Reports this week revealed that Coinbase, the most well-known cryptocurrency trading platform in the U.S., saw its trading volume plunge by 83% to $3.9 billion from their all-time high of nearly $21 billion in January. The research came after Bernstein said in a report titled "Crypto Trading – the Next Big Thing is Here" over the weekend that Coinbase may end up with an "unassailable competitive position" as traditional financial firms are unlikely to push into crypto spot trading in the near future as they are concerned over regulations and money laundering. In other news, State-backed Bank of China (BOC) has signed a deal with China UnionPay to jointly develop a blockchain-enabled payment system The system is expected to provide more opportunities for cooperation between enterprises, particularly in cross-border digital payments, the BOC said.