Bitcoin price: Falling from peak price
As of 11:30, after Bitcoin - the world's largest cryptocurrency by market value reached a record high, it reversed and decreased slightly by 0.06%, down to 123,917.95 USD.
The new price contributed to bringing market capitalization to 2,469 billion USD. The intertwined increase and decrease occurred in the first days of October, which investors called "Uptober", showing the excitement in the market.
Assessment and forecast
Standard Chartered expert Geoffrey Kendrick predicts that Bitcoin will continue to increase during the US government's shutdown, possibly up to 135,000 USD, due to the correlation with US government risks.
As the leading digital currency Bitcoin rose to an all-time high yesterday, investors are increasingly confident in turning to alternative assets as a valuable safe haven in the context of the worrying US government shutdown.
Bitcoin prices have fluctuated strongly since its launch on the market due to the impact of many factors. Firstly, the cryptocurrency market is still relatively small and has less liquidity than traditional financial markets, which means that large transactions can have a significant impact on price fluctuations.
Second, the value of Bitcoin depends on public psychology and speculative activities, leading to short-term price changes.
Another important factor is the fixed supply of Bitcoin. With only 21 million bitcos cast, scarcity could lead to significant price fluctuations as market demand changes.
The cryptocurrency has risen for the eighth consecutive session since Friday (October 3) as it has been fueled by recent growth in the US stock market and inflows into Bitcoin exchange-traded funds.
The temporary US government shutdown has delayed the release of important economic reports such as non-farm payrolls, reducing market orientation. According to investors, the lack of information, along with political instability in Washington, is contributing to the USD gradually losing its upward momentum.
In addition, the burden of public debt and budget spending continue to raise concerns about fiscal sustainability, a factor that could prolong the weakening of the USD.
In Vietnam, Bitcoin and other cryptocurrencies are not recognized as legal payment methods and are not protected by law. Investors need to be cautious, avoiding risks from strong price fluctuations and fraud related to cryptocurrency.
