fifth most valuable asset class in the world, at 2.4 trillion, is higher than Amazon's market capitalisation, according to the Associated Press.
The rally was attributed to the week dubbed "Crypto Week" by US President Trump, per sources such as ABC News Australia and Markettrade. Starting in the US Congress, where approximately three crypto bills will "hopefully" be passed into law for Trump's executive signature.
Bubble, Trend or Both?
Crypto believers like us have long acknowledged the place that DEFI has earned in the financial universe around us.
Although I found it ironic that a financial movement built on the dying embers of the 2008 financial crisis now has a legitimate place at the table, it has undoubtedly earned its spot as a card-carrying member of the financial markets. A fact echoed by Dr Shane Oliver, AMP's Head of Investment Strategy, a former crypto sceptic, in which he stated "that Bitcoin is becoming part of the financial universe around us… you can't ignore the reality of the world we're in".
David Taylor, from ABC News, examined the latest price uptick in his latest piece, speaking with several analysts to gauge their perspectives on the current trends.
Although all analysts noted concerns about the price volatility of cryptocurrencies, they all acknowledged the role crypto plays in financial markets. In the article, Andrew Page, a former Equities Analyst, is quoted as saying, "Everyone's instinct on this is correct, if you don't cross this and think it's crazy, then there's something wrong with you." However, it's a legitimate alternative investment.
Crypto sceptics such as Mr Callow, Senior FX Analyst at InTouch Capital Markets, noted that "price action is worrying" and sees potential for this to be a "bubble" whilst acknowledging that "Bitcoin is on sounder footing than it was two years ago". Bitcoin has seen significant inflows of institutional investments from equity funds, private companies, and governments, which we have previously reported on. Mr Callow expressed his concerns around the potential for a bubble, acknowledging that this involvement from institutional investors could limit the downside.
The article ends by saying that if Bitcoin is a bubble, it's a bubble that doesn't quite fit the mould of what a traditional bubble would look like. "So it might be a bubble. But it would be the biggest, most prolonged, most unusual bubble in history."
It's why we always say DYOR - because if the Experts can’t agree, how can you?
Through trading strategies that make sense to you, following your risk tolerance and long-term investment strategy.
Crypto's favourite cousin is also getting some love?
Ethereum (ETH) is also experiencing a surge in popularity as retail and institutional investors join the ETH bandwagon. According to Coindesk, the price fluctuations are due to strong spot ETF inflows and growing bids from Treasury Firms.
Notable treasury moves include tech billionaire Peter Thiel investing a 9% stake in Bitmine Immersion Technologies through his venture capital firm, Founders Fund.
Sharplink Gaming and BitDigital both announce and cement plans to have ETH as part of their treasury strategy.
ETH has doubled in price over the last three months, attempting to shake the 'ugly cousin' narrative that this author loves so much.
The RBA gets on the crypto train.
In some more news that is closer to home. The Reserve Bank of Australia (RBA) has selected 24 projects to test the next stage of a move toward digital currencies.
The project is a joint initiative between the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFRC). However, the work is supported by Australia's financial regulator, the Australian Securities and Investments Commission (ASIC), the Australian Prudential Regulation Authority, and the Australian Treasury.
The project, known as Project Acacia, will operate across various sectors and asset classes, collaborating with local fintechs and major banks such as the Commonwealth Bank of Australia and Westpac Banking Corporation over the next six months.
The 19 pilot use cases involve real-money and real-asset transactions, and 5 proof-of-concept cases involved simulated transactions over the next 6 months. The asset classes they plan to test are fixed income, private market, trade receivables, carbon credits, stablecoins, bank deposit tokens, and piloting wholesale central bank digital currency (CBDC).
What’s making us laugh this week?
Founder’s Corner
What a week! I hope everyone's holdings are showing green and that you are enjoying watching the bulls run. With Eth gaining long-awaited momentum and Bitcoin reaching new heights, the news around the world and the volumes driving this momentum are looking positive. It is nice to see Australia making moves in the space and being able to see that the crypto space is not forgotten, amongst many other things, Australia seems to be focused on. That said, when an asset class as big as Bitcoin is gaining this much momentum, it is hard to ignore.
We are building so much behind the scenes here at Wayex, and weeks like this are always great to see. It is always important on these highs, however, to stay vigilant and make moves that are right for you.
Finally, a big thank you to Koinly for being a crypto tax partner for Wayex.
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Until next time,
The Wayex Team
**All information in this article is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained herein shall constitute a solicitation, recommendation, endorsement, or offer by CryptoSpend to invest, buy, or sell any coins, tokens, or other crypto assets. Any descriptions of CryptoSpend products or features are merely for illustrative purposes. Past performance is not a guarantee or predictor of future performance. The value of crypto assets can increase or decrease, and you could lose all or a substantial amount of your purchase price. It is essential for you to do your research and due diligence to make the best possible judgement, as any purchases shall be your sole responsibility.
