Bitcoin Spikes As China Embraces Blockchain

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Bitcoin Spikes As China Embraces Blockchain
Sparking Jumper Cables

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DETROIT REVS ITS Blockchain ENGINES

At the Forbes 30 Under 30 Summit in Detroit last weekend, executives from FordBMWand the Mobility Open Blockchain Initiative (MOBI) took the stage to talk about Blockchain’s potential to transform the auto industry. While the technology is being explored by manufacturers around the world, perhaps no auto center has more to gain than Detroit, Michigan, whose auto industry was knocked to its knees in the early 2000s as production of U.S. vehicles gradually shifted abroad.

For example: a vehicle identity proof-of-concept that tracks the entire life of a car is being built by Detroit giants Ford and GM in a rare partnership with fellow international competitors BMWGroupe RenaultHonda and other members of MOBI.

CRYPTO MARKETS

Bitcoin saw a major jolt last week after Chinese president Xi Jinping expressed his support for Blockchain, saying the country needs to take advantage of the opportunities the technology provides. Bitcoin soared from $7,500 to $10,500 in just a few hours following Xi’s remarks.

Plus: Genesis Capital, a subsidiary of crypto investment firm Digital Currency Group(DCG), has reported a 38% increase in stablecoin loans in the third quarter of 2019. Strong demand to acquire stablecoins that are equivalent in value to the U.S. dollar indicates positive business sentiment in the crypto sector following a two-fold increase in the price of bitcoin year-to-date.

CRYPTO’S REGULATORY ‘RACE TO THE BOTTOM’

Last month, two major Blockchain platforms met U.S. regulators head on: Blockchain-builder Block.one paid a $24 million fine for an unregistered securities offering as part of an SEC settlement, and the CFTC’s new chairman, Heath Talbert, announced that Ethereum is a commodity.

As U.S. regulators come to terms with Cryptocurrency and Blockchain innovations, could they be gearing up for a so-called ‘race to the bottom’?

ENTERPRISE

Samsung Galaxy S10 users can now access Tron tokens and applications on their phones, Justin Sun revealed on Twitter this week. The move gives Tron access to a space that was previously reserved for bitcoin and Ethereum assets.

Tron’s integration with the Samsung Blockchain Keystore is the latest example of how cryptocurrencies are using enterprise partnerships to expand beyond early crypto adopters to capture more mainstream users.

Plus: What does the Ethereum 2.0 upgrade mean for enterprises?

ELSEWHERE

Escaping fate of demolition, a century-old powerhouse in U.S. will become crypto mining center [The Block]

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