Copper’s Weekly Update – 23 March 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.

Our product and service offering has been well and truly tested during recent market volatility, and we’re happy to report with no material impact. Digital assets seem to be adjusting to their new COVID-19 reality, along with the rest of us.

The Copper team are working remotely wherever possible and learning to love the joys of all Zoom meetings all the time. It is our hope that during this unrest you, your family, friends and colleagues, remain safe and healthy.

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.

India may consider regulation of cryptocurrencies

  • Following the recent landmark Supreme Court victory in India lifting the total ban of virtual assets, the government is now looking to regulate cryptocurrencies. The government is currently deliberating on the issue with the central bank with a framework set to be put in place soon
  • Having criticised the Indian government in the past for its attempt to ban digital assets, billionaire venture capitalist Tim Draper Tim Draper also tweeted his delight and indicated plans to invest in Indian crypto startups

Read More

Tether Treasury prints for the third time in two days, 60 million USDT

  • Tether Treasury injected approximately 180 million USDT in three separate batches of 60 million USDT in the market. The world’s largest stablecoin provided no details behind the decision to churn out such a large amount of its token but the move follows the usual pattern of interventions that coincide with bitcoin price downturns
  • Many analysts have observed that historically, when new coins are minted, the crypto market usually experiences a surge in volatility

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Russia to ban the issuance and circulation of cryptocurrencies

  • Last week, Russia’s tempestuous relationship with the cryptocurrency industry entered a new chapter following an announcement by the Bank of Russia (BoR) that the new version of the bill on digital assets will include a ban on issuing and selling cryptocurrencies
  • This latest development adds fuel to the confusion surrounding Russia’s crypto stance, as it has been widely reported that the BoR is launching its own digital currency and that they tested a pilot tokenisation project in December 2019

Read More

Latest Coin News

BTC

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  • Price Analysis: Failed to break above $7,000 during the recovery on Friday; bulls now struggle to hold above short term $5,800 support. Read more
  • Bitcoin claws back over 40% of recent price sell-off with surge above $6.8K.  Read more
  • Italian bank opens Bitcoin trading to 1.2 million during lockdown. Read more

ETH

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  • Price analysis: Technical levels aligned for an upward action but ETH/USD remains largely in the hands of the bears in the long term. Read more
  • Citi says it recently ‘topped up’ its equity stake in Ethereum-based trade financing platform komgo. Read more
  • Ethereum volume influenced by Twitter activity, new data reveals. Read more

XRP

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  • Price Analysis: The prevailing technical picture suggests that XRP/USD will test $0.12 or $0.10 support areas before a significant recovery occurs. Read more
  • Ripple cements Asian presence through partnership with Thai Finch DeeMoney. Read more
  • Ripple chief says global economy entering uncharted waters, markets are ‘extremely resilient’. Read more

 

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