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Australia’s financial intelligence agency has told inactive registered crypto exchanges to withdraw their registrations or risk having them canceled over fears that the dormant firms could be used for scams.There are currently 427 crypto exchanges registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC), but the agency said on April 29 that it suspects a significant number are inactive and possibly vulnerable to being bought and co-opted by criminals.The agency is contacting any so-called digital currency exchanges (DCEs) that appear to no longer be trading, and AUSTRAC CEO Brendan Thomas said they’ll be told to “use it or lose it.”“Businesses registered with AUSTRAC are required to keep their details up to date; this includes details about services that are no longer provided,” he added.AUSTRAC CEO Brendan Thomas says scammers can use inactive crypto firms to appear legitimate. Source: AUSTRACBusinesses wanting to offer Australians conversions between cash and crypto, including crypto ATM providers, must first register with AUSTRAC, which monitors for crimes including money laundering, terror financing and tax evasion.The agency can cancel a registration if it has reasonable grounds to believe the business is no longer active or offering crypto-related services.Ten firms have had their AUSTRAC registration canceled since 2019, with the most recent being FTX Express in June 2024, the local subsidiary of the collapsed crypto exchange FTX.AUSTRAC to launch public list of registered exchanges Following its blitz on inactive crypto exchanges, AUSTRAC said it will publish a list of registered exchanges to help Australians verify legitimate providers.Thomas said the goal is to make it harder for criminals to scam people and improve the integrity and accuracy of AUSTRAC's register.“If a DCE does intend to offer a service, they need to contact us otherwise we will cancel the registration and this information will be added to the register,” he said.“Members of the public should feel confident that they can identify legitimate cryptocurrency providers that are registered and subject to regulatory oversight and that we are driving criminals out of this industry,” Thomas added. Related: Australia’s top court sides with Block Earner, dismisses ASIC appealIn February, the Anti-Money Laundering regulator took action against 13 remittance service providers and crypto exchanges, with over 50 others still being investigated regarding possible compliance issues.Six providers were refused registration renewal on the grounds that key personnel were either convicted, prosecuted, or charged with a serious offense.Australia has yet to pass crypto regulations. In August 2022, the ruling center-left Labor Party initiated a series of industry consultations to draft a crypto regulatory framework.In March, the government proposed a new crypto framework regulating exchanges under existing financial services laws ahead of a federal election slated for May 3.Magazine: SEC’s U-turn on crypto leaves key questions unanswered

Australia’s finance watchdog to crack down on dormant crypto exchanges

Scammers are mailing physical letters to the owners of Ledger crypto hardware wallets asking them to validate their private seed phrases in a bid to access the wallets to clean them out.In an April 29 X post, tech commentator Jacob Canfield shared a scam letter sent to his home via post that appeared to be from Ledger claiming he needed to immediately perform a “critical security update” on his device. The letter, which uses Ledger’s logo, business address, and a reference number to feign legitimacy, asks to scan a QR code and enter the wallet’s private recovery phrase under the guise of validating the device.The letter threatens that “failure to complete this mandatory validation process may result in restricted access to your wallet and funds.”Source: Jacob CanfieldA seed phrase, or recovery phrase, is a string of up to 24 words that unlocks access to a crypto wallet. A scammer with the phrase can access and control the associated wallet to transfer its holdings elsewhere.Earlier this month, the X account of a crypto hardware wallet reseller said it had also received multiple reports of Ledger users receiving a similar letter.In response to Canfield’s post, Ledger said the letter is a scam and cautioned its device users to stay vigilant against phishing attempts.Related: Ledger wallet user reports 10 BTC loss — Community blames phishing“Ledger will never call, DM [direct message], or ask for your 24-word recovery phrase. If someone does, it's a scam,” it added.“Please don't engage with accounts claiming to be Ledger employees or anyone offering to help recover funds.”Unclear whether connected to the Ledger’s data leakCanfield suggested that scammers were sending letters to Ledger customers whose data was leaked nearly five years ago.In July 2020, a hacker breached Ledger’s database and dumped the personal information of more than 270,000 of its customers online, which included names, phone numbers and home addressesThe following year, several Ledger users claimed to have been mailed fake Ledger devices that were tampered with and designed to install malware upon use, Bleeping Computer reported at the time.Magazine: Your AI ‘digital twin’ can take meetings and comfort your loved ones

