Bitcoin price: Unexpected developments
Early this morning (October 11), Bitcoin - the world's largest cryptocurrency according to market value "turned around" down 2.27%, down to 117,790.34 USD.
Bitcoin has fallen below $120,000 with a decline of 1.11% in the past 24 hours. This new price contributes to bringing market capitalization to 2,347 billion USD, down to 106 billion USD.
Assessment and forecast
cryptocurrency prices and the stock market fell sharply early yesterday (October 10) after President Donald Trump threatened to sharply increase tariffs on Chinese goods.
Bitcoin fell below $119,000 for the first time since October 2, recently trading at $117,790, down 1.11% on the day. Other leading digital currencies such as Ethereum and Solana fell more strongly, down nearly 5% over the past hour, at $4,107 and $111 respectively.
However, liquidity in the cryptocurrency market skyrocketed as prices fell, with CoinGlass reporting about $459 million in liquidation value over the past hour, mostly long-term buying positions. In the past 24 hours, nearly 773 million USD worth of positions have been liquidated.
This is not the first time Mr. Trump's tariff war has affected the market. In April, tariffs imposed on 185 countries caused Bitcoin to fall 1.1% in an hour and the S&P 500 lost more than $2 trillion in market capitalization within 15 minutes.
Trump's latest tariff move comes as the US government is in a partial shutdown; many federal agencies are only maintaining operations with essential employees.
Despite rising tariff tensions, deep declines in cryptocurrency prices and government shutdowns, 45% of users predict on the Myriad Markets platform to be optimistic that Bitcoin will increase to $140,000 before falling back to $1110,000.
In Vietnam, Bitcoin and other cryptocurrencies have not been recognized as a legal payment method and are not protected by law. Investors need to be cautious, avoiding risks from strong price fluctuations and fraud related to cryptocurrency.
