Copper’s Weekly Update – 17 August 2020

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

Copper

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

Grayscale announced its biggest single fundraising week to date after launching a TV campaign on American national TV, taking in $217 million.

In altcoin news, Chainlink (LINK) doubled in value to become the fifth largest cryptocurrency in the world by market cap – overtaking Bitcoin Cash.

Finally, the latest in weird DeFi news came to us in the form of the YAM token, an unaudited experiment that rose to glory but shattered within 48 hours. Within hours of YAM launching, the platform accrued over $400 million. Then the token’s value fell from roughly $60 million to zero when a bug was discovered in the code.

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.

DeFi market cap explodes, surpasses $15 billion

According to metrics site Coin Gecko, the total market cap of DeFi is now $15 billion.The huge rise is down to the prominence of Chainlink – responsible for 49.2% of DeFi’s market cap. To put this increase into perspective, DeFi hit $1 billion in May this year.

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Ethereum price hits 2-year high as ETH futures open interest tops $1.5B

The total value of outstanding Ethereum futures contracts reached a new high of $1.5 billion. This was spurred by ETH’s price finally breaking above $400.

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We launch Coppercasts!

On Wednesday, we launched our brand new podcast series, Coppercasts. In episode one we speak to Charlie Morris, famed author of the Fleet Street Letter as well as founder and CIO of ByteTree.com.

In episode two, which is also now live, we are joined by investigative journalist Geoff White.

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Latest Coin News

BTC

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  • Price Analysis: BTC/USD looks to register small weekly gains Read more
  • Time to buy Bitcoin: ex-Prudential CEO George Ball Read more
  • Bitcoins are being tokenized faster than they’re mined as DeFi craze continues Read more

ETH

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  • Price Analysis: ETH/USD stretches lower toward $420, still up more than 8% weekly Read more
  • JPMorgan plans $20 million investment in Ethereum’s ConsenSys Read more
  • Ethereum network hashrate hits 20-Month high as DeFi tokens rally Read more

XRP

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  • Price Analysis: Bullish break above $0.31 seems likely Read more
  • With $16bn in cryptocurrency, Ripple attempts a reset Read more
  • Ripple reveals $2,000,000,000 XRP remittance volume milestone, CEO says the crypto asset can solve a $10 trillion problem Read more

 

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