Copper’s Weekly Update – 2 November 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.

What a wrap to October; Europe is entering tighter lockdown measures and the US election will bring sweeping changes to the outlook for the US economy. Make sure to check out our new In Depth report to learn how the crypto markets may react, and how traders can prepare.

Now, on to a little less ‘boo’ and a little more ‘woo’…. Did you know Halloween marks a historical moment for Bitcoin? Crypto’s first white paper turned 12 on October 31. And on this day, Bitcoin hit its highest price since 2018.

Public records filed last week showed that crypto lender BlockFi has become one of Grayscale Bitcoin Trust’s biggest whales, holding 5.07% of its $4.8 billion Bitcoin trust. The SEC requires that companies report anything over a 5% ownership of another company using form 13-G.

The President of the European Central Bank, Christine Lagarde, has opened up the matter of a digital euro yet again. In a Twitter thread yesterday, she invited public commentary on a potential digital euro,  implying the central bank is considering a retail CBDC, not just one intended for use between banks.

On Friday, we dropped a new CopperCasts episode featuring Michael Hall, the co-founder and CIO of Nickel Digital, one of the original gangsters of crypto hedge funds. Be sure to check it out if you haven’t already.

And finally, this Thursday, our CEO Dmitry Tokarev is speaking at The Quant Conference, discussing whether the crypto industry has matured enough for new money to come in. Tickets are still available for the online event, and we have a few to give away – so send us a note.

JPMorgan forms new blockchain unit, says its ‘JPM Coin’ is ready for commercial use

  • JPMorgan has launched a new business division dedicated to blockchain technology, called Onyx, after the bank’s own digital currency was adopted for commercial use this week.
  • Onyx reportedly has more than 100 staff members and has been established with the goal of commercialising JP Morgan’s various envisioned blockchain and crypto projects.

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Southeast Asia’s largest bank DBS plans to launch a cryptocurrency exchange

  • DBS, the Singapore-based bank and financial services corporation, is reportedly building a digital assets trading platform.
  • DBS’ upcoming crypto service — the DBS Digital Exchange — will support five major cryptocurrencies including BTC, ETH, XRP, BCH and ETC.

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Copper partners with Tesseract to launch a margin trading lending facility

  • Last week, Copper launched a new margin trading lending facility in partnership with Tesseract Investment.
  • The new solution allows Copper clients to borrow funds, which are then instantly transferred into their trading accounts to be safely traded on a range of major exchanges.

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Latest Coin News

BTC

alt

  • Price Analysis: Should history repeat, the Bitcoin price is about to go parabolic. Read more
  • $14K: Bitcoin hits highest level since January 2018. Read more
  • Bitcoin to be used for imports in Iran, according to a new law. Read more

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  • Price Analysis: ETH/USD rebounds after three-day slump, closes in on $400.Read more
  • Wrapped Bitcoin is now Ethereum’s 6th largest token. Read more
  • Quantstamp says Ethereum 2.0 ready for launch. Read more

alt

  • Price Analysis: Fresh rally likely if it clears $0.246. Read more
  • Ripple paid $9.3 million in XRP incentives to MoneyGram in Q3 2020. Read more
  • Ripple general counsel says company not ‘fleeing’ US as debate on XRP regulatory clarity heats up. Read more

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