Copper’s Weekly Update – 31 August 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.

In a speech at Jackson Hole on Thursday, Federal Reserve chairman Jerome Powell made a major monetary policy announcement. Under the new strategy, the central bank would allow inflation to rise above the 2% target for some time before raising interest rates.

Powell’s speech has added to the bullish tone around Bitcoin. In a comprehensive post on the Winklevoss Capital blog published that same day, Tyler and Cameron Winklevoss discussed in detail the approach taken by the US government towards its own currency, and other factors that could cause the price of BTC to one day reach $500,000 per coin.

Last week, the world welcomed yet another food-based meme coin – this time, of the raw fish variety. SushiSwap is somewhat of a fork of Uniswap, and it has already received upwards of $350 million locked in the protocol in less than a day. But given that the new emoji coin is yet to be audited, it could be a very risky investment if things don’t pan out!

A new white paper commissioned by KPMG and Blockset examining CBDC research by pioneering central banks is definitely worth reading. Don’t have time to read the whole 180+ page report? Here’s our summary with the highlights.

Finally, in this week’s Coppercasts, Jeff Hancock, Co-Founder & CEO of leading UK exchange Coinpass Global, joined us for a lively discussion on new trends in crypto, and the challenges he faced launching a business in the UK as an immigrant.

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.

Cryptocurrency exchange FTX acquires portfolio tracker Blockfolio

On Wednesday, it was announced that cryptocurrency derivatives exchange FTX acquired Blockfolio, the market’s leading mobile news and portfolio tracking app, for $150 million.

The price was paid in cash, crypto and equity.

Read More

More than 95% of crypto futures volume is in Asia: Report

A new report by Blockchain Valley Ventures (BVV) has found that Asian exchanges account for more than 95% of the futures volume in crypto.

According to the report, Huobi, Binance and OKEx have surpassed BitMEX as the leading exchanges in the spot and derivatives markets.

Read More

YFI price soars to $38.8K hitting $1B market cap — can it go higher?

The price of YFI, the governance token that powers decentralized finance protocol yEarn, leapt past $38,883 this weekend – surpassing Bitcoin’s all-time high.

The move brought the DeFi-token’s market capitalisation above $1 billion.

Read More

Latest Coin News

BTC

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  • Price Analysis: BTC bulls regain control, $11,800 back in sight. Read more
  • Fidelity launches inaugural Bitcoin fund for wealthy investors .Read more
  • 3.5 million+ crypto wallets downloaded in July, active users up 110% in the year. Read more

ETH

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  • Price Analysis: ETH/USD fails to reclaim $400. Read more
  • Ethereum Classic hit by third 51% attack in a month. Read more
  • Ethereum options traders await latest expiry with caution. Read more

XRP

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  • Price Analysis: Bulls flow as institutional demand spikes, liquidation level at $0.30 Read more
  • Ripple sued by 13 Australian banks for trademark infringement. Read more
  • The US is losing the ‘tech cold war’, warns Ripple co-founder. Read more

 

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