The bears remained well in control of Bitcoin’s value as it continued to seek support around the $9.300 level, falling to a new 2-month low. At the same time, South Korean conglomerate Samsung announced it would be producing
From a technical perspective, the drop from the weekend high of $11,942.25 indicates that the bears dictate the price of the best-known cryptocurrency still. At the time of writing, Bitcoin was trading at the $9.400 level, having dropped to $9.300 a bit earlier.
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Seeing the popularity amongst its millennial population for all things crypto, South Korean powerhouse Samsung announced yesterday in its latest earnings report that is would be developing a set of crypto mining chips
More specifically, the press release stated that: "Samsung's foundry business is currently engaged in the manufacturing of crypto-currency mining chips."
"However, we are unable to disclose further details regarding our customers."
Furthermore, Samsung is also rumored to have signed a deal with a Russian Bitcoin mining company to produce 14nm chips set to enter production in January 2018.
Commenting on the Samsung announcement, Mr. Garrick Hileman, a crypto-currency researcher from the University of Cambridge stated that: "We don't know how low Samsung can sell its chip for and still be profitable."
"But if Bitcoin's price were to collapse and enter a bear market like in 2014 to 2015, one would wonder if Samsung would stay with this line of business through such a turn."