The crypto markets took a tumble last week as investors sold off sharply following China's latest crackdown comments on Bitcoin mining and trading. In addition to instructing financial institutions not to provide crypto-related services, The China Banking Association and other industry groups warned retail investors on Tuesday against speculative trades involving digital assets.

Not helping matters is news that US President Joe Biden's administration is proposing to strengthen tax compliance for cryptoassets. As per various reports, crypto transfers greater than $10k will be required to be reported to the country's tax authorities, starting in 2023.

Bitcoin plunged to £31k at one point, halving in value from a record high of $64.8k set just a few weeks prior, while Ethereum sank 54% from its all-time high of $4.2k earlier this month.

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

Crypto losses eclipse $1.3 trillion just two weeks after market’s all-time high

The cryptocurrency market's losses have exceeded $1.3 trillion since a market peak on May 12 – the day billionaire Elon Musk announced on Twitter that Tesla would no longer invest in or sell Bitcoin due to its hefty environmental cost. Analysts are pinning recent losses to investor fears over strengthening crypto-regulation in China, where authorities pledged to crackdown on Bitcoin mining and trading. Read more

Copper secures $50m Series B investment co-led by Dawn Capital and Target Global

On Tuesday, we shared the news of our $50m Series B funding. Leading the round and joining the Copper family is Dawn Capital. We've also welcomed Illuminate Financial as a new partner, and thank Target Global, MMC Ventures and LocalGlobe for their continued support. Read more

Wells Fargo unveils crypto strategy

The fourth-largest bank in the United States is embracing crypto. Wells Fargo announced that it will offer select clients an actively managed cryptocurrency strategy. In a report titled 'The Investment Rationale for Cryptocurrencies', the Wells Fargo Investment Institute (WFII) says cryptocurrencies have evolved into a '"viable investment class". Read more

In case you missed it..

⚡️Top crypto exchanges see technical issues amid market crash.

⚡️Ark Investment tips $20m into Grayscale Ethereum Trust.

⚡️Tether is launching on the Avalanche blockchain.

⚡️Institutional investors bought more Ethereum than Bitcoin last month.

⚡️Coinbase to raise $1.25bn in bond sale.

⚡️Swiss asset manager Valour launches Cardano and Polkadot ETPs.

⚡️BlockFi mistakenly credits users with too much Bitcoin in promo payout.

⚡️Algorand is powering the first blockchain-based COVID passport in Latin America.

⚡️Binance Smart Chain's PancakeBunny protocol exploited, $45m drained.

⚡️‘Cryptocurrency is not going away,’ says Carlyle’s David Rubenstein.

⚡️US regulators signal stronger risk, tax oversight for cryptocurrencies.

⚡️UK politician calls for HM Treasury to start nurturing crypto businesses.

⚡️FTX set to raise up to $1bn at $20bn valuation: sources.

⚡️BitMEX pledges to go carbon neutral.

⚡️Wharton reveals record Bitcoin gift amid crypto market rout.

⚡️Musk: Tesla has ‘diamond hands’.

⚡️Greenpeace USA stops accepting Bitcoin donations due to environmental concerns.

⚡️People behind crypto protocol DeFi100 may have absconded with $32m in investor funds.

⚡️Huobi, OKEx limit services for Chinese customers ahead of gov crackdown.

⚡️MicroStrategy: another dip, another $10m Bitcoin purchase.

⚡️MicroStrategy CEO Michael Saylor says 'entities' he controls possess 111k Bitcoin.

⚡️Bank of America joins Paxos's blockchain-based settlement network for equities.

⚡️Vitalik burns $6.7bn of Shiba.

From Copper

Webinar replay: The Future of Banking

Last week, our CEO Dmitry joined The Block's Senior Correspondent, Ryan Weeks, and other business leaders reshaping financial services for a webinar discussing the future of banking. The conversation – which got heated at times – touched on CBDCs, the role banks will play in DeFi, open finance and whether neobanks serve as a gateway to crypto. Check out the replay here.

Copper shortlisted for Best Emerging Technology 'Best Emerging Technology' award

We're very proud to be shortlisted for the 'Best Emerging Technology’ award at the SC Awards Europe 2021, an annual industry accolade by SC Media. With a constantly evolving threat landscape, SC Awards Europe has one objective: recognise and reward the people, products and services that exemplify the very best solutions for client-customers and the security sector as a whole. Learn more here.