Copper’s Weekly Update – 7 June 2021

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

Copper

Bitcoiners and crypto enthusiasts from far and wide descended on Miami last week for Bitcoin 2021, a conference that saw speakers ranging from Jack Dorsey to Floyd Mayweather Jr take the stage to discuss Bitcoin.

The event drew huge crowds, with the queue to get into the conference on Friday morning stretching more than a mile. In true crypto fashion, the two-day conference got weird at times, and Decrypt did an excellent job capturing the WTF moments here. Say what you will about Bitcoin 2021, but we can all agree it was no boring conference – a very rare feat for an industry event these days.

Finally, a huge thank you to everyone who came to the conference kick-off party we hosted with The Block and Lukka on Wednesday. We had a blast!

Below is our weekly roundup of industry 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.

This week’s top stories

El Salvador to become first nation with Bitcoin as legal tender

El Salvador could become the first country in the world to make Bitcoin legal tender under proposals by its president. “In order to mitigate the negative impact from central banks, it becomes necessary to authorise the circulation of a digital currency with the supply that cannot be controlled by any central bank,” said El Salvador President Nayib Bukele via video at Bitcoin 2021Read More

Google slowly opening its doors to cryptocurrency advertising

Internet giant Google is finally edging towards embracing cryptocurrency after announcing the first of what is expected to be a series of updates on its tough crypto advertising policy. “Beginning August 3, advertisers offering cryptocurrency exchanges and wallets targeting the United States may advertise those products and services when they meet the following requirements and are certified by Google. This policy will apply globally to all accounts that advertise these financial products.”  Read more

 UK FCA buys another 9 months to review crypto companies’ registrations

The United Kingdom’s Financial Conduct Authority (FCA) has extended the end date of crypto-asset companies’ temporary registration from July 2021 to March 2022. The Temporary Registrations Regime, or TRR, was established last year to enable crypto businesses to continue trading while their registrations were still being assessed by the FCA. With the latest announcement, any crypto companies that applied before Dec. 16, 2020 have temporary registration until March 31, 2022. Read more

In case you missed it..

⚡️European Union to reveal plans for digital wallet: report.

⚡️FTX launches NFT marketplace.

⚡️Kraken launches new mobile app for US crypto traders.

⚡️ETC Group to list first Bitcoin ETP in London on the Aquis Exchange.

⚡️Coinbase adds Apple Pay to crypto debit card.

⚡️Solana up 48% this week as smart contract platforms lead crypto recovery.

⚡️SEC-registered crypto robo-advisor Makara launches.

⚡️India’s central bank gives clarity to banks dealing with crypto customers.

⚡️Japan regulator warns crypto derivatives exchange Bybit over unregistered operations.

⚡️Standard Chartered to launch institutional crypto brokerage and exchange in Europe.

⚡️$270bn fund Guggenheim is seeking Bitcoin exposure, SEC filing shows.

⚡️Funds locked in Aave soar past $20bn amid layer-two embrace.

⚡️JPMorgan job posts hint at bank’s broader crypto ambition.

⚡️Antivirus firm Norton to offer cryptocurrency mining.

⚡️Apple co-founder Steve Wozniak loses Bitcoin scam case against YouTube.

⚡️Mike Novogratz’s Cryptology to invest $100m in crypto venture funds.

⚡️Jack Dorsey outlines Square’s tentative plans for Bitcoin hardware wallet.

⚡️Crypto exchange FTX spends $210m to rename the most valuable pro e-sports team.

⚡️Solana is raising up to $450m to challenge Ethereum.

⚡️The US will elevate ransomware investigations to a similar priority level as terrorism investigations

⚡️UK’s Starling Bank to lift ban blocking payments to crypto exchanges in 3 weeks.

From Copper

New Meet the Team video series: Ralph Payne, CFO

Since launching three years ago, we’ve moved quickly to establish ourselves as the gateway for institutions to access crypto markets. But who’s the driving force of our success? In our new Meet the Team video series, we introduce some of the individuals spearheading our operations and technology development. First up, our CFO Ralph Payne. Watch now to hear about Ralph’s journey from traditional finance to crypto, and understand why he remains excited by the long-term potential of cryptoassets to reshape the future of finance.

New report: Bitcoin – Relative Strength Index

Traders often use multiple indicators as tools to assess the best buying and selling opportunity. No single indicator is a silver bullet for trading strategies as market dynamics can change on external factors. With that being said, a deeper analysis on the success rates of specific indicators would be useful for traders when making decisions. In this new Technical Analysis series, Copper will look at various indicators and cryptocurrencies and assess the accuracy rates for different time frames. Read the first report of the series, Bitcoin: Relative Strength Index here.

New event: Digital Assets LIVE

This Thursday at 3:40pm BST, our Head of Strategy, Asen Kostadinov, will be speaking at Digital Assets LIVE – an event organised by Hedgeweek and Institutional Asset Manager, exploring the opportunities and challenges in building an institutional marketplace for digital assets. Register here to attend.

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