Bitcoin news

Mining Company Ebang’s Stock Listed on Nasdaq Down 11%, Firm Plans to Launch Offshore Exchange | Mining Bitcoin News

Mining Company Ebang's Stock Listed on Nasdaq Down 11%, Firm Plans to Launch Offshore Exchange | Mining Bitcoin News

Mining Company Ebang's Stock Listed on Nasdaq Down 11%, Firm Plans to Launch Offshore Exchange

The bitcoin ASIC mining rig manufacturer, Ebang International Holdings, was recently listed on Nasdaq last Friday on June 26. Ebang is now the second mining rig manufacturer to have a U.S. initial public offering (IPO) by selling company shares. Since the initial sale on opening day, Ebang’s Nasdaq-listed “EBON” is down 11.5%.

So far, the Nasdaq shares dubbed “EBON” haven’t changed too much in price and since the IPO launch. This week Ebang also revealed it is launching an offshore crypto exchange later this year.

The firm Ebang International Holdings is an ASIC mining rig manufacturer that specializes in fabricating bitcoin miners. Last Friday, on June 26, the company joined its mining rig manufacturing competitor Canaan on the Nasdaq stock exchange.

The launch of NASDAQ: EBON on Friday, saw 19.3 million shares offered and the firm raised $101 million. On June 26, at 12 p.m. ET, EBON stocks on Nasdaq opened at $4.85 and by 4 p.m. ET, it was up to $5.

Mining Company Ebang's Stock Listed on Nasdaq Down 11%, Firm Plans to Launch Offshore Exchange

However, since then EBON is currently trading at $4.29 on July 2, 2020, suffering a loss of -11.5% since the opening price on Friday. At the time of publication, 24-hour stats show the price of EBON is up 0.33% on Thursday.

So far Ebang is doing much better than Canaan Creative’s initial IPO run, which saw the company raise less on opening day selling only $90 million. Canaan (NASDAQ: CAN) initially sold for $8.99 and today it is trading for $1.88. This means since Canaan launched on CAN on November 21, the Nasdaq listing lost -79% since opening day.

Of course, Ebang’s IPO is much newer and Canaan’s stock has been listed on Nasdaq for months. Despite the fact that both ASIC mining manufacturers are listed on Nasdaq, Ebang wholeheartedly thinks they are separate from the competition.

“According to public information disclosed by Canaan Inc., its key development direction is focusing on [artificial intelligence] AI,” an Ebang representative told the press this week. “Although we are peers in bitcoin mining machine industry, Ebang focuses on the blockchain industry chain, integrating the digital economy industrial ecosystem,” the representative added.

Additionally, Ebang says it plans to create more revenue by launching an offshore exchange. Ebang’s chief financial officer (CFO), Chen Lei, told Bloomberg that the exchange will likely double the company’s revenue. Chen said that the company, at the very least, expects to hit that target by 2022.

Moreover, the CFO explained that Ebang is going to draw in sales from other nation-states. The interview with Chen Lei highlights that 90% of Ebang sales stem from mainland China, while the rest are being sold in other countries.

What do you think about Ebang’s IPO launch last Friday and the exchange announcement? Let us know what you think in the comments section below.

Bitcoin mining, BTC, Can, Canaan, canaan creative, Cryptocurrency, Ebang, Ebang International Holdings, EBON, initial public offering, ipo, mining rigs, nasdaq, Offshore Exchange, shares, stocks

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Source: www.americancryptoassociation.com


Trump Predicts US Economy to Recover by 2021 — Fed Chair, Economists Disagree | Bitcoin News

Trump Predicts US Economy to Recover by 2021 — Fed Chair, Economists Disagree | Bitcoin News

Trump Predicts US Economy to Recover by 2021 — Fed Chair, Economists Disagree

President Donald Trump has predicted that the US economy will recover by 2021, citing new jobs data released by the Labor Department which contains a “misclassification error.” Officials say the numbers are artificially low, and Federal Reserve Chairman Jerome Powell and several economists have voiced their concerns.

The U.S. is facing a severe economic crisis with record-high unemployment, fueled by the coronavirus pandemic. However, the Department of Labor released its May jobs report Friday showing a drop in the jobless rate from 14.7% in April to 13.3%. After a record plunge of 20.687 million in April, the official data show that nonfarm payrolls increased by 2.509 million jobs. Economists had predicted about 20% unemployment for May.