Ledger scammers are sending letters to steal seed phrases

Trump Media and Technology Group, the social media conglomerate backed by US President Donald Trump, is considering integrating a crypto token and wallet into its video streaming site, Truth+."We're exploring the introduction of a utility token within a Truth digital wallet that can initially be used to pay for Truth+ subscription costs, and later be applied to other products and services in the Truth ecosphere," Trump Media CEO Devin Nunes wrote in an April 29 letter to shareholders.He added that the crypto token and wallet would be part of a rewards program that Trump Media is exploring across its services, which include the social media platform Truth Social and the financial services platform Truth.Fi.Trump Media first signaled plans for a potential crypto payments venture last November when it filed a trademark application with the US Patent and Trademark Office for computer software designed to function as a digital wallet, enable digital asset trading and process crypto payments on Truth.Fi.Source: CointelegraphTruth+ launched in October, offering movies and shows mainly targeting a politically conservative audience.Trump Media signed a binding agreement with the crypto exchange Crypto.com and asset manager Yorkville America Digital to launch exchange-traded funds (ETFs) that will include crypto and stocks “with a Made in America focus” to launch on Truth.Fi.The company said in January that it plans to invest up to $250 million of its cash reserves into a range of financial products, including Bitcoin (BTC) and other crypto tokens or crypto-related securities, which would be custodied by asset manager Charles Schwab.More potential for conflict of interestThe launch of a Trump Media utility token would only heighten concerns about the president’s crypto-related ventures potentially conflicting with his duties. Trump, however, transferred his 59% stake into a trust last December.Related: Trump’s first 100 days ‘worst in history’ despite crypto promisesTrump has also been criticized for backing the crypto platform World Liberty Financial, where he’s named the firm’s “Chief Crypto Advocate” and draws a portion of its profits.Some senators have raised concerns that Trump’s influence on policy could benefit World Liberty, which is 60% owned by the Trump family.Trump also received backlash for the controversial launch of his memecoin, Official Trump (TRUMP), on Jan. 18 — just two days before he re-entered the White House.Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

