Bitcoin price: Long slide
Bitcoin (BTC) - the world's largest cryptocurrency according to market value "turned around" and fell sharply by 10.24%, reaching 82,455.71 USD.
This new price contributes to bringing market capitalization to 1,827 billion USD, down 182 billion USD. On the other hand, trading volume in the 24 hours decreased by 40.21 billion USD, reaching 122.44 billion USD.
Assessment and forecast
According to Bloomberg data, the world's largest cryptocurrency fell by 6.4% to $81,629 yesterday before narrowing down.
As of early November, Bitcoin has lost about 23% of its value - the sharpest decline in a month since June 2022. At that time, the collapse of Do Kwon's stablecoin TerraUSD project in May led to a series of failed streets, ending with the collapse of the FTX floor run by Sam Bankman-Fried.
Despite President Donald Trump's support for digital currency and institutional capital to continue to increase, Bitcoin is still down more than 30% from the historical peak set in early October.
This sell-off came after a wave of liquidations of the $19 billion leverage position on October 10, causing the entire cryptocurrency market to evade by about 1.5 trillion USD. According to CoinGlass, selling pressure has been even stronger in the past 24 hours, with the $2 billion leverage position continuing to be liquidated.
Organizations do not seem to be interested in "catching the bottom". 12 ETFs traded in the US saw a net withdrawal of $903 million on Thursday - the second largest increase since the funds launched in January 2024.
The broader market context also did not support much. US stocks - which have risen on expectations of artificial intelligence after Nvidia's positive profit report reversed and decreased due to concerns about too high valuations and the possibility of the Fed not cutting interest rates in December.
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.
