TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. $200 million Bitcoin Cash Ecosystem Fund takes business pitches. BTC to sub $7K levels, bringing the market down with it. German banks charge negative interest. Probability of a BCH bull run analyzed. Chainalysis lays off 20% of its workforce, and JPMorgan patents car dealership inventory blockchain-based platform.
Bitcoin Cash Ecosystem Fund Takes Pitches
The Bitcoin.com $200 million ecosystem fund launched this week by Roger Ver, and is now accepting business pitches. According to the official page of the fund, the project “brought together a group of institutional investors that align with Bitcoin.com’s vision and [satisfied] our stringent due diligence requirements.” It appears anyone with a good idea to fulfill the peer-to-peer Bitcoin Cash vision can submit a business pitch and apply to get funding.
BTC Falls Under $7K, Bring Markets Down
The BTC price fell to sub $7K levels again recently, with lots of liquidations and panic selling on several exchanges. While there is not a clear answer as to why is this happening, most people associate the recent reports of China wanting to stop cryptocurrency exchanges operating in their soil. However, this event seems to destroy the idea of BTC as a store of value and stable reserve currency.
German Banks Charging Negative Interest Rates
A new survey conducted by the German central bank, Deutsche Bundesbank, discovered 58% of the banks in Germany have started to return negative interest on the money of savers. While some banks do this at relatively high amounts of deposit, there are some like the Volksbank Fürstenfeldbruck that are collecting these taxes even for small time savers. This will could serve to introduce cryptocurrencies as a solution to banks collecting a fee to just hold people’s money.
BCH Bullrun Probability
An article by Coin Rivet analyzed the probability of a Bitcoin Cash bull run happening in the next year, and has found several points that could lead to it. They mention scaling and lower fees as a support point for a price hike, and also discuss the fact of innovation happening on the development side, along with the efforts made to increase adoption through onboarding stores and making it an effective payment tool. But the analysis was careful to state the poor performance of the currency in its history can still keep happening.
Chainalysis Sheds 20% Of Its Workforce
Chainalysis, the cryptocurrency auditing and analysis company, laid off 20% of its workforce with the purpose of becoming profitable again. The company laid off 39 workers from virtually every area while it prioritizes launching products into the market. Chainalysis was one of the brands that came out strong from previous bear markets, and even contributed to taking down a CP operation, leading to the rescue of 23 children and to several arrests. Chainalysis employee count sits now at 155.
JPMorgan Patents Automobile Dealership Blockchain System
JPMorgan, one of the biggest financial institutions in operation, filed a patent for a system to audit the automobiles in a dealership through a blockchain-based system. The system would highly simplify the process of auditing which cars have loans with which banks, avoiding an accidental process called “double flooring.” The platform will work by using an array of telematic sensors to verify car identity and automatically uploading this information to an associated blockchain, helping dealers to save money over time.
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