KW 8: Bitcoin price crashes, then stabilizes again, State Bank of India joins JPMorgan’s blockchain network, SEC halts trading of iced tea company that pivoted to blockchain

NEWS

Bitcoin price crashes, then stabilizes again: Bitcoin’s price plunged as much as 19% in a violent sell-off Monday, the biggest of the year in dollar terms with a loss of more than $10,000, before quickly recovering and settling around $54,000. Blockchain data showed billions of dollars of bitcoin being transferred onto exchanges on Sunday, as this year’s doubling in prices to levels above $58,000 apparently motivated some traders to take profits.
coindesk.com

State Bank of India joins JPMorgan’s blockchain network: The State Bank of India is looking to improve cross-border payments with a blockchain solution by US investment bank JPMorgan Chase. According to a report by „The Economic Times“, the bank has joined Liink, a new blockchain-based interbank data network developed by JPMorgan. By integrating the technology, the bank expects to reduce transaction costs and improve cross-border payments for its customers. Liink is a peer-to-peer network and ecosystem operating under the umbrella of JPMorgan’s blockchain- and digital-currency-focused business, dubbed Onyx. Piloted in 2017, the product was originally referred to as Interbank Information Network and rebranded as Liink in October 2020.
cointelegraph.com

SEC halts trading of iced tea company that pivoted to blockchain: In 2017, the Long Island Iced Tea Company rebranded itself as the Long Blockchain Corp. This happened at the peak of the last big blockchain boom – the name change led to an immediate tripling of the company’s stock. Beyond the name change, the Long Blockchain Corp’s blockchain strategy was vague. The company initially planned to buy bitcoin mining equipment, but those plans were scrapped within weeks. Now the Securities and Exchange Commission has revoked Long Blockchain’s stock registration, effectively banning the general public from trading its shares altogether. The SEC says that the company’s „blockchain business never became operational“ and that the company hasn’t reported on its financials since 2018.
arstechnica.com

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Analysis: The hype about Bitcoin and cryptocurrencies: Is it still worth getting started? t3n.de
Switzerland: Blockchain company enters into a joint venture with large Chinese corporation de.cointelegraph.com
ETF: First North American Bitcoin ETF posts strong start de.cointelegraph.com
Interview: Blockchain alone is not the answer energate-messenger.de
Bill Gates: Bitcoin is “only for billionaires like Elon Musk” btc-echo.de

NUMBER OF THE WEEK

Last month, Bitcoin miners earned more than $1 billion in combined earnings.
markets.businessinsider.com

BACKGROUND

How blockchain could help medium-sized companies: In the logistics sector in particular, many different players work together. They often have to exchange a large number of documents: transport notes, waybills or customs documents are sent back and forth in digital and sometimes in paper form. The blockchain can sensibly support companies in collecting and exchanging their confidential papers and information in a network. The prerequisite for this, however, is that the relevant information is all stored in the same system. They often reach the entrepreneurs in different ways: by phone, email or Whatsapp, sometimes by fax. Usually, this information is then entered manually into a system. A research team from Logistik-Initiative Hamburg (LIHH) has been researching since 2018 as part of the “Hansebloc” project how manual work can be reduced. The aim is to make logistics chains more transparent through blockchain and distributed ledger technologies (DLT) and to reduce the number of media breaks. After the project has been completed, there is now a proof of concept and a prototype, but not yet a product that is ready for the market. The long-term goal is to offer the product as a kind of open infrastructure for medium-sized companies at some point.
dvz.de

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How blockchain can be used in the public sector: In the public sector in particular, blockchain offers countless optimization options: processes could be digitized and simplified, data protected and costs reduced at the same time. In a blockchain-based government model, individuals, companies and governments would share resources via a secure distributed ledger. many interactions between citizens and authorities could then take place digitally and decentrally. Such an approach would also simplify the interaction between different authorities and reduce the workload for citizens, authorities and companies.
blockchain-insider.de

QUOTE

„Bitcoin is a new digital raw material. Its properties are similar to chemical elements that researchers have discovered over the past decades, for example Bohr or palladium. In the beginning, people didn’t even know what to do with it. Gradually they understood the raw material and saw its usefulness. Suddenly the raw material spread all over the world and became more and more popular. It will be the same with Bitcoin.“
Crypto professor Philipp Sandner has urged patience when dealing with cryptocurrency.
t-online.de

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BLOCKBUG

Commerzbank reveals educational gaps with its Bitcoin report: With its report „Precious metals vs cryptocurrencies“, the Commerzbank wanted to provide critical information about the assets. But instead of tangible criticism, the report is bursting with hackneyed clichés: Bitcoin serves money laundering, has no intrinsic value, and the crypto market shows parallels to the tulip mania. The institute, which recently hit the headlines due to billions in losses, is unlikely to attract anyone with this assessment.
btc-echo.de

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