Copper’s Weekly Update – 11 May 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.

With fewer than 80 blocks and 12 hours to go until the halving, many eyes will be closely watching the price of BTC. Particularly as a sudden retreat from 10k yesterday forced several exchanges to top up their auto-deleveraging insurance funds.

This also feels like a good time to highlight a survey from PWC and Elwood, published today on Bloomberg, which found the total AUM of crypto fund doubled from the end of 2018 to 2019.

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.

Bitcoin’s market cap surpasses $170bn as halving nears

On Thursday, it was reported by Bloomberg that Paul Tudor Jones, one of Wall Street’s most-successful and seasoned hedge fund managers, is buying Bitcoin as a hedge against the inflation he believes is coming due to central banks printing money.

The announcement came as Bitcoin flirted with $10k (and before the subsequent price drop).

Read More

Coinbase suffers outage as Bitcoin tumbles 10% in 30 minutes

Over the course of one hour on Saturday, Coinbase failed to stay online during Bitcoin’s most recent price collapse, which came less than two days before its much-awaited halving event.

Traders took to social media to vent their anger at being met with an unexpected 502 error when they tried to log into their accounts. Coinbase also experienced a similar outage last week when BTC rallied 15% to $8,900.

Read More

Open interest in CME’s bitcoin futures is now at an all-time high of $400 million

On Thursday, it was announced that open interest for CME Group’s Bitcoin futures surged to a $400m high. The $400m figure is higher than the previous all-time high open interest of over $338m on 14 February.

The average daily volume in CME’s bitcoin futures was around $217 million last month, while in February, it was about $493 million.

Read More

Latest Coin News

BTC

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  • Price Analysis: Bitcoin recovers from weekend lows at $8,100 but momentum loses steam under $8,900. Read more
  • Chinese Court Rules Bitcoin Is Asset Protected by Law. Read more
  • Croatian Financial Regulator Approves Bitcoin Fund. Read more

ETH

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  • Price analysis: Ethereum price is poised for a massive bullish action triggered by a golden cross pattern. Read more
  • Ethereum on track to offer staking in Q3 2020. Read more
  • Ethereum price crashes 10% lower as Coinbase reports system outage. Read more

XRP

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  • Price Analysis: Ripple holders will now be able to delete their wallets from XRP Ledger after a community vote. Read more
  • XRP army debates future of Ripple and third-largest cryptocurrency. Read more
  • New report explains why XRP takes weekends off. Read more

 

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