Bitcoin plunges again | VTV.VN

According to data at CoinDesk at 8:24 am this morning (April 15, Vietnam time), the price Bitcoin traded at 39,930.06 USD, down 3.36% compared to yesterday (April 14).

In the last 24 hours, the highest price of the world’s largest cryptocurrency reached 41,492.32 USD, the lowest at 39,600 USD.

Bitcoin price plunges again after a brief recovery period. (Photo: istock)

Yesterday, Bitcoin bounced sharply, surpassing $41,000, after a week of declines. The price of the world’s largest cryptocurrency yesterday was almost always trading above the $41,000 mark. However, at about 20:30 yesterday, the price of Bitcoin suddenly dropped sharply, “evaporating” nearly 1,400 USD/dong. By this morning, the price of Bitcoin continued to plummet.

CoinGecko data shows that Bitcoin trading volume over the past 24 hours is close to $23 billion. The market capitalization of Bitcoin this morning reached nearly 760 billion USD.

The plunge of Bitcoin caused many other cryptocurrencies to drop in price, and the digital currency market was in the red. Specifically, in the past 24 hours, Ethereum decreased by 3.34%, to $ 3,021; Terra is 7.51% off, priced at $81.41; Cardano fell 4.33%, to $0.936; Stellar is down 1.86%, priced at $0.195; Polkadot fell 2.9%, to $17.9; Polygon is down 3.98%, at $1.38; Bitcoin Cash drops 1.86%, hits $336.83…

Bitcoin and many other important cryptocurrencies dropped sharply, causing the total capitalization of the cryptocurrency market to plummet, losing the $2 trillion mark.

The total capitalization of the cryptocurrency market this morning stood at just over $1.959 billion, down 2.6% from yesterday.

According to experts, Bitcoin and the cryptocurrency market continue to react negatively to the scenario that the US Federal Reserve (FED) will tighten monetary policy to fight inflation.

The Fed will conduct 6 interest rate hikes this year and 3 times in 2023 to address high inflation in the US. Data released by the US Department of Labor on April 12 showed that the US consumer price index (CPI) has now risen to the highest level since 1981.

In addition, Bitcoin is still affected as many countries are still squeezing the cryptocurrency market. Despite turning bearish, Bitcoin’s recent move has analysts believe that Bitcoin is heading for a new round of acceleration. Many experts believe that the Bitcoin price is likely to rise to $ 53,000 in the short term.

Edward Moya, senior US-based market analyst at OANDA, said that the Bitcoin price can only return to healthy upward momentum if investors’ risk appetite changes. That happens when inflation is well controlled. Risk appetite is a term that refers to the opinion and acceptance level of each individual or organization about the level of risk in investment.

Also according to Mr. Moya, Bitcoin holders are easy to follow the momentum of selling, ie selling when the price drops. “Therefore, if the Bitcoin price falls below the threshold 38,000 USD/dong, we could see the price of this currency in free fall,” warned Mr. Moya.

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