China’s Bitcoin Mining Firm Canaan Manages to Raise Only $90 Million through IPO

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China’s Bitcoin Mining Firm Canaan Manages to Raise Only $90 Million through IPO
As per its previous plans, Canaan was looking to raise anywhere around $400 million but fell short by 75% of its target.
China’s Bitcoin Mining Firm Canaan Manages to Raise Only $90 Million through IPO

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Source: CoinSpeaker

Mercedes-Benz Unveils $67,900 Pricing for Forthcoming All-Electric SUV EQC 400 4MATIC

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Mercedes-Benz Unveils $67,900 Pricing for Forthcoming All-Electric SUV EQC 400 4MATIC
About a year after Mercedes announced its EQC all-electric vehicle, the company has now placed a price tag on the car.
Mercedes-Benz Unveils $67,900 Pricing for Forthcoming All-Electric SUV EQC 400 4MATIC

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Source: CoinSpeaker

Uncertainty around Brexit and U.S.-China Trade War Makes Bitcoin an Attractive Bet

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Uncertainty around Brexit and U.S.-China Trade War Makes Bitcoin an Attractive Bet
Bloomberg panelists agreed to one point that Bitcoin is the head-turner during the times of global uncertainty or events like recission.
Uncertainty around Brexit and U.S.-China Trade War Makes Bitcoin an Attractive Bet

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Source: CoinSpeaker

Amidst Strong Demand, e-Commerce Giant Alibaba (BABA) Will Close Its Books Early for Hong Kong Listing

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Amidst Strong Demand, e-Commerce Giant Alibaba (BABA) Will Close Its Books Early for Hong Kong Listing
Sources familiar with the matter said that Alibaba’s (BABA) Hong Kong listing has already attracted massive attention and plans to close its books for institutional investors half-day before the scheduled time.
Amidst Strong Demand, e-Commerce Giant Alibaba (BABA) Will Close Its Books Early for Hong Kong Listing

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Source: CoinSpeaker

China Moves from US Dollar to Other Assets Including Gold

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China Moves from US Dollar to Other Assets Including Gold
Beijing is gradually reducing its stocks of US Treasury bonds, in which it actively invested. China has reduced its assets by $88 billion over the past 14 months. Instead, Beijing continues to expand its purchases of gold.
China Moves from US Dollar to Other Assets Including Gold

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Source: CoinSpeaker

Ford’s Mustang Mach-E All-Electric SUV Revealed ahead of Tomorrow’s Premiere

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Ford’s Mustang Mach-E All-Electric SUV Revealed ahead of Tomorrow’s Premiere
The details about Ford’s Mustang Mach-E cars, including the price and functionality, have been revealed before the official presentation.
Ford’s Mustang Mach-E All-Electric SUV Revealed ahead of Tomorrow’s Premiere

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Dow Jones Industrial Average Climbs above $28000 in New Milestone but Bitcoin Disappoints

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Dow Jones Industrial Average Climbs above $28000 in New Milestone but Bitcoin Disappoints
Dow Jones, S&P 500 and Nasdaq Composite hit new milestones in the traditional market, while on the other hand, we have Bitcoin slipping below its crucial support levels.
Dow Jones Industrial Average Climbs above $28000 in New Milestone but Bitcoin Disappoints

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Bill Gates Overtakes Jeff Bezos to Become the World’s Richest Person as Amazon Stock Slides

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Bill Gates Overtakes Jeff Bezos to Become the World’s Richest Person as Amazon Stock Slides
Bill Gates overtakes Jeff Bezos to become the wealthiest person in the world with a net worth of about $110 billion.
Bill Gates Overtakes Jeff Bezos to Become the World’s Richest Person as Amazon Stock Slides

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Nike Leaves Amazon and Others May Follow It in This Decision

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Nike Leaves Amazon and Others May Follow It in This Decision
Nike explained its decision to terminate relations with Amazon by its desire to build more direct, personal relationships with customers.
Nike Leaves Amazon and Others May Follow It in This Decision

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Source: CoinSpeaker

CoinField’s CEO Explains the Timeline for Trading Stocks and ETFs on Sologenic Platform

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CoinField’s CEO Explains the Timeline for Trading Stocks and ETFs on Sologenic Platform
The Sologenic platform that was introduced by CoinField will merge traditional financial markets and crypto on the XRP Ledger.
CoinField’s CEO Explains the Timeline for Trading Stocks and ETFs on Sologenic Platform

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Gold Plunges After Dow Records New High; Why Bitcoin May Rise

Thursday wasn’t a great day for gold holders. During the day’s trading session, the precious metal cratered by its standards, falling by $23 — a 1.5% downward move — from $1,490 to $1,468 in a relatively spectacular fashion. This drop came a day after the asset shed $30, implying that a downtrend is forming for gold.

