Bitcoin price: Unexpected developments
This morning (November 20), Bitcoin (BTC) - the world's largest cryptocurrency in terms of market value suddenly turned to increase by 0.11%, reaching 91,980.32 USD.
This new price contributes to bringing market capitalization to 1,835 billion USD, up 25 billion USD. On the other hand, trading volume in 24 hours fell sharply by 50.1 billion USD, reaching 69.85 billion USD.
Assessment and forecast
Investors have withdrawn more than half a billion USD from BlackRock Inc's iShares Bitcoin Trust fund, the largest one-day net withdrawal since the fund was launched - marking the latest shock for the digital asset market that is lacking serious confidence.
According to data compiled by Bloomberg, BlackRock recorded a pullback of $523 million from the ETF on Tuesday, marking the fifth consecutive day the fund has been net withdrawn, and also a record high so far.
The bottom of Bitcoin in the third trading session pulled prices below an important threshold, causing investors in 12 Bitcoin ETFs that were immediately traded in the US to suffer a general loss. These funds have seen cash flow withdraw more than 3 billion USD since the beginning of November, IBIT alone has withdrawn nearly 2 billion USD.
IBIT, the largest spot-backed Bitcoin ETF, has become a "phenomenon" for investors since its launch in January 2024. The fund has accumulated more than 72 billion USD in assets, of which nearly 26 billion USD is cash flow this year. However, the continuous withdrawal of cash flow in recent weeks is considered a negative signal.
Mr. Dilin Wu - Research Strategist at Pepperstone - commented: "Current withdrawals from ETFs combined with long-term investors selling have tightened market liquidity, dragging short-term Bitcoin prices down and showing weak market confidence".
Mr. Sean Dawson - Head of Research at derive.xyz - a cryptocurrency options trading platform said that many traders are buying downside protection contracts, in case Bitcoin falls to 80,000 USD before December 26.
"While concerns about the resilience of the US job market remain and the possibility of the Fed cutting interest rates in December is only at par with the issuance of coins, there are currently not many strong macro factors to keep investors optimistic until the end of the year," he added.
In Vietnam, the cryptocurrency asset market has been piloted since September 9, with a pilot implementation period of 5 years.
However, organizations and individuals participating in the cryptocurrency asset market must comply with relevant legal regulations on prevention and control of money laundering, terrorist financing, sponsorship of the dissemination of weapons of mass destruction, electronic transactions, network information security, network security, data protection to ensure security and safety in the cryptocurrency asset market and other relevant specialized laws.
