Market overview: April 6 — 10, 2020

Get all the latest news and updates on news digest. Here are the hottest cryptocurrency and blockchain stories of this week. Check them out.

Bitcoin Cash halving and its results

BCH, the world’s fifth-largest cryptocurrency by market capitalization, reduced its block rewards by half this week. It was its first halvening since a hard fork of Bitcoin back in 2017.

Halving event reduced the network’s mining reward from 12.5 bitcoin cash (BCH) per block to 6.25 rewarded to miners. This event made mining BCH far less profitable, causing many miners to give it up.

BTC price plunged below $7K

According to CoinMarketCap, Bitcoin price slid under $7K on April, 10. This cryptocurrency crash also formed the most volatility seen in recent days.

Tesla plans to implement blockchain to speed up Chinese import

Blockchain-based logistics provider CargoSmart announced that American electric car manufacturer, Tesla, collaborates with the Shanghai Port Group. They try to implement blockchain technology to ease the process of importing goods into China.

According to its press release, the pilot project provides a real-time exchange of shipment data with a terminal operator through blockchain. This new system will help to “accelerate its cargo pick up procedures on a trusted and secure platform”.

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