Bitcoin is crashing - 30% of its value has been lost this week
Bitcoin and Ethereum have both lost 30% of their value
Published: 12th May 2022 | Source: Coindesk - For Bitcoin Pricing |
Crypto's value is plummeting - Gamers rejoice
This week has not been a good week for Bitcoin owners, and the currency has lost 30% of its value over the past week, lowering from a value of almost $40,000 to today's value of $27,663. Ethereum, Dogecoin, and other popular cryptocurrencies have also lost much of their value this week with some coins losing over 50% of their value.
A single Bitcoin was worth over $65,000 in November 2021, and now the currency is worth less than half of that. This has driven the value of other cryptocurrencies down, and that has had a direct impact on cryptocurrency mining operations and the PC GPU market. Graphics cards from AMD and Nvidia are often used to power cryptocurrency mining operations, and the collapse in the value of currencies like Ethereum have hit miners hard.
Gamers Celebrate
Demand from cryptocurrency miners had caused GPU pricing to inflate massively over the past few year, but the declining value of cryptocurrencies and rising energy costs has caused this demand for graphics cards to evaporate. On top of that, many miners are now selling their vast collections of graphics cards on the used market, and that has caused the value of new and used graphics cards to decline massively over the past few months.
At this time, it is unknown how the value of cryptocurrencies will change over the next few months, but right now it looks like the cryptocurrency mining boom is over. That alone is forcing GPU pricing down, and significantly lowering the cost of gaming PCs.
Today, crypto analysts have mixed opinions. Some believe that Bitcoin's value will fall further over the coming weeks, and others believe that the value of Bitcoin will stabilise and rally a little in the short term. Either way, it looks like Bitcoin won't be worth $65,000 anytime soon, and that is great news for PC gamers and hardware enthusiasts.
You can join the discussion on Bitcoin's value crashing on the OC3D Forums.
Most Recent Comments
It also doesn't help when you have the likes of Elon Musk basically making it seem like Bitcoin is evil, because it uses a high amount of Elecricity to not only mine but complete transactions etc that is iirc it's hard to remember since he flip flops so much on Crypto.
It can keep dropping and when it drops enough I will buy some of it, because it will go back up in value it's just going to take a while I reckon.Quote
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So who's dumping thousands of bitcoins and why?Quote