Trump Media considers crypto token and wallet for streaming arm

Key points:Weak labor and consumer data often precede Bitcoin rallies, leading some analysts to anticipate future economic stimulus programs.Job openings fell to 7.2 million in March versus the 7.5 million forecast and consumer confidence hit its lowest level since January 2021.If past patterns hold, Bitcoin could rally by mid-July and possibly reach $140,000 by October 2025.Macroeconomic conditions have long been seen as a major influence on cryptocurrency prices. Generally, Bitcoin (BTC) and altcoins perform poorly when investors fear that employment and consumer data are weakening. According to a US Labor Department JOLTS report released on April 29, job openings in March approached their lowest levels in four years. US employers posted 7.2 million vacancies in March, below the 7.5 million that economists had forecast. Meanwhile, US consumer confidence fell for the fifth straight month in April, reaching its lowest point since January 2021. US Consumer Confidence (left) vs. Total non-farm US job openings (right). Source: TradingView/CointelegraphWorsening conditions raise the chances that central banks will introduce economic stimulus measures, making the overall impact on cryptocurrency markets uncertain. Typically, the additional liquidity encourages investment in risk-on assets like Bitcoin, as more capital flows into the economy.Future expectations matter more than today’s weak economic dataThe last time the US experienced a drop in job openings and weakening consumer confidence was between January and June 2024. In the three months that followed, Bitcoin’s price moved between $53,000 and $66,000. Then, a 60% rally began in mid-October, pushing BTC above $100,000. The final result was positive, but it took more than 105 days for this effect to show in the cryptocurrency market.Bitcoin/USD, log scale. Source: TradingView / CointelegraphAlthough these conditions may seem worrying at first, weaker labor and consumer sentiment are usually backward-looking. Financial markets and companies base their decisions on expectations for future economic growth, rather than just past data. Also, improved sentiment among crypto investors tends to come after there is some confirmation of better macroeconomic conditions. This explains why the 105-day lag is not unusual.Before 2024, a similar situation occurred between January and June 2023, with declines in both job market data and consumer confidence. The next four months were difficult, as Bitcoin’s price fell 18% to $25,000. It took 115 days for the price to recover to $30,500 by late October. However, the following two months were very positive, with BTC gaining 45% to reach $43,900.Bitcoin/USD in 2020, log scale. Source: TradingView / CointelegraphThe last time in the past eight years when both the labor market and consumer confidence suffered significantly was between February 2020 and May 2020, right after the implementation of the COVID-19 lockdowns. This period saw Bitcoin briefly drop below $4,000 on March 13, 2020. As a result, a longer period of consolidation was expected before investors regained confidence in the crypto markets.Related: Bitcoin acts like ‘store of value that it is’ amid Trump policy chaos: NYDIGCould Bitcoin hit $140,000 by October?Looking back at the macroeconomic data, there was no major impact on Bitcoin between May 2020 and September 2020, as its price increased from $8,900 to $10,600, a 20% gain. However, the next 60 days brought an impressive 85% rally to $19,700. For the third time, weaker labor and consumer sentiment data seemed to come before a rally in Bitcoin prices.While the time between the lowest point of economic conditions and Bitcoin’s rally ranged from 105 to 130 days, the result was clear in all three cases. Therefore, if US job openings and consumer confidence improve from April 2025, it is likely that Bitcoin’s price will start to rise by mid-July. If history repeats itself, this could mean a minimum target of $140,000 by October 2025, but further positive macroeconomic data is needed to confirm this outlook.This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Labor pain, crypto gain — How weak JOLTS data sets path for Bitcoin price to rally

Bettors on prediction platforms Polymarket and Kalshi are flipping bearish on the US economy. As of April 29, both platforms are predicting that the US will log an economic contraction during the first quarter of 2025 in an upcoming economic data release. The US has logged positive growth figures every quarter since 2022, and a reversal in that trend could mark the start of a recession.The pessimistic outlook marks a stark sentiment shift for prediction markets, which had recently anticipated a positive US growth report. On April 29, consensus Q1 US growth estimates on Kalshi, a US derivatives exchange, plunged from around 0.5% to -0.4% in less than 24 hours. Meanwhile, Polymarket bettors are setting the odds of a US economic contraction in Q1 at around 70%. On April 28, they still had a mostly favorable outlook.The shift comes one day after Canada, America’s second-largest trading partner, elected Liberal Mark Carney as prime minister. Carney has vowed to take a more hawkish stance in Canada’s ongoing trade war with the US. Bettors on Kalshi now expect a negative US GDP print. Source: KalshiRelated: Analysts brace for Bitcoin slide on gloomy US manufacturing dataThe markets are pegged to the outcome of an April 30 report by the US Bureau of Economic Analysis, which issues official measures of America’s gross domestic product (GDP).The report will provide the clearest view yet into the impact of US President Donald Trump’s controversial trade policies.Prediction markets work by letting users trade contracts tied to specific events, with prices fluctuating dynamically based on expected outcomes. In 2024, event contracts proved to be as reliable as traditional polling, forecasting not only Trump’s election win but also his party’s sweep of the US House and Senate.Polymarket’s US GDP growth wagers. Source: PolymarketTariff turmoilOn April 2, Trump announced plans to place sweeping tariffs on US imports. The president has since paused the rollout of tariffs on certain countries, but the prospect of a global trade war still looms. The macroeconomic uncertainty has already weighed on US economic data. In April, the Philadelphia Federal Reserve Manufacturing Index — a monthly survey of 250 US-based manufacturers — reported the sharpest declines in activity since 2020. Analysts said factories are bracing for the impact of Trump’s tariff plans, which could potentially raise production costs for manufacturers.Magazine: Memecoin degeneracy is funding groundbreaking anti-aging research

