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