The value of Bitcoin today has risen past the RM130000 average, marking the first time the cryptocurrency’s value has been at this level in about a year. Just a few days ago, the digital coin hovered at an average value of RM125000 and before that, it was RM113000 just a couple of months ago.
The rise in value is clearly and most certainly a good thing, in that it proves that Bitcoin, as a cryptocurrency, is still alive and well. The cryptocoin kicked off 2023, entering with an average value of RM73300. That’s a value far less than the average RM205000 it was trading in just last year, when cryptomining still hadn’t gone bust and miners the world over were still buying up and hoarding graphics cards, designed primarily for gaming, and just before the shift of Ethereum’s Proof-of-Work into Proof-of-Stake format was completed. On that note, altcoins like Ethereum also benefited from the rise in value for Bitcoin, peaking at an average value of RM8450 but at the time of writing, was holding at slightly less than that at RM8230.
Bitcoin reached its second peak back in November 2021, when one unit of the cryptocurrency was worth RM290000 on average. As for the reason behind the latest rally, some believe it to be the onset of the collapse of several banks in the US, chief among which was the Silicon Valley Bank (SVB). There are many reasons behind the bank’s collapse, including a lack of diversification, the shift from short-term loans to long-term securities for more yield, bad business decisions, and the following mass withdrawals by its customers. After word got out that the bank was short on capital.
Another major question here is: will Bitcoin’s current average value hold and, hopefully for its investors and believers, continue rallying to an even higher value than before? It goes without saying that the last thing a cryptobro would want is to see their investment lose a quarter of its value overnight, again.
(Source: Techspot, TechCrunch, TechTarget)
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