Copper’s Weekly Update – 27 July 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.

There were many positive developments in the crypto space this past week.

Many within the community have been celebrating the bombshell announcement by the US Office of the Comptroller of the Currency allowing US banks to provide crypto custody services. Less than 24 hours following the announcement, Bitcoin surged 5%, and on Sunday, the most popular cryptocurrency surpassed $10,000 for the first time since June – hitting $10,200.

Elsewhere in the world, Philippines’ emerging crypto industry recently added an additional four crypto exchanges to the list of approved businesses by the central bank. There are now a total of 16 cryptocurrency exchanges approved by Bangko Sentral ng Pilipinas.

And finally, our partner Signature Bank has been making significant inroads in the crypto space, especially with Signet. According to the bank’s recent earnings call, the crypto-friendly commercial bank reported consistent and steady growth this quarter nearing $8 billion in deposit growth — 2.5% of which can be attributed to the bank’s blockchain-based payments platform.

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.

Bitcoin meets banking as US bank regulator permits cryptocurrency custody

On Wednesday, the US Office of the Comptroller of the Currency (OCC) published a letter clarifying that all licensed banks in the US are allowed to offer cryptocurrency custody services.

Specifically, the US authority stated that every bank in the country may store and manage cryptographic keys for its customers.

Read More

Coinbase’s latest institutional review reveals it has 35 million customers

A review of the digital asset landscape by Coinbase’s institutional team last week published its H1 2020 institutional review. Coinbase has grown its client base to more than 35 million retail and institutional clients — a figure that’s up from 30 million at the beginning of the year.

Read More

Russia legalises cryptocurrencies terming them property

Russia passed a major bill on Wednesday which legalises cryptocurrencies in the country and also finally provides a legal definition.

As reported by local news agency TASS, the country sees the digital currencies as a type of property and they cannot be used as a mode of payment.

Read More

Latest Coin News

BTC

 

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  • Price Analysis: BTC/USD blasts past coveted $10,000 as $11,000 beckons. Read more
  • Coinbase says it halted more than $280,000 in bitcoin transactions during Twitter hack. Read more
  • Bitcoin jumps above $10,000 for the first time in six weeks. Read more

ETH

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  • Price analysis: ETH/USD jumps above $300.00 amid skyrocketing options trading volumes. Read more
  • Ethereum starts its DeFi moon shot. Read more
  • Ethereum hits highest price since June 2019. Read more

XRP

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  • Price Analysis: XRP/USD leaves $0.22 behind, targets weekly SMA50. Read more
  • Ripple’s Director of Product launches XRP payments and e-commerce platform. Read more
  • YouTube moves motion against Ripple lawsuit for XRP giveaway scams. Read more

 

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