President Donald Trump immediately celebrated the better-than-expected data. “We’re bringing our jobs back,” he said at a news conference at the White House. “I think we’re actually going to be back higher next year … The numbers are great. And this leads us into a long period of growth. We’ll go back to having the greatest economy anywhere in the world, nowhere close I think we’re going to have a great few upcoming months.” Trump asserted:

Next year is going to be one of the best years we’ve ever had economically.

President Trump has been counting on a strong U.S. economy to bolster his chances of re-election in November. He further said Friday’s positive jobs numbers made it “a great day” for George Floyd, a 46-year-old man who died on May 25 after a police officer pressed a knee into his neck while detaining him. “Hopefully, George is looking down right now and saying, ‘this is a great thing happening for our country’ … It’s a great day for him, a great day for everybody. This is great day for everybody. This is a great, great day in terms of equality. It’s really what our constitution requires and what our country is about.” His speech regarding Floyd has drawn much criticism.

Soon after Trump’s statements, a number of officials and commentators declared that the jobless figure touted by the president is artificially low, pointing out a misclassification error. According to the Bureau of Labor Statistics (BLS) itself, the rate does not include another 3 percentage points of workers classified as “temporary layoff,” who allegedly lost their jobs due to the coronavirus pandemic. In a note released with the May jobs data, the BLS admitted:

BLS and the Census Bureau are investigating why this misclassification error continues to occur and are taking additional steps to address the issue.

The huge discrepancy between Friday’s official jobs data and economists’ expectation prompted some to suspect that Trump might have manipulated the BLS data. The error did not just occur in May; the same misclassification happened in April as well, which would have added another 5 percentage point to the 14.7% unemployment rate, the agency further admitted. The bureau said the same methodology is used every month.

BLS’s own weekly survey shows about 50 million more unemployed people. Some 42 million people filed for jobless benefits since mid-March after mass closures and layoffs, and there are also 7.14 million jobless in March before the pandemic really hit.

Officially, the BLS claims that the number of unemployed fell by 2.09 million in May, leaving out 21 million unemployed according to the undercounted BLS figures. Economic Policy Institute Policy Director Heidi Shierholz tweeted:

If all the 32.5 million workers who are out of work as a result of the virus had shown up as unemployed, the unemployment rate would have been 19.7% in May instead of 13.3%.

Independent data from the private payroll company ADP shows that private payroll employment dropped in May by 2.76 million, while the BLS data shows private payroll employment rising by 3.1 million. The ADP published its monthly surveys on workforce participation two days before the BLS released its jobs numbers.

Contradicting Trump’s view, economists “pointed out that even the latest data shows 28 million people had their job cut or hours reduced during the pandemic. Plus, an alarming number — 2.3 million people — now say they have permanently lost their jobs,” the Washington Post reported, noting:

There’s a long way to go before the job market gets back to where it was before the pandemic.

St. Louis Federal Reserve economist Yi Wen wrote in a paper last month that “a combination of aggressive fiscal and monetary policies is necessary for the U.S. to achieve a V-shaped recovery in the level of real GDP.” He noted that “Aggressive policy means that the U.S. will need to consider negative interest rates and aggressive government spending, such as spending on infrastructure.”

Federal Reserve Chairman Jerome Powell has expressed strong doubts about using negative interest rates in the U.S. but he emphasized that more fiscal measures could be needed. In an interview with CBS in May, the Fed chair said the U.S. economy could “easily” contract by 20%-30% this quarter. He warned that “Unemployment could potentially peak at 25%” and “a second wave of the coronavirus” could deeply impact the economic recovery. “This economy will recover. It may take a while … It could stretch through the end of next year. We really don’t know.” He further said the economic downturn might last until late 2021, and a full rebound may not happen until a covid-19 vaccine is found.

Congress has already passed the $2.2 trillion Coronavirus Aid, Relief & Economic Security (CARES) Act and several other stimulus packages have been proposed, including Nancy Pelosi’s $3 trillion Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act. Last week, the Congressional Budget Office (CBO) projected that the U.S. economy will take 10 years to recover, costing about $8 trillion.

What do you think about Trump’s prediction and the misclassification error? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Source: www.americancryptoassociation.com


Trump Predicts US Economy to Recover by 2021 — Fed Chair, Economists Disagree | Bitcoin News

Apex Crypto News – ‘Boring’ Bitcoin Hits Multiple Record Highs in a Day

After weeks of uninspired price action, Bitcoin hit new heights today on a variety of metrics: new addresses, active addresses, hourly transaction count and hourly spent outputs.

