Copper’s Weekly Update – 19 October 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 Friday, OKEx, one of the largest crypto-fiat exchanges, suspended all withdrawals after claiming one of its private key holders (later revealed to be the exchange’s founder) was cooperating with an investigation.

OKEx has denied the ongoing inquiry of Mingxing Xu, also known as Star X, is related to an anti-money laundering (AML) investigation in China.

As a casual reminder, using Copper’s ClearLoop means you never have to be worried about an exchange losing or freezing your assets. #justsaying

Stay tuned for updates as this saga unfolds…

In other news, central bank digital currency initiatives continued to heat up around the world last week.

After the Bank of Russia admitted it is mulling Digital Rouble plans on Tuesday, the Central Bank of Spain also announced it is prioritising the design and study of a CBDC in its Strategic Plan for 2020-2024.

Meanwhile in China, the city of Shenzhen appears to have kicked the launch of the Digital Yuan into a frenzy after it was discovered that some gas stations in the city have started accepting the digital currency.

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.

Grayscale sees more than $1 billion in new investments in Q3

On Wednesday, Grayscale Investments announced a record quarterly performance, raking in $1.05bn in investments.

The company noted that the majority of investment (81%) came from institutional investors, dominated by hedge funds.

Read More

Stone Ridge calls its $114m in Bitcoin ‘primary Treasury Reserve asset’

Stone Ridge Holdings, which manages over $10bn in assets, disclosed on Tuesday that it had purchased more than 10,000 BTC, worth around $114 million, as part of its treasury reserve strategy.

This announcement follows recent news from MicroStrategy ($425 million) and Square ($50 million) converting portions of their financial reserves to Bitcoin.

Read More

Stablecoin supply has surged past $20 billion, driven by derivatives market

New research by The Block reveals that stablecoin supply has surged past $20bn, driven by derivatives market.

In total, the market has grown from $5bn at the beginning of 2020 to around $20.2bn today.

Tether’s USDT comprises approximately 79% of the market.

Read More

Latest Coin News

BTC

alt

  • Price Analysis: Will the dollar’s weakness result in Bitcoin finally breaking $12,000? Read more
  • JPMorgan strategists see ‘modest’ headwind for Bitcoin price. Read more
  • Institutions take record bullish bets in Bitcoin futures, shrugging off exchange missteps. Read more

ETH

alt

  • Price Analysis: ETH rebounds above $369, resumes upside momentum. Read more
  • Total value of all Ethereum assets surpasses staggering $100,000,000,000. Read more
  • Tether’s market cap could overtake Ethereum’s next year — Bloomberg report. Read more

XRP

alt

  • Price Analysis: Chances of more losses below $0.24. Read more
  • Ripple CEO threatens to relocate company overseas due to unfavorable US regulation. Read more
  • Ripple puts up $10 million to bring digital finance to the unbanked. Read more

 

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