The value of Bitcoin has finally dipped below the RM280,000 mark. As of this publication, the cryptocurrency is now hovering between RM279,215 and RM278,265.
The fall in value is the lowest that Bitcoin has been in 15 months, with the digital coin peaking at RM523,536 less than a year ago in October. This drop has seemingly triggered a “crisis of faith” within the market, and unsurprisingly driving some folks in the cryptoscene to liquidate their assets.
“Crypto sentiment is currently in extreme fear as the market has been routed over the last week,” Andrew Tu, head of business development at crypto market maker Efficient Frontier, said. “If US$72,000 (~RM283,260) doesn’t hold for Bitcoin, it’s highly likely we will visit US$68,000 (~RM268,090) and potentially even decline back down to the lows of 2024 after the initial rally.”
Bitcoin first came on to the scene back in 2009, and only 21 million units of it will ever be made available. As of today, a 19.96 million units of the cryptocurrency currently exist. That is approximately 95% of the total, and the majority of that was mined in the early days, when cryptomining was still a viable option. Well, it still is, but it’s less so these days.
Of course, for the “Crypto Bros” out there, this represents an opportunity to apply the whole BTFD – you can Google that acronym yourself, we won’t spell it out here for you – along with the HODLgang philosophy.
(Source: Bloomberg via The Edge, Yahoo! Finance)
