If there’s one word that describes bitcoin and cryptocurrency, it’s volatile. Crypto prices soar and then seem to crash almost as quickly, while rumours, sentiment and fundamental developments are quickly factored into the market. Even seemingly reliable stablecoin TerraUSD has plunged as concerns quickly developed about its solvency, and the Treasury Department is citing the risks that cryptocurrencies could cause to the broader economy, calling for heavier regulation of them.
For example, bitcoin was skyrocketing in November 2021, hitting an all-time high of nearly US$69,000 (RM303,358). But less than three months later the cryptocurrency had lost nearly half its value, plummeting to around US$35,000 (RM153,877). Lately, it's been trading under US$30,000 (RM131,895).
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