Betting markets’ Q1 US GDP forecast flips negative amid tariff turmoil

Author of Crypto Bills Now Being Rehashed Predicts 'Wicked Hot Summer' in Congress

US Senate Majority Leader John Thune reportedly told Republican lawmakers that the chamber would address a bill on stablecoin regulation before the May 26 Memorial Day holiday.According to an April 29 Politico report, Thune made the comments in a closed-door meeting with Republican senators, who hold a slim majority in the chamber. The Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, was introduced by Senator Bill Hagerty in February and passed the Senate Banking Committee in March.Thune did not mention any crypto or blockchain-related bills in his public comments on US President Donald Trump’s first 100 days in office. Since his Jan. 20 inauguration, Trump has signed several executive orders with the potential to affect US crypto policy, including one affecting stablecoins. Still, many of the actions do not carry the force of law without an act of Congress.Related: $649B stablecoin transfers linked to illicit activity in 2024: ReportThe proposed GENIUS bill could essentially restrict any entity other than a “permitted payment stablecoin issuer” from issuing a payment stablecoin in the United States. The House of Representatives, also controlled by Republicans, has proposed a companion bill to the legislation: the Stablecoin Transparency and Accountability for a Better Ledger Economy, or STABLE Act.Trump accused of conflicts of interest over stablecoins, crypto venturesThe president’s executive order, signed on Jan. 23, established a working group to study the potential creation and maintenance of a national crypto stockpile and a regulatory framework for stablecoins. Republican lawmakers followed by introducing the STABLE and GENIUS acts.Trump also introduced the order before World Liberty Financial, a crypto firm backed by the president’s family, launched its US-dollar pegged USD1 stablecoin. Many Democratic lawmakers said that Trump’s ties to the firm, coupled with his political influence and position, could present an “extraordinary conflict of interest that could create unprecedented risks to our financial system” as Congress considers the two stablecoin bills.Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

