Saturday, May 21, 2022
  • Hype
  • Murai
  • Lipstiq
  • Diva
  • Varnam
  • Moviedash
  • Autofreaks
Lowyat.NET
  • News
    • Lifestyle
    • Computing
    • Hardware
    • Internet
    • Rumours & Leaks
    • Software
  • Forums
    • Kopitiam
    • Tradezone
    • Property Talk
    • Finance & Business
    • Fast and Furious
  • Gaming
    • PC Gaming
    • Console
    • Esports
  • Mobile
    • Apps
    • OS
    • Tablets
    • Phones
    • Telco
      • Celcom
      • DiGi
      • Maxis
      • Tune Talk
      • U Mobile
      • Buzzme
  • Pricelists
    • Hardware
      • Compu-zone
      • Viewnet
      • Thundermatch
      • Sri Computers
    • Notebooks
      • Compu-zone
    • Smartphones
      • Thundermatch
  • More
    • Automotive Tech
    • Drone
    • Enterprise
    • Entertainment
    • Fashion
    • E-Hailing
    • Wearables
No Result
View All Result
Lowyat.NET
  • News
    • Lifestyle
    • Computing
    • Hardware
    • Internet
    • Rumours & Leaks
    • Software
  • Forums
    • Kopitiam
    • Tradezone
    • Property Talk
    • Finance & Business
    • Fast and Furious
  • Gaming
    • PC Gaming
    • Console
    • Esports
  • Mobile
    • Apps
    • OS
    • Tablets
    • Phones
    • Telco
      • Celcom
      • DiGi
      • Maxis
      • Tune Talk
      • U Mobile
      • Buzzme
  • Pricelists
    • Hardware
      • Compu-zone
      • Viewnet
      • Thundermatch
      • Sri Computers
    • Notebooks
      • Compu-zone
    • Smartphones
      • Thundermatch
  • More
    • Automotive Tech
    • Drone
    • Enterprise
    • Entertainment
    • Fashion
    • E-Hailing
    • Wearables
No Result
View All Result
Lowyat.NET
No Result
View All Result
Home Cryptocurrency

Bitcoin Loses More Than RM40000 In Value In Less Than A Month

The cryptocurrency's value dropped below the RM130000 mark earlier this week, the lowest in 16 months.

by John Law
May 13, 2022
Bitcoin crypto mining

[Photo: Jernej Furman/Flickr]

93
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

Bitcoin’s value dropped to its lowest point this month, with more than RM40000 of its value being wiped out in this month alone. At the time of writing, the value of the cryptocurrency hovers at the RM130000 average, the lowest the coin’s value has ever been in 16 months.

As to why and how Bitcoin has lost nearly half its value in that time, many experts have pointed fingers towards the dramatic crash in value of Terra (Luna), a stablecoin that was once lauded as one of the 10 most valuable cryptocurrencies in the world. Luna’s value tanked by 98% overnight, making the coin worth less than US$1 (~RM4.40) – a large contrast over its peak value of US$120 (~RM527) back a month ago. That, in turn, caused a domino effect, affecting another stablecoin, Tether, causing its value to decline to more or less the same average value of less than a single US dollar.

Even Ethereum, the second most valuable cryptocurrency and most commonly mined coin today, saw its average value dip below the RM10000 mark, down from its previous average value of RM13000. Needless to say, the steep decline in value has seen several individuals with a stake in Bitcoin become frantic, with some going into an obvious panic mode and dumping whatever they have preemptively, in anticipation of the cryptocurrency’s value degrading even further.

#Bitcoin City is coming along beautifully ❤️ pic.twitter.com/A6ay8aAREW

ADVERTISEMENT

— Nayib Bukele (@nayibbukele) May 9, 2022

On another note, one country that is sure to feel the brunt of the Bitcoin value dropping is El Salvador. Some of you may remember back in 2021 when the country’s president, Nayib Bukele, approved and officially made Bitcoin the legal tender of the small Central American nation. Many were skeptical about the adoption and even the IMF had advised the country against doing so, but Bukele’s devotion to the digital coin was still strong. How strong, you ask? Strong enough that he planned on building a city devoted entirely to it. Given the current drop in its value, however, Bukele’s plan may have to take a back seat, as he clearly needs to get his country’s financial affairs in order, less it defaults on its national debt.

