Copper’s Weekly Update – 22 February 2021

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

Copper

Crypto saw yet another historic week marked by a series of milestones.

Bitcoin’s price continued its rapid ascent, hitting multiple all-time highs and crossing the $1 trillion market cap on Friday amid sustained interest from investors and companies.

The cryptoasset has already gained almost 76% since the beginning of the year, and more than 60% during the month of February alone. In a CNBC Squawk Box appearance on Wednesday, Skybridge Capital founder and managing partner, Anthony Scaramucci, predicted the price of the cryptocurrency may reach $100,000 before the year-end, simply due to supply and demand.

Naturally, crypto Twitter celebrated the milestone the only way they could – by adorning the eyes on their profile photos with a glaring pair of red laser beams. I mean, how else to celebrate such a historic event?

The price of Ether also hit record highs last week, surging past $2,000 on Friday. However, it has since dipped to around $1,879.

Below is our weekly roundup of industry 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.

This week’s top stories

BlackRock has ‘started to dabble’ in Bitcoin

The world’s largest asset manager has started investing in Bitcoin.

BlackRock’s CIO of global fixed income, Rick Rieder, told CNBC on Wednesday it had “started to dabble” in the top cryptocurrency, but did not elaborate on its strategy. Rieder’s statement comes just a few short weeks after BlackRock disclosed in SEC filings plans to add Bitcoin futures to two of its funds: the Blackrock Strategic Income Opportunities and the Blackrock Global Allocation Fund. Read more

Bitcoin ETF roars in debut with $165m of trading volume

North America’s first Bitcoin ETF got off to remarkable start on Thursday, with investors exchanging $165 million worth of shares on its debut. Yesterday, The Block reported that the fund has since accrued more than $400 million in assets under management (AUM).

The Purpose Bitcoin ETF won final approval from regulators in Ontario earlier this month in what appears to be the first in a series of Bitcoin-tied ETF approvals. On Thursday, the Evolve Bitcoin ETF was given the regulatory nod and began trading Friday. The CI Global asset management also filed in Canada on Friday to offer the CI Galaxy Bitcoin ETF. Read more

Bitwise launches a DeFi index fund

Bitwise Asset Management launched a nearly $1bn index fund for decentralised finance (DeFi) tokens Wednesday. The Bitwise DeFi Crypto Index Fund offers accredited investors exposure to an array of DeFi tokens ranging from UNI to Aave.

The DeFi market has grown at a phenomenal pace over the past year, with the total value locked (TVL) soaring from under $1bn at the beginning of 2020 to $41bn this month. “It’s been hard not to notice and get excited by what’s been happening in the DeFi space.” Matthew Hougan, the fund manager’s chief investment officer said. Read more

In case you missed it..

⚡️NYDIG files for Bitcoin ETF.

⚡️ETH price tops $2,000 for the first time to hit new all-time high.

⚡️Cardano market cap has doubled to $28bn in 2 weeks.

⚡️Osprey fund’s Bitcoin Trust is now available to retail investors via OTC.

⚡️Coinbase, readying for public listing, gets $77bn valuation from Nasdaq private market.

⚡️Goldman Sachs, JPMorgan, UBS are trading an ETP tied to Polkadot’s crypto.

⚡️Cardano (ADA) Mary hard fork eyes Mainnet launch on March 1.

⚡️Mastercard launches prepaid card for world’s first CBDC in Bahamas.

⚡️Russian government passes draft bill on Bitcoin taxation.

⚡️Indian government wants two taxes on crypto trades.

⚡️Bill Gates says he’s ‘neutral’ on Bitcoin.

⚡️Tax payments with Bitcoin and Ethereum now available in Switzerland’s canton of Zug.

⚡️Russia’s digital ruble model to get bank-friendly redesign.

⚡️Christie’s auction house will now accept cryptocurrency.

⚡️Michael Burry of ‘Big Short’: governments will ‘move to ‘squash’ Bitcoin.

⚡️Binance Coin (BNB) becomes 3rd largest crypto by market cap as PancakeSwap shines.

⚡️MicroStrategy raises $1bn latest debt-for-Bitcoin offering.

⚡️BitMEX co-founder Arthur Hayes resurfaces to opine on Robinhood’s meme stock drama.

⚡️CI Global files to issue North America’s third Bitcoin ETF.

⚡️Polkadot (DOT) gains 42% ahead of its long-awaited parachain auctions.

From Copper

What Ray Dalio’s Bitcoin essay tells us about institutional cryptocurrency

Once an ardent skeptic of crypto, Bridgewater Associates founder Ray Dalio’s recent Bitcoin essay is a clear signifier that the asset class has truly crossed over into the institutional imagination. Read More

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