Sitting in front of a computer screen in a small coffee shop in Cau Giay ward (Hanoi), Mr. Le Quang Thai - a freelance cryptocurrency investor - calmly looked at the Bitcoin bust with green candles. BTC is trading around 118,100 USD, the highest since the beginning of the year.
But what kept Thai unable to take his eyes off was the red candle with a very long candle beard in the early morning of June 22 - the day Bitcoin price hit the bottom of 98,100 USD and rebounded strongly.
That was the day the US officially fought, bombing three Iranian nuclear facilities. Many investors sell risk assets, causing the crypto market to sink into red.
At that time, I was the happiest person, secretly thinking, "When people are scared, I have to be greedy" so I signed a purchase price of 97,500 USD. However, just $600 away, Bitcoin never comes back.
Just a few hours later, the price had jumped to more than 104,000 USD. I felt left at the station, while the whole train was running towards the top, Thai recalled, his voice could not hide his regret.
Not only Mr. Thai, a series of individual investors in Vietnam are also sharing similar feelings: regret, disappointment, and even disorientation. Forums such as Facebook, X.com or Telegram have been flooded with comments like "waiting for the bottom, who would have thought the price would break the roof", or "slip a chance to change your life just because of greed".
According to data from CoinMarketCap, within less than 3 weeks after June 22 - coinciding with the period of military tension in the Middle East - Bitcoin price has increased by nearly 20%, from 98,100 USD to more than 118,000 USD. Ethereum also surpassed $3,000, Solana soared to $260%, while altcoin such as Avalanche, Toncoin, NEAR all recorded an increase of 25-35%.
Mr. Nguyen Khanh Hoa - market analyst at a Singapore-based cryptocurrency exchange - explained: "When Iran and Israel fire missiles at each other and pull the US into the war, many people believe that the market will panic and Bitcoin will fall sharply. However, this mentality is only temporary. After that, investors continued to buy, causing prices to increase again.
Mr. Nguyen Van Duc, owner of the Youtube channel DucCapital specializing in currency and investment, affirmed: " Bitcoin is something very special".
According to Mr. Duc, normally if the world has good news, stock prices will increase and gold prices will decrease. Conversely, if the news is bad, the stock price will decrease, the gold price will increase. But Bitcoin seems immune. Good things increase sharply, bad things decrease a little and then increase again.
"The cryptocurrency market is less dependent on geopolitical news. Even negative news such as Mr. Trump - Musk arguing with each other, then Mr. Musk demanding to establish a separate party or the US imposing a tax on Brazil of up to 50%, Canada of 35%... do not make the market fluctuate too much," said Mr. Duc.
According to Mr. Duc, small investors often have unrealistic expectations about the adjustment level. In the context of strong cash flow into the market, a sharp decline in Bitcoin is unlikely.
In Vietnam, Bitcoin and other cryptocurrencies are not recognized as legal payment methods and are not protected by law. Investors need to be cautious, avoiding risks from strong price fluctuations and fraud related to cryptocurrency.