Glassnode CTO Rafael Schultze-Kraft posted on twitter listing the achievements:

Quite the on-chain activity on #Bitcoin today –

Hourly New Addresses: 2-year high
Hourly Active Addresses: 1-year high
Hourly Transaction Count: 10-month high
Hourly Spent Outputs with Lifespan 24h: All-time high

🔥 pic.twitter.com/QrHExLQAgo

— Rafael Schultze-Kraft (@n3ocortex) July 2, 2020

Bitcoin hasn’t seen this number of new or active addresses since the bull run in 2017. From shortly after the drop in early 2018, the number of daily new addresses has been steadily on the rise from 195K to 450K today. Daily active addresses have grown almost three-fold from 423K to 1.08 million in the same period. 

The combination of increasing new addresses, combined with the surging active addresses and hourly transaction counts is welcome news, and comes only hours after crypto analyst Mati Greenspan from Quantum Economics tweeted:

“Man… even the difficulty adjustments are getting boring. Bitcoin volumes and social engagement have been falling for weeks.”

On July 1 the Bitcoin mining difficulty level remained essentially dead flat, with an adjustment down of just 0.0033%. Bitcoin daily volumes have fallen from $52 billion in mid May to $15 billion (at time of press).

What cryptocurrency will become the main one in a year?
BitcoinEthereum

Looking at social engagement over 2020 by crypto analysis platform Lunarcrush, the overall trend is slightly positive from the start of the year. This week saw a slight gain in Bitcoin posts across all social platforms, to 927,000 posts. Despite the fairly flat social engagement throughout, Bitcoin’s price saw big gains in January and April.

Bitcoin’s social engagement relationship with price

Bitcoin’s social engagement relationship with price. Source: Lunarcrush

Source: apexcryptonews.com


Fix Issued For ‘Serious’ Bitcoin Wallet Security Threat

Fix Issued For ‘Serious’ Bitcoin Wallet Security Threat

Bitcoin hacks and thefts have exploded since bitcoin’s epic 2017 bull run saw the price balloon to around $20,000.

The bitcoin price has fallen by more than half since its late-2017 all-time high but bitcoin users remain a popular target for hackers.

Now, researchers have warned “millions” of bitcoin users might have been exposed by a newly discovered vulnerability in a number of popular bitcoin wallets.

MORE FROM FORBES’Perfect Storm’ Can Push Bitcoin Market Over $1 Trillion, Research RevealsBy Billy Bambrough

Bitcoin and other cryptocurrencies have become a popular target for cyber thieves in recent years.

Bitcoin transactions across three major bitcoin wallets were vulnerable to what some might call a double-spending attack, researchers at Tel Aviv-based bitcoin and crypto company ZenGo have revealed, adding other wallets beyond the nine they tested could be compromised.

The bitcoin wallets known to be affected—Ledger Live, Edge and BRD—have been updated in an effort to prevent the attack after their developers were alerted by ZenGo.

The vulnerability, named BigSpender, allows the attacker to make the wallet holder believe a payment has been received while in fact it has been replaced by the sender. The exploit could prevent the wallet’s owner from accessing its funds, though not everyone agrees on the nature of the vulnerability.

“The core issue at the heart of the BigSpender vulnerability is that vulnerable wallets are not prepared for the option that a transaction might be canceled and implicitly assume it will get confirmed eventually,” ZenGo’s senior software engineer, Oded Leiba, wrote in a blog post revealing the weakness.

“This negligence has many faces. First and foremost, a user’s balance is increased on an incoming transaction while unconfirmed and is not decreased if the transaction is double-spent and thus effectively canceled.”

Ledger and BRD have questioned the language used by ZenGo researchers.

“There is no actual double spend being performed,” the Ledger security team said via email. “The user funds stay safe. Nevertheless, the display of received transactions could be misleading.”

The bitcoin wallets that were found to be susceptible to the attack are some of the most widely used—something ZenGo researchers said highlights the bug’s seriousness.

MORE FROM FORBESRecord Unemployment Has Contributed To A ‘Striking’ Shift Toward Bitcoin, New Research RevealsBy Billy Bambrough

While the bitcoin wallet developers dispute the exploit’s risk, Ohayon insists the threat could actually be worse than is known.

“It does not mean that there are no other issues or that other wallets are not exposed to the BigSpender attack,” Ohayon said, adding other wallets ZenGo researchers tested, including its own, were not vulnerable to the attack.

“Considering that this could result in the impossibility to spend your funds and the fact that this could be done at scale, this [exploit] can be considered serious.”

