Bitcoin just had its worst month in seven years, dropping nearly $2,400 in price.
According to Coindesk, the crypto started November at an average price across exchanges of $6,341. By December 1, it was trading at just $3,964.
The 37.4 percent loss is bitcoin’s worst month on record since August 2011. And as the world’s largest cryptocurrency, it’s no surprise that the other cryptos followed suit, with all but one posting substantial losses last month.
“The real question is: Has the crypto market indeed reached the bottom?” wrote analysts at U.K.-based research firm FX Pro Insights, according to MarketWatch.
“Many market participants have decided to take an optimistic approach, and BTC’s decline to $3500 was an important support point for the cryptocurrency. Within this context, it should be noted that speculators may soon begin to profit from this trend, which may trigger a new wave of sales,” the analysts added.
In other news, tech giant Intel has been awarded a patent that would allow the company to conduct “energy-efficient high performance bitcoin mining.”
“Dedicated bitcoin mining ASICs are used to implement multiple SHA-256 engines that may deliver a performance of thousands of hashes per second while consuming power of greater than 200 [watts]. Embodiments of the present disclosure employ micro-architectural optimizations including selective hardwiring certain parameters in bitcoin mining computation,” states the patent.
Function X aims to extend the uses for blockchain to include sending and publishing data in a decentralized way without intermediaries.
“We see an immense opportunity for private equity investments in cutting-edge technological developments, particularly in Asia and in industries such as FinTech and blockchain. What makes us unique is the power of two — the combination of deep tech and finance investment approach. QEX will be built on that intersection,” said Vic Tham, CEO of QEAM and chief investment officer of Pundi X, according to Deal Street Asia.