(Source: Independent [1] [2], CNBC, PCGamer)

Tags: Bitcoinbitcoin valuelunaterra
Updated 3:18 pm, Fri, 13 May 22
Back to top
Share37Tweet23SendShare

ADVERTISEMENT

RELATED ARTICLES

Qualcomm Officially Announces Snapdragon 8 Plus Gen1 And 7 Gen1 Chipsets
Hardware

Qualcomm Officially Announces Snapdragon 8 Plus Gen1 And 7 Gen1 Chipsets

by John Law
May 21, 2022

Qualcomm officially launched the follow-up to its current Snapdragon 8 Gen1 flagship: the Snapdragon 8+ Gen1 SoC. In addition to...

Read more
hishammuddin hussein defence minister jpn data leak
Data Breaches

Defence Minister Not Worried About Personal Data Leak

by Ikmal Rozlan
May 20, 2022

Just recently, a database showed up on a popular database marketplace that contained the personal information of about 22.5 million...

Read more
Twitter To Hide False And Misleading Tweets During Crises
Social Media

Twitter To Hide False And Misleading Tweets During Crises

by John Law
May 20, 2022

Twitter is introducing a crisis misinformation policy, in an effort to prevent the further spread of false information during times...

Read more
A New Daredevil Series In The Works For Disney Plus
Entertainment

A New Daredevil Series In The Works For Disney Plus

by John Law
May 20, 2022

It looks like Marvel's Daredevil series is making a return to the stream, although it is clear that the show...

Read more
Load More
No Result
View All Result

TRENDING TODAY

  1. 1
    Transportation

    Rapid KL Bus Skip Stop Xpress To Go Straight To Ampang Park, KLCC

  2. 2
    Telco

    Big Four Telcos Reportedly Want Majority Stake Of DNB

  3. 3
    Cryptocurrency

    Bitcoin Loses More Than RM40000 In Value In Less Than A Month

  4. 4
    Events

    Anyone Can Be A Filmmaker By Joining Samsung’s Short Film Competition!

  5. 5
    News

    Amazon Web Services To Develop Data Centres In Malaysia

Lowyat.NET

Consumer Tech News & Reviews Malaysia

NETWORK

  • Hype
  • Murai
  • Lipstiq
  • Diva
  • Varnam
  • Moviedash
  • Autofreaks

ABOUT

  • Advertise
  • Careers
  • Privacy Statement
  • Contact Us
  • Editorial Policy
  • Terms & Conditions

©2022 LOWYAT MEDIA, LLC. ALL RIGHTS RESERVED.

No Result
View All Result
  • News
    • Lifestyle
    • Computing
    • Hardware
    • Internet
    • Rumours & Leaks
    • Software
  • Forums
    • Kopitiam
    • Tradezone
    • Property Talk
    • Finance & Business
    • Fast and Furious
  • Gaming
    • PC Gaming
    • Console
    • Esports
  • Mobile
    • Apps
    • OS
    • Tablets
    • Phones
    • Telco
      • Celcom
      • DiGi
      • Maxis
      • Tune Talk
      • U Mobile
      • Buzzme
  • Pricelists
    • Hardware
      • Compu-zone
      • Viewnet
      • Thundermatch
      • Sri Computers
    • Notebooks
      • Compu-zone
    • Smartphones
      • Thundermatch
  • More
    • Automotive Tech
    • Drone
    • Enterprise
    • Entertainment
    • Fashion
    • E-Hailing
    • Wearables

©2022 LOWYAT MEDIA, LLC. ALL RIGHTS RESERVED.

We use cookies to improve your experience. Learn More.