“Hacks are constant. Security is an on-going battle fought by the industry and one that cannot be won by a single player or a single product, let alone a version update. To allow mass adoption it is critical that wallets invest as much effort in research and security and they do in product development and services.”

Source: www.forbes.com

Author: Billy Bambrough


A ‘Significant Increase’: UK Regulator Says 2.6 Million Residents Have Bought Cryptocurrencies

A ‘Significant Increase’: UK Regulator Says 2.6 Million Residents Have Bought Cryptocurrencies

Bitcoin 101: How to Send and Receive Bitcoin Cash Via the Bitcoin.com Wallet

Crypto 101: How to Send and Receive Bitcoin Cash Via the Bitcoin.com Wallet

Analysts Say Bitcoin Breakout Imminent: Silver-like Suppression, $5 Trillion in Cash Could Flow Into BTC

Analysts Say Bitcoin Breakout Imminent: Silver-like Suppression, $5 Trillion in Cash Could Flow Into BTC

Bitcoin's Rise Driven by Institutional Trading, Says Research and Investor Sentiment

Bitcoin’s Rise Driven by Institutional Trading, Says Research and Investor Sentiment

Ernst & Young Launches Application to Help US Crypto Investors With Tax Filings

Ernst & Young Launches Application to Help US Crypto Investors With Tax Filings

Breaking Bitcoin: Crypto Proponents Discuss Honeywell's 6 Qubit Quantum Computer

Breaking Bitcoin: Crypto Proponents Discuss Honeywell’s 6 Qubit Quantum Computer

New Zealand Police Seize $91 Million From Russian Bitcoin Exchange Operator

New Zealand Police Seize $91 Million From Russian Bitcoin Exchange Operator

Hundreds of Sites Now Earn Crypto Trading Fees: Exchange WordPress Plugin Sees 300 Active Installs

Hundreds of Sites Now Earn Crypto Trading Fees: Exchange WordPress Plugin Sees 300 Active Installs

Only 3.5 Million Bitcoin Is Traded Worldwide; Majority of BTC Held Long-Term as Digital Gold, Says Chainalysis

Only 3.5 Million Bitcoin Is Traded Worldwide; Majority of BTC Held Long-Term as Digital Gold

Average Price of Bitcoin More Than Quadrupled Between Halvings

7-Eleven, CVS, Rite Aid: Libertyx Adds 20,000 Stores to Buy Bitcoin With Cash

7-Eleven, CVS, Rite Aid: Libertyx Adds 20,000 Stores to Buy Bitcoin With Cash

Jim Rogers Discusses Bitcoin as Money and Why Governments Will Stop Crypto

Jim Rogers Discusses Bitcoin as Money and Why Governments Will Stop Crypto

Ethereum Network Fees Jump Above Bitcoin Transaction Fees for Two Weeks Straight

Ethereum Network Fees Jump Above Bitcoin Transaction Fees for Two Weeks Straight

Simple Ledger Protocol Universe Is Thriving: Lottery, Mint, ATMs, Over 8,500 SLP Tokens Created

Simple Ledger Protocol Universe Is Thriving: Lottery, Mint, ATMs, Over 8,500 SLP Tokens Created

Bitcoin Mining Chip Manufacturer Ebang to List on Nasdaq This Week

Bitcoin Mining Chip Manufacturer Ebang to List on Nasdaq This Week

6 Privacy-Enhancing Tools That Place Bitcoin Cash Transactions Ahead of the Pack

6 Privacy-Enhancing Tools That Place Bitcoin Cash Transactions Ahead of the Pack

KPMG Introduces Cryptocurrency Management Suite

KPMG Introduces Cryptocurrency Management Platform

US Senators Introduce 'Lawful Access to Encrypted Data Act' — With Backdoor Mandate

US Senators Introduce ‘Lawful Access to Encrypted Data Act’ — With Backdoor Mandate

Self Proclaimed Satoshi Claims he's Autistic, Judge Tosses Out Sanctions Against Craig Wright

Self-Proclaimed Satoshi Claims He’s Autistic, Judge Tosses Out Sanctions Against Craig Wright

Australians Can Now Pay for Bitcoin at 3,500 Australia Post Offices

Australians Can Now Pay for Bitcoin at 3,500 Australia Post Offices

Online Data Analysis Points to Venezuela Accepting BTC for Passports

Online Data Analysis Points to Venezuela Accepting BTC for Passports

US Real Estate Market Crisis: 4.3 Million Mortgage Delinquencies, Commercial Properties Sink in Value

