Copper’s Weekly Update – 20 July 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.

Twitter is reeling after experiencing the biggest hack in its history on Wednesday.

Scammers sent a volley of tweets extorting Bitcoin from social media accounts belonging to some of the planet’s most influential people – including Barack Obama, Bill Gates, Elon Musk and Jeff Bezos.

Considering the enormous reach of the accounts targeted, the scam was surprisingly ineffective but naturally caused a huge stir on social media and the press. While some of the mainstream media blamed Bitcoin, the cryptocurrency’s reputation is unlikely to take a hit as most news outlets were careful in framing the incident as a Twitter problem – not a Bitcoin one.

On Thursday, the local government of Beijing released a hefty 145 page document unveiling a series of plans to establish itself as the first blockchain hub. China has been a staunch promoter of blockchain, and is the first country having proposed and developed a central bank digital currency, known as DCEP.

Hot on the heels of China’s CBDC, Thailand announced it has entered the third-phase development of its native digital currency, saying the central bank is already using the CBDC for financial transactions with a number of big businesses.

Crypto exchange giant, Binance, was a regular feature in the headlines this past week after concluding its 12th BNB coin burn valued at over $60 million – the largest in the crypto asset’s history. It also announced plans to roll out its crypto debit card in the European Economic Area (EEA) and in the UK.

But it’s not all welcome news for the exchange. On Friday, it was added to the list of unauthorised companies by the Malaysia Securities Commission. This is the latest blow for Binance, which was also banned from offering derivatives products in Brazil earlier in July.

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 and Signet team up to streamline institutional crypto trading

On Friday, we unveiled an integration with Signet, the blockchain-based digital payments platform of Signature Bank.

The integration will enable institutional investors to quickly pay and settle transactions in US Dollars and other major currencies, making it faster and easier for asset managers to send different currencies between bank accounts and trading environments.

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Grayscale says institutions invested record $900M in crypto products in Q2

Grayscale recorded inflows of $905.8m for its second quarter— nearly double the previous quarter.

Bitcoin remained Grayscale’s most popular asset, accounting for 83% of investment, though Grayscale also reported large interest in alternative cryptocurrencies, with demand for its Ethereum Trust accounting for nearly 15% of total inflows – an all-time quarterly high.

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India open to crypto as an asset class, not medium of exchange

During a webinar on July 17, The former Finance and Economic Affairs Secretary of India, Subhash Chandra Garg, told the Indian crypto community that crypto assets should be regulated as commodities.

However, he stands by his draft crypto bill that bitcoin and other cryptocurrencies should be outlawed.

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Latest Coin News

BTC

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  • Price Analysis: BTC/USD triangle breakout eyes lift-off to $10,000 Read more
  • Zap seeks to build new BTC payment platform through the lightning network Read more
  • This El Salvador village adopts Bitcoin as money Read more

ETH

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  • Price analysis:ETH/USD drops toward bottom of weekly range Read more
  • Ethereum: Transactions on the way to record levels, date for launch ETH 2.0 Testnet on Monday Read more
  • About 80% of ETH supply is qualified for staking, says ConsenSys Read more

XRP

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  • Price Analysis:Bulls aim bullish break above $0.20 Read more
  • Ripple (XRP) CEO “is in awe” of China’s crypto and blockchain approach Read more
  • Online marketplace Uquid sees greater adoption using XRP Read more

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