The crypto currency depressed low on Tuesday. Bitcoin is close to $ 8,000, not far from last week's low of $ 7,972.40.
Bitcoin was trading at $ 8.201.10, falling 3.45% at 19:20 GMT on the Bitfinex exchange.
Despite the decline in the value of digital assets, the second largest Bitcoin mining company has announced plans to raise $ 2 billion in an initial public offering (ICO) in July. This will be the biggest bitcoin IPO to date.
Canaan Inc., a cryptocurrency mining rig company, plans to raise money not as a bitcoin company, but as a chip designer with a focus on blockchain and artificial intelligence, Reuters reported on Tuesday. The Beijing-based company was given regulatory approval last month, although cryptocurrency mining in China was firmly dealt with.
As prices and interest in the virtual currency increase, demand for digital token mining equipment also rises but with Bitcoin prices down 40% this year, as well as mining interest has come down.
However, Canaan revenues grew 3% year-on-year, grossing 1.3 billion yuan (about $ 204 million) in profit by 2017.
The price of other digital coins fell on Tuesday. Ethereum, the world's second largest cryptocurrency by market capitalization, eroded 3.98% to $ 682.90 on the Bitfinex exchange. Ripple, the third largest virtual currency, shed 3.98% to $ 0.66055 while Litecoin was at $ 132.21, falling 2.98%.
In other news, eToro's global investment company is expanding its cryptocurrency offerings and plans to launch digital exchanges and purses, including into the US market. The social investment site already offers 10 virtual currencies and plans to add more.
In the meantime, crypto currency becomes a political thing in the US, which can affect the future of digital currencies. In California, a Republican congressman, Brian Forde, has raised nearly $ 100,000 in virtual currency donations. As the former head of MIT of the Digitual Currency Initiative, he is considered a supporter of the digital currency and plans to use blockchain technology to record constituent policy preferences. In another state, bitcoin supporter Manny Alicandro announced in early May that he was running a campaign to get GOP tickets to become New York Attorney General..
