Copper’s Weekly Update – 03 August 2020

Highlighting what went right, and what went wrong, in this week’s crypto news analysis.

Copper Team

Looking back at last week’s biggest news, including price analyses for BTC, ETH, and XRP.

Bitcoin crossed the $12k level for the first time in a year this weekend, before suffering a price drop of $1,458 in under an hour on Sunday. The sudden price drop liquidated nearly $1.4 billion worth of positions across major exchanges, as noted by derivatives data provider Bybt.

Last week, it emerged that three people were arrested in relation to Twitter’s massive July 15 hack. A 17-year old was taken into custody in Tampa, Florida and is accused of being the mastermind behind the biggest security and privacy breach in the social network’s history. The other arrests include a 19-year old in the UK and another 22-year old in Orlando, Florida.

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.

Fueled by Bitcoin’s rise, Bakkt reports record high volumes for its bitcoin futures market

Volumes on Bitcoin futures offered by Bakkt set a record high on July 27, with 11,500 contracts traded on the institutional exchange.
Monday’s record setting day was an 84% increase from its last all-time high in December 2019.

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Coinbase reveals it’s looking at adding 19 new cryptocurrencies

In a blog post published on Friday, Coinbase announced it is exploring potential support for 19 new cryptocurrencies on its platform.

The leading US crypto exchange, said that it would continue to evaluate more digital assets, and with time it expects to support “at least 90% of the aggregate market cap of all digital assets in circulation.”

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Putin signs Russian crypto bill into law

Russian President Vladimir Putin signed the first of two bills on digital assets into law on Friday.

The new law gives legal status to cryptocurrency, considering it a type of property which should be reported for tax purposes, but prohibits its use as a means of payment for goods and services.

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Latest Coin News

BTC

 

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  • Price Analysis: Bulls defy Sunday sell-off to regain 11,000. Read more
  • Bitcoin ends July at highest monthly close since 2017 peak. Read more
  • Billionaire Winklevoss: not owning Bitcoin “worse” than not buying Amazon In 2000s. Read more

ETH

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  • Price analysis: ETH/USD struggles to hold the gains, bears target at $350.00. Read more
  • Five years of Ethereum: From a teenage dream to a $38B blockchain. Read more
  • Investors cashing in, as Ethereum gains 362% since March. Read more

XRP

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  • Price Analysis: Rally could gather pace again above $0.30. Read more
  • Ripple paid $15.1 million in XRP incentives to MoneyGram in Q2 2020. Read more
  • Ripple says XRP lawsuit based on ‘unsupported leaps of logic’. Read more

 

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