Intel has announced a new Blockscale ASIC chip.
Canadian Bitcoin ETFs increased their holdings.
These developments could lead to an increase in the overall value of BTC.
Bitcoin (BTC) is the largest cryptocurrency token in terms of market appeal, market capitalization, and overall adoption.
Many companies are starting to use it as a payment option, and even chipmakers are starting to create ASICs specifically developed for the token.
This has increased interest in the global token and could lead to an increase in its value.
Intel’s New Blockscale ASIC as Growth Catalyst
Intel has announced its new Blockscale ASIC, which is a new bitcoin mining chip that will be available by the third quarter of 2022.
A huge company such as Intel entering the Bitcoin (BTC) mining space could mean a massive influx of new miners that will ultimately increase interest in the blockchain network.
The Blockscale ASIC is a chip, not a mining machine. The company will use it to develop its own miners, where they will specifically focus on being the chipmaker.
In fact, according to the official press release published On April 4, 2022, Intel said deliveries of the Intel Blockscale ASIC to customers will begin in Q3 2022, where Argo Blockchain, Block Inc., Hive Blockchain Technologies, and GRIID Infrastructure are among the first companies to develop new systems through Intel’s ASIC.
Additionally, holdings of Canadian Bitcoin exchange-traded funds (ETFs) have reached all-time highs.
More precisely, according to data from Glassnode these Canadian Bitcoin ETFs increased their holdings by 6,594 Bitcoin (BTC) since the beginning of January and reached an all-time high of 69,052 BTC in total held.
Both of these factors can contribute to the overall growth in value of the Bitcoin cryptocurrency token.
Should you buy Bitcoin (BTC)?
On April 5, 2022, Bitcoin (BTC) had a value of $46,584.98.
In order for us to really see what this value point means for the future of the Bitcoin (BTC) cryptocurrency token, we will review its ATH value point alongside the token’s performance throughout the previous month.
When we look at the all-time high of the Bitcoin (BTC) cryptocurrency token, we can see that its value was reached on November 10, 2021, when it reached a value of $69,044.77.
Here we can see that at its ATH, the token was $22,459.79 or 48% higher in value.
However, when we top the value of the token throughout the previous month, Bitcoin (BTC) bottomed out on March 7, 2022, when the token fell to a value of $37,351.3.
The token’s highest value point was on March 28, 2022, when the token rose to a value of $47,938.14.
This indicates that the value of the token has increased by $10,586.84 or 28%.
With that in mind, we can expect the value of the Bitcoin (BTC) cryptocurrency token to reach a value of $50,000 by the end of April 2022, making it a solid token to buy.