Bitcoin reaches another all-time high today. As Coinbase prepares its initial public offering. For those of you who aren’t in the know, Coinbase is a platform used to buy and sell cryptocurrencies. With the announcement of their public offering. Bitcoin rose to $63,191 betting its previous record of $60,743 back in March.
Coinbase will be listed as COIN on the Nasdaq exchange. As they try to pursue their goal of “building the crypto economy—a more fair, accessible, efficient, and transparent financial system enabled by crypto.” As stated in their public offering. Of course, time will tell if they will be able to pull this off. There was the sudden increase in price, so others are backing them too.
This isn’t the only good news for the crypto market. There is also an increase in Ethereum, which is likely related to bitcoins rise in price. The price has been holding steady at around $2,200 throughout the week despite a previous drop back in March.
Now the good news ends there because when crypto prices go up so does the demand to mine them. Meaning with this increase might be adding more fuel to the fire of the current chip shortage that has been plagued the computer industry since Q4 of 2020. Currently the supply of chips is 30% below demand. We should expect to see this throughout the rest of 2021. Especially if there is more and more demand on the Crypto side of things.Nvidia has already been pursuing the Crypto market so far this year. Adding to the line of mining GPU’s and there ofcourse the fiasco with the anti mining limiter on there 3000 series GPU.