🗞 Daily Crypto News, November, 21st💰

in bitcoin •  19 days ago  (edited)

  • 1 Gigawatt Bitcoin Mine Under Construction in Texas Would Dwarf Bitmain’s ;
  • The Surprising Reason Why Blockstack Could Be America’s First Crypto IPO ;
  • PayPal CEO Hodls Bitcoin and Only Bitcoin ;
  • Doom or Double Bottom? — Bitcoin Price Support at $7.8K Is Key ;
  • Bitcoin Miner Canaan’s IPO Nets Just $90M After Losing Banking Partner ;
  • 🗞 Daily Crypto News, November, 21st 💰
  • STEEM Trading Update

Welcome to the Daily Crypto News: A complete Press Review, Coin Calendar and Trading Analysis. Enjoy!

🗞 1 Gigawatt Bitcoin Mine Under Construction in Texas Would Dwarf Bitmain’s

Bitmain, which recently broke ground on a massive bitcoin mine at a former Alcoa plant in Texas, will have competition for that “world’s largest” mantle.

A project broke ground this month that would start at 300 megawatts and expand to 1 gigawatt by the end of next year, dwarfing Bitmain’s mine that contemplates expanding from 25 MW to 50 MW to only 300 megawatts in its largest phase.

Data center developer Whinstone US, which owns a bitcoin mine in Louisiana and has been building in the Netherlands and Sweden, assembled the Rockdale project in partnership with GMO Internet, Japan’s version of GoDaddy.

A week after the ground-breaking on Nov. 7, Whinstone US agreed to be acquired by Germany’s Northern Bitcoin, which runs a bitcoin mine in Norway on renewable resources.

In the all stock deal, Northern Bitcoin will issue 3,720,750 new shares to Whinstone US shareholders, according to Northern Bitcoin’s head of communications.

🗞 The Surprising Reason Why Blockstack Could Be America’s First Crypto IPO

Blockchain startup Blockstack is currently evaluating how to issue new tokens for general miners.

“The issuance of new tokens is the main issue here,” Blockstack CEO Muneeb Ali told CoinDesk. “Because within the U.S. we’re treating STX [tokens] as securities, if new tokens are being minted by the protocol and they’re being released in the ecosystem, we need a legal framework for them.”

That framework could include an initial public offering (IPO), he said.

In September, Blockstack became the first blockchain startup in the U.S. to raise money through a token offering approved by the Securities and Exchange Commission (SEC). Planning to activate the process of “mining” on the Blockstack blockchain early next year, Ali explained there are a few different ways new tokens could be issued to miners in a similarly legally-compliant and regulated way.

🗞 PayPal CEO Hodls Bitcoin and Only Bitcoin

Dan Schulman, CEO of payment processor PayPal, revealed during an interview that he does indeed own Bitcoin (BTC).

On Nov. 20, Fortune reported that PayPal CEO Dan Schulman stopped by its offices where he discussed a variety of topics, including the reason for PayPal’s withdrawal from the Libra Association and whether he is the proud owner of any cryptocurrencies.

PayPal was the first to leave Libra

Schulman explained that PayPal withdrew from Libra because the company decided to put its attention elsewhere. According to the CEO it was a question of “where do we want to put our attention, and what do we want to do today to advance our mission?” He added:

“You know, we think if we focus on our own roadmap, we’d be able to advance financial inclusion faster than if we put all these resources against Libra.”

🗞 Doom or Double Bottom? — Bitcoin Price Support at $7.8K Is Key

itcoin’s (BTC) price action continues to be less than impressive unless one is a bear capitalizing on the current shorting opportunities.

Bulls pinned their hopes on BTC price breaking out of the falling wedge in a strong upside move since the consensus was that this particular pattern tends to produce bullish outcomes more often than not. This was not the case and Bitcoin price toppled below the descending trendline to $7,981.

Since reaching a dominance rate of 69.35% on Oct. 27, Bitcoin’s dominance rate has dropped to 65.9% and a growing number of traders appear to be shifting their attention to altcoins as many are pressing against their long-term descending trendlines and 200-day moving averages.

🗞 Bitcoin Miner Canaan’s IPO Nets Just $90M After Losing Banking Partner

Bitcoin (BTC) mining giant Canaan Creative has raised $90 million in its initial public offering (IPO) — over 75% less than expected.

According to Bloomberg, which quoted filings from United States regulator the Securities and Exchange Commission (SEC) on Nov. 20, Canaan sold 10,000,000 shares for $9 each.

From $400M to $90M

Previously, the company looked to raise considerably more. Having failed to secure an IPO in Hong Kong last year, Canaan looked to the U.S., with a funding figure of $400 million circulating prior to the event.

A setback came when Canaan lost its biggest bank, Credit Suisse, just last week. As a result, the size of the IPO was dramatically reduced: documents submitted at the time contained a projected $100 million goal and did not mention Credit Suisse.

🗞 Daily Crypto News, November, 21st 💰

  • SINOVATE (SIN)

"Mobile wallet Beta Version will be released on 21 November 2019!"

  • Cardano (ADA), carVertical (CV), General Event (CRYPTO)

"This meetup is all about how to decentralize a blockchain, the problems and differences between Proof-of-Work and Proof-of-Stake..."

  • Stellar (XLM)

"Stellar Blockchain Meetup ft. FIC Network and Sam Conner's Meridian Recap" in NYC from 6 - 8 PM.

  • NEO (NEO)

"We are inviting Veronica Wong, CEO of @iSafePal to our #NeoLive this week. Join us 8pm (UTC+8)..."

  • Ethereum Classic (ETC)

"This development call will focus on the various ECIP proposals to change the mining algorithm (SHA3, ProgPoW), change mining limits..."

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STEEM Trading Update by my friend @cryptopassion

Here is the chart of my last analysis :

Here is the current chart :

We have a very similar scenario on the STEEM than on the BTC. We broke an important support line, 0.138$ on the STEEM and we are just pausing just under that line. Most of the time with this kind of pattern, the market is continuing the previous move so here the continuation would be a drop. However, this is just propabilities and it is always more safe to wait the start of the move to trade this pattern, even if you will lost the start of the move.

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