CryptoWatch: Intel Discontinues Mining Chip, Bitcoin's Rise, and FTX's Reboot

Cryptocurrency is celebrating some wins in the past week and is also seeing some who have fallen, with CryptoWatch giving you a round-up of the top stories which made waves previously.

In the spirit of good news, Bitcoin saw its valuations rise in the market and is seeing a steady climb back to its $30,000 price. This comes alongside the planned FTX reboot where its investors decided to get back on track in its revival of the platform, now seeing new funding that will help the company with its plans.

Sadly, the promising chips from Intel known as the Blockscale 1000-series see discontinuation.

Intel Discontinues Blockscale Mining Chip Development

Intel introduced the promising Blockscale 1000-series chips that were made to help mine in the blockchain industry, an answer to the significant shortage felt by the industry. However, after a year since Intel introduced it in 2022, the company announced last week that it will no longer develop the hardware's further releases.

The company confirmed this via an interview with Tom's Hardware but did not discuss whether it was a failed project for them or if they are losing more than what they have invested in it.

One of the good things that came out of this is that the company is not stopping its support for already purchased devices, meaning that it will not exactly be obsolete and have no purpose for any further uses of the chip.

Bitcoin Rises from the Ashes, But Is it Stable?

Bitcoin is back and better than its past performances, particularly as it doubled its valuation now that it is in the $30,000 mark, compared to its lowest point in November 2022 which saw it drop to as low as $15,000.

It was previously burned and people thought that this would be the end of the blockchain's life, with many investors pulling out from their losses and centering their investments on other coins.

However, some persevered and believed in Bitcoin, helping rally the coin back to its former glory, and now seeing its return as dominating crypto in the market.

The only thing is that it is not stable, and no one may exactly tell how it will turn out in the future, especially with its volatile nature, seeing an up-and-down trend now and the coin reverting to $27,000 as of this writing.

FTX Reboot May Happen Soon

FTX has been evaluating last week, after its initial celebration of regaining its lost funds with as much as $7.3 billion coming back to the company, enough to help it restart. A venture capital by the name of Tribe Capital is now leading the charge to invest in the previously bankrupted company, one that would lead to a possible FTX reboot soon.

As per CoinDesk's report, it is not exactly a done deal now, but the venture capital company is now leading a fundraising project that would help rack up its end of the bone that it would throw to FTX. This new lifeline for FTX may help in its plans to relaunch the crypto exchange platform, this time moving forward with new executives and leaders.