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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
- Chinese e-commerce platform Pinduoduo Inc (NASDAQ:PDD) quietly launched in the U.S., aiming to crack an Amazon.com Inc (NASDAQ: AMZN)-dominated market, Nikkei Asia reports.
- China's fast-fashion heavyweight Shein also made inroads in the market.
- Pinduoduo kept a very low profile launch of Temu, the first overseas expansion of the Tencent Holding Ltd (OTC:TCEHY)-backed platform, which went live for U.S. users on September 1.
- Also Read: US TikTok Frenzy Forces China's PinduoDuo's Hand In US Expansion Plans
- The Temu site sells a range of products from clothes to electronics at relatively low prices but lacks the vast selection of some of its competitors.
- Pinduoduo will reportedly conduct a trial from September 1 to September 15.
- For the first vendors on Temu, Pinduoduo prefers those who already have cross-border e-commerce experience on platforms like Amazon or Shein.
- Chelsey Tam, the senior equity analyst at Morningstar, said she believes Pinduoduo wants to bring the group-buying model for which it is known to markets outside China.
- But she warned that Pinduoduo might find the going harder in new markets.
- Alibaba Group Holding Limited (NYSE: BABA) has invested heavily in Southeast Asia in the past few years.
- Shein recently surpassed Amazon as the most downloaded shopping app in the U.S.
- Chinese companies, including Alibaba and Tencent, emphasized overseas focus to beat the domestic regulatory crackdown impact that shaved off over $1 trillion of market value from the companies.
- Price Action: PDD shares traded lower by 0.92% at $72.03 on the last check Friday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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