According to CoinMarketCap data on April 30 (Vietnam time), the Bitcoin price plunged 2.15% from 24 hours earlier to $38,690 per dong. Thus, the world’s largest cryptocurrency once again left the important threshold of $40,000/dong. Bitcoin’s market capitalization shrinks to over $735 billion.
The red color also covers other crypto markets. The capitalization of the entire cryptocurrency market fell 2.5% from a day earlier to $1.77 trillion. The price of Ether – the second largest cryptocurrency – plunged 3.34% to $2,827 per coin.
International experts say that the cryptocurrency market continues to move in the same direction as technology stocks. The sell-off was widespread due to concerns about the US Federal Reserve (FED) continuing to pursue a plan to tighten monetary policy.
The Fed’s rate hike will have a strong impact on Bitcoin and technology stocks. At the end of the trading session on April 29, the technology-biased NASDAQ index lost 536.89 points, or 4.17%, to 12,334. The S&P 500 and Dow Jones fell 3.63% and 2.77%, respectively.
Share prices of tech giants such as Amazon, Intel and Apple plunged 14%, 6.9% and 3.7%, respectively.
“Bitcoin has been trading more like a tech stock than a cryptocurrency for a while. Its price is strongly correlated with NASDAQ,” said Emile Phaneuf, an economist at the research firm. Brave New Coin cryptocurrency – comment.
Bitcoin is a virtual currency with strong fluctuations in price, recently the price of this largest cryptocurrency in the world has fluctuated, causing many investors to struggle. At the beginning of the week, the price of Bitcoin suddenly increased sharply to $ 40,000, but after only one day it returned to a 6-week low of $ 38,200.
According to experts, short-term investors are inclined to sell, due to uncertainty in the current virtual currency market. To sustain the current recovery phase, Bitcoin will need to keep the price above $40,000.
Recently, the price of Bitcoin has increased and decreased erratically due to political and economic developments in the world in some places. In addition, the effects of the COVID-19 epidemic have also had an impact on this currency, affecting the global supply chain.
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