Bitcoin price as of 10:00 a.m. on March 6, 2025, Vietnam time, has increased to nearly 92,000 USD, 4.5% higher than the previous trading session. The altcoin series such as Ethereum (ETH), Solana (SOL) and Cardano (ADA) also increased by 4-12%, marking the busiest trading session of the week.
Previously, on March 5, 2025, the White House suddenly announced a postponement of the imposition of a 25% tax on imports from Canada and Mexico for one month, creating a positive effect on the financial market.
This decision helps investors temporarily put aside concerns about escalating trade tensions, thereby supporting risky assets, including cryptocurrency.
Immediately after the announcement, the US stock indexes S&P 500 and Nasdaq both increased, leading to a recovery in the cryptocurrency market. Bitcoin, which has been closely linked to US stocks recently, quickly responded to the news and increased strongly again.
In addition to the tax delay, the digital market also benefits from the weakening of the USD. Uncertain growth prospects due to concerns about the impact of tariffs on inflation and the US economy have caused the USD to depreciate.
The US Dollar Index (DXY), which measures the strength of the greenback against six major currencies (EUR, JPY, GBP, USD, SEK, CHF), fell 1.43%, to 104.31 - its lowest level in nearly two weeks.
The decline in the US dollar has prompted investors to seek other safe havens, including Bitcoin and gold. Data shows that Bitcoin trading volume in the past 24 hours has reached more than 50.98 billion USD, up 16.96%, reflecting a significant increase in investment sentiment.
According to analysts, the digital market could continue to benefit if the weakening of the US dollar continues. The US delay in taxing Canada and Mexico is only temporary, so investors still need to closely monitor the next developments from the White House.
In Vietnam, representatives of the State Bank have repeatedly sent out the message: Bitcoin and other similar virtual currencies are not legal currencies and payment methods.
However, in the recently issued Directive No. 05/CT-TTg, Prime Minister Pham Minh Chinh directed the Ministry of Finance and the State Bank to submit a proposal for a legal framework on digital currency in March.
