Copper’s Weekly Update – 10 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.

On Thursday, Ethereum Classic suffered another 51% attack, resulting in the reorganisation of over 4,000 blocks. The attack is the second in less than a week, bringing the security of the network into question.

Commenting on the increasing number of 51% attacks targeting ETC, Ethereum co-founder Vitalik Buterin tweeted: “ETC should just switch to proof of stake. Even given its risk-averse culture, at this point making the jump seems lower-risk than not making it.”

Meanwhile, just five months after Indian courts lifted the blanket ban on crypto, there is trouble brewing for the sector in the country once again. A report from local news website Moneycontrol appears to confirm that authorities are moving into advanced deliberations over a bill from last year which seeks a complete ban on virtual currencies.

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.

Copper’s ClearLoop initiative expands to enable growth of crypto derivatives market

On Wednesday, we announced the expansion of our ClearLoop digital asset trading framework to include collateral management for crypto derivatives.

The move will enable crypto derivatives to be traded over the counter (OTC) with significantly reduced risk for all parties involved, opening up the marketplace to a wide range of new institutional participants.

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Goldman Sachs eyes own token as Bank appoints new head of digital assets

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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Grayscale crypto fund grows 15% in a week hitting $5.5 billion AUM

Last week, Grayscale announced an increase in its assets under management, with the figure surging by almost 15% in just over a week.

According to a recent tweet, Grayscale now has $5.5 billion worth of digital assets under management spread across its various funds. Compared to last week, that fund has grown by $700 million as crypto prices reached new highs for the year.

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Latest Coin News

BTC

 

alt

  • Price Analysis: BTC sellers continue to lurk above $11,800, $12K still on cards? 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: Here’s why Ethereum holding above $400 could unlock a massive surge. Read more
  • Ethereum Classic suffers another 51% attack in five days. Read more
  • Grayscale files Ethereum Trust for SEC reporting company status. Read more

XRP

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  • Price Analysis: Rally could resume if it clears $0.30. Read more
  • Ripple says over-the-counter XRP sales soared 1,700% to $33 million in Q2. Read more
  • US dollar is getting weaker while crypto gets stronger, says Ripple CEO. Read more

 

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