Bitcoin price: Slight fluctuations
Early this morning (October 14), Bitcoin - the world's largest cryptocurrency by market value witnessed a slight increase of 0.48%, to 114,475.83 USD.
This new price contributes to bringing market capitalization to 2,281 billion USD. The trading volume in the 24 hours was at 82.36 billion USD.
Assessment and forecast
The cryptocurrency market experienced a strong decline on October 10, erasing billions of dollars in value as Bitcoin (BTC) and other major assets plummeted. However, while digital assets suffered heavy losses, gold prices continued to increase. This contrast further raises the question of whether Bitcoin is truly a reliable store of value, and whether it is worthy of the title of "digital gold"?
The announcement of the 100% tax rate on Chinese goods by US President Donald Trump has caused a serious decline in the financial and cryptocurrency markets. The total market capitalization of the electronics market has decreased from over 4 trillion USD to the lowest of about 3.24 trillion USD.
Bitcoin, which peaked above $126,000 on October 6, fell more than 11%, reaching $107,485. Ethereum (ETH) also lost more than 15%, losing the key support level of $4,000.
Analyst Nic Puckrin, co-founder of The Coin Bureau, said this is a harsh reminder of the fragility of the digital currency market. He said the combination of thin liquidity, excessive leverage and the growing influence of large investors has created a "toxic mix" that increases sell-off momentum. However, the market has also recovered quickly.
Mr. Trump's reassurances about cooling down the trade war have helped the market enter a recovery phase. Bitcoin surpassed $115,000, Ethereum also regained the $4,000 mark, and market data showed total market capitalization increased by over 5% on the day. Some blue-chip token have recovered strongly, with Ethereum showing an impressive return to the $4,000 mark.
In addition, gold continues to climb to a new record high, marking its traditional role as a safe haven asset while Bitcoin remains volatile and vulnerable to macro shocks.
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.
