Looking back at last week’s biggest news, including price analyses for BTC, ETH, and XRP.

Last week the development and regulation of central bank digital currencies kicked into high gear with China releasing its own, and the G20’s FSB issuing a consultation. Meanwhile Facebook’s David Marcus released an update to the Libra Association via Twitter.

On the Copper Platform we released support for French token, Peculium.

And for anyone interesting in raising money for frontline charities and having fun at the same time (hello, Capt. Tom), there is a crypto poker tournament on Thursday. Last week they raised over $25,000!

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.

China starts trial of digital currency in four cities

• The Digital Currency Institute of the People’s Bank of China (PBOC) has confirmed that some state-owned banks are conducting internal tests of a digital yuan in four cities, which include Suzhou, Xiong’an, Chengdu and Shenzhen. Moreover, the 2022 Winter Olympic venues in Beijing could also be utilised to test the digital currency.
• Over the past few days, screenshots of an alleged pilot version of a wallet app for the CBDC have been circulating on social media. The screenshots, which have now been verified by CoinDesk, depict the app interface and some of its features.

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Andreessen Horowitz is reportedly raising as much as $450m for new crypto fund

• Andreessen Horowitz (a16z) – an early investor in the likes of Facebook, Twitter and Coinbase – is reportedly planning to raise $450 million for a second cryptocurrency fund.
• According to a recent Financial Times report that cites two insiders familiar with the matter, the venture capital giant could finalise the new fund in about a week.

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G20 report puts the squeeze on stablecoins

• In response to the rising popularity of stablecoins, the G20’s Financial Stability Board (FSB) has issued a consultation report detailing ten high-level initiatives to regulate the tokens.
• According to a recent Financial Times report that cites two insiders familiar with the matter, the venture capital giant could finalise the new fund in about a week.

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Facebook-Backed Libra Cryptocurrency Project Is Scaled Back

• Pressure from global regulators has forced Facebook and its partners to redesign aspects of its forthcoming Libra project.
• This means that Libra becomes a watered down PayPal competitor rather than a CBDC in which Facebook plays the role of a central bank.

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Latest Coin News

BTC

• Price Analysis: Stable above $7,000 following the rally from levels under $6,500 last week
• $166B asset manager Renaissance eyes Bitcoin futures for flagship fund
• Crypto scams on the rise and can still affect Bitcoin’s price

ETH

• Price analysis: Embraces support at $180 in readiness for the lift-off to $200
• First loan ever issued with Ethereum domain name as collateral
• Binance unveils smart contract blockchain but claims it’s no Ethereum rival

XRP

• Price Analysis: Drab price action enters the second year but wins against Bitcoin as a better macro-asset
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• 54% of Crypto traders on leading global exchange own XRP, surpassing Bitcoin by wide margin
• Binance South Africa to add XRP as demand skyrockets

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