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Bitcoin gains new heights in the cryptocurrency market
Bitcoin is a form digital currency and most widely used electronic currency. Bitcoin currency will now cost US $6125 for each after it surges to a new height after hitting past the $5000 and $6000 mark earlier this month thereby breaking new record. The total evaluation of bitcoin in the cryptocurrency market is value over $100bn, therefore taking more than half of the entire cryptocurrency market.
After warnings issued from the US Securities and Exchange and other government watchdogs more than $3bn has been put this year alone into initial coin offerings. Wall Street stalwarts like JPMorgan Chase, Co CEO Jamie Dimon and Warren Buffett are sceptics of the Cryptocurrency prices which was also fazed with a recent regulatory crackdown across the world.
According to coinmarketcap.com, bitcoin has surges past 8% in the past week and 4.8% gain within the same period . Bitcoin as been regarded has the second most valuable virtual coin. Even after cautious comments that came from a company that makes hardware for mining either, Advanced Micro Devices
According to AMD CEO Lisa Su last week during the company’s third quarter earnings said “In terms of the headwinds, we have the semi-custom seasonality and we’re also predicting that there will be some levelling-off of some of the cryptocurrency demand,”.
According to Morgan Stanley wrote a note clients “We think this creates a large hole for the company next year.”, he also cited the likelihood of a slowdown in graphics chip sales to cryptocurrency miners.