Bitcoin price: Strong increase
As of 6:22 p.m. today, Vietnam time, Bitcoin (BTC) - the world's largest cryptocurrency by market value increased sharply by 6.63%, reaching 93,007.77 USD.
This new price contributes to bringing market capitalization to 1,856 billion USD, an increase of 124 billion USD. Trading volume in the same direction increased in the same 24 hours, reaching 86.02 billion USD.
Assessment and forecast
Bitcoin continues to expand its cautious recovery momentum today, climbing to a 2-week high as traders search for signals that the larger cryptocurrency market may be regaining balance after a long sell-off streak.
However, the digital asset market remains fragile after a heavy sell-off that began in early October, just days after Bitcoin reached a historic peak of more than $126,000. Since then, more than 1 trillion USD in capitalization has been "inflated". However, optimism is growing as investors expect the recovery this time to be more sustainable.
Chris Beauchamp - Director of UK market analysis at IG trading platform - commented: "Bidwin fans have reason to be cautious with this increase after so many fake recoveries in recent months. However, the risk-off sentiment from the stock market is spreading to the cryptocurrency market".
"The rebound last week stopped at $93,000, and the price increase above this level is giving hope for a more sustainable uptrend," he added.
US stock futures are heading for a second slight increase as investors bet on economic data released later in the day to reinforce expectations of a Fed rate cut next week.
This week, cryptocurrency traders continue to suffer from strong fluctuations. Bitcoin recovered on Tuesday, partly thanks to Chairman SEC Paul Atkins' announcement of plans to announce measures in innovation exemptions for digital asset companies, and Vanguard Group's decision to allow ETF transactions and exchange-traded funds to hold mainly cryptocurrency on their platforms.
According to Alex Kuptsikevich - Head of Market Analysis at FxPro, these developments, combined with Bitcoin finding a new bottom for the week, have created a series of important signals that the uptrend is taking shape.
However, caution is still widespread, as a part of the observers said that investors are afraid that from the recent decline they may not be ready to "huge".
Sean McNulty - Head of APAC derivatives trading at FalconX - commented: "psy is still very fragile. We don't see many buyers chasing prices in this uptrend."
According to data from Coinglass, the most recent price increase has triggered about 400 million USD of counterfeit sales orders to be liquidated in the whole market in the past 24 hours.
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.
