Copper’s Weekly Update – 22 June 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.

It would be impossible not to acknowledge what happened last week with Wirecard. Some are already speculating that it will become Germany’s Enron scandal. For crypto.com and TenX users it’s a ‘wait and see’ moment as to whether their cards will continue to be supported. Regardless of the outcome, $2.1bn is a staggering amount to go missing.

In the US, a fragmented landscape for regulations may have taken a step forward as a former Coinbase employee takes leadership at the US Office of the Comptroller of the Currency. Meanwhile, New York Fed economists declared Bitcoin a fiat currency. Though their likening it to ‘gigantic limestone wheels’, which were once used as fiat, might not inspire hope in some.

Finally, Copper’s CEO was on hand to deliver advice and recommendations to the Official Monetary and Financial Institutions Forum (OMFIF) in their latest journal for the Digital Monetary Institute.

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.

Since amending the original whitepaper, is Libra still a threat to central banks?

Back in June 2019, the announcement that Facebook was leading the development of a digital currency elicited strong pushback from central banks and regulators

However as of April 2020, Facebook overhauled core parts of its digital currency vision. But the question remains: does Libra – even in its watered down form – still pose a threat to central banks?

Read More

Ernst & Young release crypto tax app

Ernst & Young (EY) has introduced a new application that helps US crypto traders calculate and file their taxes with ease

The EY Cryptoprep app helps users calculate crypto-related gains and losses that have to be reported on Form 8949, a form used to report sales and exchanges of capital assets

Read More

Compound Surpasses MakerDAO as the Top DeFi Protocol

Compound Finance has shaken up the DeFi industry since Coinbase announced it was listing COMP on June 22nd.

The value of COMP has seen tremendous gains in a period of a week, increasing over 10x. It is now the biggest decentralised finance token by market cap, overtaking MakerDAO

Read More

Latest Coin News

BTC

alt

  • Price Analysis: BTC/USD Consolidates, Is $10,000 Achievable Before July? Read more
  • Bitcoin miner maker Ebang selects Nasdaq for its IPO, plans to raise more than $100 Million Read more
  • Crypto interest rate swaps are now live on the Delta exchange Read more

ETH

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Price analysis:

  • The 50-day (white) moving average is providing adequate support for Ethereum around the $218 area Read more
  • Ethereum logged its busiest week on record Read more
  • Vitalik Buterin believes high DeFi interest rates come with risks attached Read more

XRP

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  • Price Analysis: Facing a strong resistance near the $0.1900 level and the 55 simple moving average (4-hours) Read more
  • XRP isn’t a security, declares former CFTC chairman  Read more
  • PayID to make sending Ripple’s XRP as easy as email Read more

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