Cryptocurrency continues to fall due to reports of regulations and taxes, as analysed by experts, slashing down the value of the crypto market by another 20 billion dollars overnight. Within 24 hours the value of a bitcoin dropped by 12.6 percent from $7,900 to $6,600. Since January 2018 Crypto market has shed a massive fortune of 550 billion dollars. Recent cryptocurrency heists forced some countries including Japan to take strict measures against currency exchanges causing some of them to shut down due to their low security standards and mishandling. CNN Money believes that the crackdown in Japan is a major reason for the current decline of cryptocurrencies.
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While most of the investors and analysts are fixated on the decline of the Bitcoin, there are others who have a different opinion about the whole scenario. Nvidia CEO Jensen Huang has assured that “Cryptocurrency will be here. The ability for the world to have a very low-friction, low-cost way of exchanging value is going to be here for a long time,” according to a CNBC news article. Nvidia saw a sharp rise in their high-end chip sales with the arrival of cryptocurency until they were challenged by the Chinese manufacturer Bitmain.
Nvidia is one of the biggest manufacturers of GPUs in the world and compared to their involvement in gaming, crypto mining chips are just a very small part of their income. “Gaming is a much bigger business, data center is a much bigger business, our professional graphics is a much bigger business,” Huang mentioned. Recently Nvidia revealed that they are building a supercomputer to help with the complex area of medical imaging. It is clear that they are exploring new markets where highly sophisticated processors are in demand, and they surely have plans for crypto mining processors too.
With social media bans and tighter regulations 2018 has been a bad year for cryptocurrency so far but the world is not ready to end it. Volatility may cast some doubt but cryptocurrency is known to have raised its head every time the experts declared it dead.