Market Insights
Copper’s Weekly Update – 5 October 2020
Highlighting what went right, and what went wrong, in this week’s crypto news analysis.
Looking back at last week’s biggest news, including price analyses for BTC, ETH, and XRP.
On Thursday, the CFTC and DOJ sent shockwaves across the crypto world after filing charges against four founders and executives of BitMEX for evading rules designed to stop money laundering.
Although the owners maintained their stance of no wrongdoing, the crypto metrics site, Glassnode, tweeted on Friday that BitMEX users withdrew approximately 40,000 Bitcoin from the exchange, or almost 1% of all Bitcoin in circulation.
Interestingly, American authorities coming down hard on BitMEX and Trump’s positive COVID test did little to significantly impact the price of Bitcoin - indicating that traders are confident that the bullish uptrend will resume soon.
Below is our weekly roundup of industry and coin specific news. If you’d like to get in touch with us about any of our products or services, we look forward to hearing from you. Just send us a note.
BitMEX founders charged with failing to prevent laundering
The CFTC and federal prosecutors filed charges against founders of the crypto derivatives exchange BitMEX.
Arthur Hayes along with co-founders Ben Delo and Samuel Reed, are accused of operating an unregistered trading platform as well as violating CFTC rules, including AML and KYC regulations.
DeFi craze propels Uniswap monthly volume to $15.3B, surpassing Coinbase
The explosive growth of the DeFi market has pushed many avid investors to DEXes over centralised exchanges. Data from Dune Analytics shows that Uniswap, the DEX built on Ethereum, processed $15+ bn in volume during September.
In the same period, reports indicate that Coinbase processed $13.6 bn.
ECB moves a step closer to the creation of a digital euro
The European Central Bank (ECB) announced on Friday that it will start conducting experiments to decide whether to launch a digital euro.
The ECB gave itself until the middle of next year to decide whether to go forward with the project, which is now open for public consultation.
Latest Coin News
BTC
- Price Analysis: Bitcoin still holds crucial support at $10.5K, but eyes on the white house.
- Bitcoin miners saw 11% revenue drop in September.
- COVID-19, Trump, KuCoin, BitMEX: Bitcoin price says keep calm and carry on.
ETH
- Price Analysis: Ethereum price action suggests a firm case for drop towards $310.
- Venezuela rolls out Ethereum-based stock exchange to help skirt US sanctions.
- Ethereum layer SKALE launches mainnet phase 2 with $78M already staked.
XRP
- Price Analysis: early signs of key upside break above $0.25.
- USPTO grants Ripple Labs patent for smart contracts system that uses oracle.
- Energy Web Is starting with Ripple in Its bid to make crypto provably green.
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