US Senate majority leader expects stablecoin vote before May 26 — Report

Key Takeaways:Fidelity Digital Assets says Bitcoin is undervalued and the firm holds an optimistic mid-term outlook.The JOLTS report shows a sharp drop in open US jobs, raising investors’ hope for Fed interest rate cuts. According to Fidelity Digital Assets, Bitcoin’s (BTC) mid-term outlook dropped to an “optimism” zone, as the investment firm noted that BTC is trending toward “undervaluation.” As proof,  the firm cited the ‘Bitcoin Yardstick’ metric, which measures BTC’s market cap divided by its hashrate. A lower ratio suggests that Bitcoin is “cheaper” relative to the energy security of its network. In Q1 2025, the metric stayed between -1 and 3 standard deviations, cooling from its Q4 2024 overheated levels. The number of days above 2-standard deviations dropped from 22 to 15, with none above 3, indicating that Bitcoin is less expensive compared to its network strength. Bitcoin Yardstick chart. Source: Fidelity Digital Assets ReportThe investment firm mentioned that Bitcoin is in an “acceleration phase,” where rallies to new highs aren’t uncommon, though they caution a blow-off top could take place. Illiquid supply rose from 61.50% to 63.49%, while liquid supply fell by 4%, indicating holders are increasingly committed to long-term positions. The Illiquid Supply Shock Ratio, currently 16% below its 2017 peak.Bitcoin Liquid and Illiquid supply. Source: Fidelity Digital Asset Signals ReportIn line with this view, Cointelegraph reported that BlackRock’s iShares Bitcoin Trust (IBIT) ETF recorded a significant inflow of $970.9 million on April 28, 2025, marking its second-largest daily inflow since its January 2024 launch.Since April 22, IBIT has amassed over $4.5 billion in net inflows, defying broader market trends where competitors like Fidelity’s FBTC and ARK’s ARKB faced outflows. With over $54 billion in assets under management, IBIT holds a 51% share of the US spot Bitcoin ETF market.Related: BlackRock Bitcoin ETF buys $970M in BTC as inflows surge, boost marketBitcoin gets a boost from US JOLTS data The March 2025 US Job Openings and Labor Turnover Summary (JOLTS) report showed a plunge to 7.19 million from February’s 7.57 million, below the 7.48 million forecast. A lower-than-expected JOLTS number signals a cooling labor market, raising expectations for Federal Reserve rate cuts, which weakens the dollar and lifts risk assets like Bitcoin. Conversely, a higher-than-expected figure suggests economic strength, potentially delaying cuts and pressuring crypto prices. With federal layoffs at a 2020 peak, market expectations are leaning slightly dovish.Economist and Bitcoin commentator Alex Kruger identified the JOLTS data as a short-term win for Bitcoin, as a “risk/gold hybrid” poised to gain from tariff de-escalation after Trump’s 90-day pause (ending July 8). In an X post, the analyst predicted that markets may focus on earnings guidance from firms like Caterpillar and tech stocks, while keeping an eye on next week’s Federal Open Market Committee (FOMC) meet, where Powell might signal earlier rate cuts. Kruger warned of a Q3 economic slowdown where the markets may be volatile, but he also said that Bitcoin’s unique risk-reward would outperform altcoins, which the analyst pointed out as overbought.Related: Bitcoin 'hot supply' nears $40B as new investors flood in at $95KThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin price still in bargain zone as US jobs report sparks rate cut hopes

The Bank of Italy identified Bitcoin and other digital assets as emerging risk factors in a recent report, citing concerns for both investors and the financial system.In its April 2025 Financial Stability Report, the Bank of Italy flags crypto volatility and rising integration with the broader economy, singling out stablecoins and non-financial firms’ crypto exposure as key concerns."The strong growth of Bitcoin and of other crypto-assets with high price volatility means risks not only for investors but also potentially for financial stability, given the growing interconnections between the digital asset ecosystem, the traditional financial sector and the real economy,” the report notes. Excerpt from the Bank of Italy’s Financial Stability Report. Source: Bank of ItalyThe Bank of Italy’s report also addressed the trend of non-financial corporations holding Bitcoin, stating that it exposes them to “marked price volatility” driven by “the belief that Bitcoin can support their share prices.”Strategy (formerly MicroStrategy) helped popularize the corporate purchase of Bitcoin, beginning its acquisitions in August 2020. Since then, several companies have followed its lead, including Metaplanet, Semler Scientific, and GameStop.The Bank of Italy also addressed stablecoins in its report, noting potential risks if dollar-pegged tokens were to become systemic. It suggested that increased reliance on US government bonds to back these assets could introduce broader financial vulnerabilities. According to the report, disruptions in either the stablecoins or the underlying bonds could have “repercussions for other parts of the global financial system.”The report comes just a few days after Giancarlo Giorgetti, the country’s minister of economy and finance, warned that the appeal of US dollar stablecoins should not be underestimated. According to Giorgetti, US stablecoin policies are more dangerous than US President Donald Trump’s tariffs.Related: Italy scales back plans to hike crypto tax rate: ReportGiorgetti, in his speech, highlighted the need to enhance the euro’s position on the global stage, noting that the development of the Digital Euro will play a crucial role in reducing reliance on foreign digital solutions.Related: Italy’s largest bank enters crypto market with $1M Bitcoin investment