Copper’s Weekly Update – 4 May 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.

A couple key events to highlight from last week, or non-events in the case of TON. Likely the most talked about was BTC’s return to $9k for the first time since before March’s black Thursday. From the world of traditional markets, it was also Berkshire Hathaway’s annual Woodstock for Capitalists. And tying the two together was NASDAQ’s partnership with R3.

For existing Copper clients, keep your eyes peeled this week as we’re about to release another huge update to Copper Unlimited, our secure offline custody application.

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.

Japan’s Financial Watchdog Certifies Two Cryptocurrency Regulatory Organizations

Financial regulators in Japan have accredited two crypto self-regulatory organisations as Certified Financial Instruments and Exchange Associations. As confirmed in an announcement on April 30, 2020, the FSA officially recognised the Japan STO (security token offering) Association and the Japan Virtual Currency Exchange Association (JVCEA) as self-regulatory bodies for conducting digital asset derivatives trading and STOs of cryptocurrencies.

The move marks the latest attempt by Japan to improve its compliance standards of cryptocurrency participants in the country.

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Andreessen Horowitz Doubles Down on Crypto Investments With New $515M Fund

Venture Capital firm Andreessen Horowitz has raised $515 million for its second fund focused on crypto networks and businesses. The fund tops the $450 million target Andreessen Horowitz set for it and come after a $300 million fund in 2018.

The California company made a bold move last year by becoming a registered investment adviser, a distinction granted by the Securities and Exchange Commission that gives it more flexibility to invest in things like crypto tokens. Andreessen says it’s particularly interested in supporting the areas of next-generation payments, modern stores of value, decentralised finance and new monetisation methods.

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Nasdaq Partners With R3 to Help Build Institutional-Grade Digital Assets

Nasdaq, one of America’s foremost (non-crypto) exchanges has partnered with R3, the company responsible for the enterprise blockchain software Corda. Together, the two companies will help financial institutions issue tokens and build marketplaces for digital assets.

Cathy Minter, chief revenue officer at R3, commented that financial institutions are becoming increasingly aware of the demand and potential for servicing the needs of digital assets, with R3 able to accommodate with solutions designed to be secure and reliable in a regulated environment.

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Crypto in Lebanon: Over the Counter, Under the Table

As the financial crisis rocking Lebanon continues its downward spiral, crypto enthusiasts are seemingly circumventing the government-imposed ban on crypto exchanges by investing in digital assets through peer-to-peer (P2P) exchanges.

Instead of a centralised exchange, transactions are happening by referral through encrypted messaging apps, with platforms such as Telegram and Whatsapp increasingly serving as backchannel avenues for investors to connect and negotiate bilateral trades.

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“Cryptocurrencies Beyond National Borders”- Russian President Vladimir Putin

Russian President Vladimir Putin, when asked about whether Russia will soon have its own national cryptocurrency or not, said that it is not possible for Russia or any other country to have its own cryptocurrency as they work beyond borders.

Putin’s comments sparked a debate among crypto commentators on Twitter. Binance CEO, Changpeng Zhao applauded Putin’s comments on cryptocurrency, saying he has seen very few other leaders with this level of understanding so far.

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Latest Coin News

BTC

alt

  • Price Analysis: Losing traction after hitting a snag at $9,000; losses likely to continue in the near term. Read more
  • Bitcoin Won as Store of Value in Coronavirus Crisis — Hedge Fund CEO. Read more
  • US Bitcoin Holders Worry About Chinese Control of the Mining Network. Read more

ETH

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  • Price analysis: Pullback from $210 resistance targets the $191 support zone. Read more
  • Ethereum projects have received nearly $25 million in grant money to date. Read more
  • OKEx Becomes a Validator in Ethereum 2.0 Testnet. Read more

XRP

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  • Price Analysis: Hourly RSI is heading into oversold territory, still not out of the woods. Read more
  • YouTube Suspends Ripple’s Tech Chief Days After XRP Scam Lawsuit Filing. Read more
  • World’s First Crypto Bank Sygnum Adds Support For Ripple (XRP).Read more

 

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