Bitcoin is crashing - 30% of its value has been lost this week

Bitcoin and Ethereum have both lost 30% of their value

Bitcoin is crashing - 30% of its value has been lost this week

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.  

Bitcoin is crashing - 30% of its value has been lost this week

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.

«Prev 1 Next»

Most Recent Comments

12-05-2022, 12:43:52

dazbobaby
In any other currency market, the only way to devalue a currency like this is to dump large quantities of said currency.


So who's dumping thousands of bitcoins and why?Quote

12-05-2022, 12:58:08

Anon
No it's not, there are plenty of reasons why value of a currency go down.Quote

12-05-2022, 15:58:29

Damien c
This is what happens when countries ban the use of it and obtaining it.

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

12-05-2022, 18:48:30

ImprovizoR
As far as I'm concerned, crypto currencies can go penetrate themselves with a male reproductive organ.Quote
Reply
x

Register for the OC3D Newsletter

Subscribing to the OC3D newsletter will keep you up-to-date on the latest technology reviews, competitions and goings-on at Overclock3D. We won't share your email address with ANYONE, and we will only email you with updates on site news, reviews, and competitions and you can unsubscribe easily at any time.

Simply enter your name and email address into the box below and be sure to click on the links in the confirmation emails that will arrive in your e-mail shortly after to complete the registration.

If you run into any problems, just drop us a message on the forums.