US Real Estate Market Crisis: 4.3 Million Mortgage Delinquencies, Commercial Properties Sink in Value

Popular Analyst Reveals New Bitcoin Pricing Model: Prediction Suggests 'Bullish Run a Month Away'

Popular Analyst Reveals New Bitcoin Pricing Model: Prediction Suggests ‘Bullish Run a Month Away’

Jim Rogers, Mark Cuban, Peter Schiff Will 'Go All-In' on Bitcoin, Says Max Keiser

Jim Rogers, Mark Cuban, Peter Schiff Will ‘Go All-In’ on Bitcoin, Says Max Keiser

Final Judgment: Telegram to Pay Crypto Investors Back $1.2 Billion, US Court Orders

Final Judgment: Telegram to Pay Crypto Investors Back $1.2 Billion, US Court Orders

'Casino Jack' Abramoff Charged in AML Bitcoin Cryptocurrency Fraud Case, Could Return to Prison

‘Casino Jack’ Abramoff Charged in AML Bitcoin Cryptocurrency Fraud Case, Could Return to Prison

Skeptics Concerned Plustoken Scammers Plan to Dump $187M Worth of Ethereum

Skeptics Concerned Plustoken Scammers Plan to Dump $187M Worth of Ethereum

Federated Sidechains: $8M in BTC Stuck in Limbo, Analyst Says Action 'Violates Liquid's Security Model'

Federated Sidechains: $8M in BTC Stuck in Limbo, Analyst Says Action ‘Violates Liquid’s Security Model’

Bolstering Separation of Money and State Following the 244th Independence Day

Lebanon's Financial Meltdown: Currency Plunges 80%, Huge Losses at Central Bank, IMF Bailout Stalled

Lebanon’s Financial Meltdown: Currency Plunges 80%, Huge Losses at Central Bank, IMF Bailout Stalled

Bitcoin.org Maintainer Calls for the Removal of Cobra, Website Owner Then Fires Him

Bitcoin.org Maintainer Calls for the Removal of Cobra, Website Owner Then Fires Him

'Sophisticated' Hacker Plunders $450,000 From Defi Protocol Balancer

‘Sophisticated’ Hacker Plunders $450,000 From Defi Protocol Balancer

Visualize Crypto Transaction Privacy Scores With Blockchair's 'Privacy-o-Meter'

Visualize Crypto Transaction Privacy Scores With Blockchair’s ‘Privacy-o-Meter’

Gifts and Remittances: Bitcoin.com's New Tools Allow People to Send BCH via Email

Gifts and Remittances: Bitcoin.com’s New Tools Allow People to Send BCH via Email

US Contract Miner Core Scientific Buys 17,600 Bitcoin Miners From Bitmain

US Contract Miner Core Scientific Buys 17,600 Bitcoin Miners From Bitmain

Comprehensive Analysis Predicts Bitcoin Price Near $20K This Year, $398K by 2030

Comprehensive Analysis Predicts Bitcoin Price Near $20K This Year, $398K by 2030

Indian Crypto Banks and Exchanges See Massive Growth Amid Rising Covid-19 Crisis: Survey

Indian Crypto Banks and Exchanges See Massive Growth Amid Rising Covid-19 Crisis: Survey

Record Breaking Unmoved Bitcoin Data Sparks Expectation of Imminent Bull Run

Record Breaking Unmoved Bitcoin Data Sparks Expectation of Imminent Bull Run

Bamboozled: Gavin Andresen Says He Could Have Been Fooled by Craig Wright, BSV Supporters Speak Out

Bitcoin's 5% Drop in Value Puts Pressure on BTC Mining Operations and Older ASIC Rigs

Bitcoin’s 5% Drop in Value Puts Pressure on BTC Mining Operations and Older ASIC Rigs

Bitcoin Miner Hut 8 to Add 275 PH/s of Mining Capacity With $8.3M Capital Raise

Bitcoin Miner Hut 8 to Add 275 PH/s of Mining Capacity With $8.3M Capital Raise

Source: bitcoinrecent.com

Author: by admin


Mining Company Ebang's Stock Listed on Nasdaq Down 11%, Firm Plans to Launch Offshore Exchange | Mining Bitcoin News


Previous
Bitcoin newsBitcoin News Roundup for June 30, 2020 |
Next
Bitcoin newsCrypto Bull Anthony Pompliano Just Convinced Comedian Bill Burr To Buy Bitcoin

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *