Bitcoin to 38,000 USD, the market ‘fired up’
At 6 a.m. this morning, May 1 (Vietnam time), Bitcoin price on CoinDesk stood at $38,057, down 1.42% compared to the same time yesterday.
In the last 24 hours, Bitcoin price recorded a low of $38,004 and a high of $38,775.
According to CoinMarketCap, the amount of Bitcoin traded during the above period is quite low, only reaching 21.5 billion USD, the capitalization recorded at 729 billion USD.
On Vicuta, an exchange that many Vietnamese people are interested in, the price of Bitcoin bought at 880 million dong, sold at 902 million dong.
Bitcoin plunges causing the whole market to fall into a “fire storm”. In which, Ethereum is down 2.28%, Binance Coin is down 2.9%, USD Coin is down 0.05%, Ripple is down 2.56%, Solana is down 8.9%, Cardano is down 6.3%, Dogecoin is down 5 .5%, Avalanche down 11.1%, Polkadot down 7.74%…
The strong decline of the leading virtual currency series caused the total market capitalization to “evaporate” 1.4% to 1.730 billion USD.
Bitcoin in particular and the virtual currency market in general often have large fluctuations in price. According to experts, one of the reasons for the volatility of the cryptocurrency market recently is because investors are worried that the US Federal Reserve (FED) will continue to pursue a plan to tighten monetary policy. bad.
According to Azcoinnews, short-term investors are inclined to sell, due to the uncertainty in the current virtual currency market.
Furthermore, Bitcoin’s fundamentals are also starting to wane as institutional and investor interest in the cryptocurrency wanes.
In addition, the effects of the COVID-19 epidemic and the tension from the Russia – Ukraine war also have negative effects on the virtual currency market.
“The support at $37,500 may be under threat. A bearish channel has appeared on the monthly chart, increasing the risk that the price will continue to fall deeply. Technically, in order not to fall into a bear market, it would be necessary to keep Bitcoin above $40,000.” Azcoinnews report said.
at Blogtuan.info – Source: vtc.vn – Read the original article here