Bitcoin price: Deep price drop
Early this morning (October 31), Bitcoin - the world's largest cryptocurrency according to market value reversed and slid sharply by 3.64%, down to 108,323.93 USD.
This new price contributed to bringing market capitalization to 2,160 billion USD, down 94 billion USD. On the other hand, trading volume in the 24-hour reversal increased, currently at 76.83 billion USD, an increase of 10.11 billion USD.
Assessment and forecast
"The growing popularity of the US dollar-backed cryptocurrency will be a remarkable phenomenon next year and could create challenges for global monetary policy," said V. Anantha Nageswaran, chief economic adviser to India.
"The emergence of a cryptocurrency associated with the US dollar will bring unique challenges to monetary policy, policy transmission mechanisms and the benefits of issuing money from any country," Nageswaran added at the meeting in Mumbai.
According to experts, cryptocurrency will become a new source of competition for banks, both in terms of its role as a financial intermediary and attracting customers' deposits.
Congresses associated with the US dollar have become popular globally thanks to the favorable legal environment in the US. The total market capitalization of these markets has exceeded 300 billion USD.
Bitcoin is down 15% from its record high set on October 6, currently trading around $108,300.
However, many other experts also maintain a long-term optimistic view. "As long as liquidity is still abundant, we expect the cryptocurrency market to continue to increase until the end of the year," said Greg Magadini, director of derivatives at Amber data, to DL News.
He said that the interweaving of opposite trends will help reduce price fluctuations, as cash flows circulate, helping the market increase more stably, although there are still "some small obstacles" when Bitcoin's 4-year cycle peaks in November.