Bitcoin, on the other hand, was relatively stagnant, finding itself ranging at $9,200 for the umpteenth day in a row. And the U.S. stock market registered new highs, surging off news of an impending trade deal, relatively strong economic metrics, amongst other positive news.
Related Reading: Published Author and Altcoin Trader Highlights 5 Crypto Set to Outshine Bitcoin
Gold Plunges; Bitcoin to Follow?
If you’ve followed the crypto news cycle at all over the past few months, you know of the narrative that “Bitcoin is digital gold.” Earlier this year, it was all the rage, with charts displaying the eerily correlated performance of the two assets gaining traction on Twitter.
In fact, Quant Fiction, a markets researcher, found that Twitter users identifying as being a “portfolio, fund, asset, or wealth manager”, have published 100% more tweets mentioning both “Bitcoin” and “risk-off”/”safe haven” than at the start of the year.

Tweets mentioning Bitcoin with "safe haven"/"risk off" by users identifying as portfolio/fund/asset/wealth managers
Probably nothing pic.twitter.com/G2WGuJ697V
— Quant Fiction (@quantfiction) August 22, 2019

But, as aforementioned, Bitcoin has seemingly decoupled from gold, remaining effectively flat as the precious metal has seen its “worst week in two years,” according to this Bloomberg article.
So, the question remains: where does Bitcoin go from here, especially considering the backdrop of fresh all-time highs for U.S. equities and a tumbling gold? According to analysts, up and up.
Related Reading: Central Bank Survey: Canadian Crypto Awareness and Ownership Increasing
Need for Alternative Assets Growing
While those that put their belief in the “Bitcoin is a safe haven” narrative would have you believe the cryptocurrency will follow gold, a Bloomberg analyst recently wrote that the macroeconomic backdrop is proving a need for quasi-currencies, like BTC.  Per previous reports from NewsBTC, an excerpt from the latest update from Bloomberg’s “monthly crypto market columnist” reads:
” Bitcoin’s maturation towards a digital version of gold, plus increasing institutional interest and a favorable macroeconomic environment for independent quasi-currencies, should keep a bid below the market.”
Indeed, Ray Dalio, the co-founder of Bridgewater Associates, recently wrote that he thinks the world’s economy is rife with holes. These include but aren’t limited to extremely low, and even negative interest rates for the creditworthy, large government deficits that he believes are almost certain to “increase substantially,” the impending collapse of “sound finance” in “reserve currency countries and their currencies,” massive liabilities in pensions, and a growing wealth gap.
Bitcoin, according to a number of industry executives is a solution to this problem. The libertarian chief executive of ShapeShift, Erik Voorhees, wrote that Dalio’s comments only show the need for something like Bitcoin.

I don't even need to say Bitcoin here… but it's just so obviously the escape hatch for those paying attention. It is really tragic how many people willfully remain tied to fiat and government money systems
— Erik Voorhees (@ErikVoorhees) November 6, 2019

Risk-on Market Good For Bitcoin
Other analysts have taken the approach that the strong performance in the Dow Jones and the S&P 500 will be a boon for Bitcoin. Fundstrat’s Tom Lee, for instance, wrote on Twitter earlier this year that he expects for BTC to start performing well when the S&P 500 begins to surge.
Related Reading: Bitcoin is Transforming Geopolitics like Gunpowder Did, Says Crypto Commentator
Featured Image from Shutterstock. Charts from Tradingview.com
The post Gold Plunges After Dow Records New High; Why Bitcoin May Rise appeared first on NewsBTC.
Source: New feedNewsBTC.com

Crypto-Focused Silvergate Bank Goes Public on New York Stock Exchange

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Crypto-Focused Silvergate Bank Goes Public on New York Stock Exchange
Silvergate is planning to sell more than 3.3 million shares of its Class A common stock, at $12 per share.
Crypto-Focused Silvergate Bank Goes Public on New York Stock Exchange

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Source: CoinSpeaker

Xerox Puts Forward a Takeover Offer to HP Valued at $27 Billion

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Xerox Puts Forward a Takeover Offer to HP Valued at $27 Billion
With a massive funding commitment from a banking giant, Xerox is planning to take over HP which is three times its size.
Xerox Puts Forward a Takeover Offer to HP Valued at $27 Billion

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Horrible Bug in Robinhood App Enriches Traders with Excess Funds

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Horrible Bug in Robinhood App Enriches Traders with Excess Funds
The mobile application for trading shares called Robinhood has a dangerous exploit that allows traders to raise money out of thin air.
Horrible Bug in Robinhood App Enriches Traders with Excess Funds

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Source: CoinSpeaker