Copper’s Weekly Update – 15 June 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.

Speculation seems to be the best anyone can offer whether looking at traditional or crypto markets these days.

Fidelity made headlines early in the week, releasing their institutional market outlook. One of their key indicators for a bullish market was a significant drop in concern over volatility as a barrier to entry. Though it should be added this sentiment was recorded before ‘March Madness’ began…

Another good indicator of institutional participation could be the open interest on Eth options, which have soared 300+%. Deribit owns almost all of this market, and their June contract expires on the 26th, at 0800 UTC. Set your alarm as it could have some interesting repercussions.

Meanwhile, retail interest in stock markets managed to make the traditional finance world look even more bat sh*t crazy than crypto. Perhaps not for the first time, but last week there were two stand out moments. First, a car hire company that filed for bankruptcy saw its share price increase 890%. And second, a new automated trucking company, with no revenue, saw its market cap exceed the Ford motor company.

¯\_(ツ)_/¯

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 joins OMFIF’s Digital Monetary Institute as a founding member

Copper, announced that it has joined the Official Monetary and Financial Institutions Forum’s (OMFIF) Digital Monetary Institute (DMI) as a founding member

The DMI has already been endorsed or offered public support by a number of leading public sector institutions including the IMF, Bank of England and the World Bank. This move marks a major milestone for Copper in realising its ambition to bridge the gap between the world of traditional finance and the emerging potential of blockchain and crypto technologies

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Crypto exchange Binance to launch quarterly Bitcoin futures

Binance has officially launched its very first cryptocurrency futures contract that has a preset expiration date. It’s a quarterly BTCUSD futures contract that traders can engage with a leverage of up to 125x.

At this point, it’s clear that the market for bitcoin derivatives has taken the spotlight as more and more exchanges offer a variety of products in the field.

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Indian government again proposes blanket ban on crypto

Three months after the Supreme Court ruling to lift the banking ban, India’s Ministry of Finance has proposed to ban cryptocurrencies by law

The new proposal has again inflicted fear in the Indian crypto community. While much enthusiasm was seen in the crypto space in the past three months as new startups sprouted to push crypto adoption across the nation, this proposal could be a hard blow to all businesses and individuals involved in the space

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Latest Coin News

BTC

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  • Price Analysis: Bitcoin slips further below the weekend support as sellers’ grip becomes stronger Read more
  • Rising hashrate signals end of Bitcoin capitulation; price eyeing $10K-retest Read more
  • Three Arrows Capital holds more than 6% of Grayscale $3.6bn BTC Trust Read more

ETH

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Price analysis:

  • Chris Burniske believes that Ethereum could hit $7,500 in BTC next cycle Read more
  • An Ethereum user lost $5.2 million in two massive mistakes Read more
  • Over 120,000 ETH wallets ready for Ethereum 2.0 staking, network fee at peak Read more

XRP

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  • Price Analysis: Stuck with the bears for now but the MACD shows the possibility for sideways trading above $0.1850 Read more
  • Ripple says XRP lawsuit fails to show CEO committed fraud  Read more
  • Ripple signs 28 new XRP production contracts for crypto-powered remittances Read more

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