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Bitcoin plunges head to head

According to CoinMarketCap data, as of 10am on May 6 (Vietnam time), the price of Bitcoin dropped more than 8% to 36,400 USD/VND. The coin’s market capitalization shrank to $694 billion, losing the $700 billion mark.

The massive sell-off took place right after a day when the Bitcoin price surged close to the threshold of $40,000/dong. Trading volume increased by 17.35% to $43 billion.

The red color also covers other cryptocurrencies. The total capitalization of the entire crypto market fell 7.18% in one day to $1,680 billion. Ether – the second largest cryptocurrency – also saw a price drop of 6.64% to $2.750 billion.

Bitcoin’s performance today is similar to the US stock market. The New York Stock Exchange closed the session on May 5 with the worst trading session in nearly 2 years. All 3 main indexes dropped abnormally strongly.

As a percentage, the Nasdaq fell the most with nearly 5%, to 12,317 points. Meanwhile, the Dow Jones index lost the most points, with more than 1,060 points, or 3.1%. Both indexes posted their highest daily declines since 2020.

Bitcoin plunges head-on - Photo 1.

Bitcoin plunges without brakes. (Photo: Picjumbo).

On May 4, the US Federal Reserve (Fed) raised interest rates by 0.5%. Fed Chairman Jerome Powell said they could raise rates at this level a few more times. However, the Fed official did not consider a 0.75% increase. This pulled Wall Street up in session 4/5. However, the market reversed yesterday, causing US stocks to record their worst session in 2 years.

In the past 2 years, more and more professional investors have come to the market digital currency. As a result, digital assets increasingly behave like other risky assets such as technology stocks.

“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.

Commenting on the future of Bitcoin, the majority of opinions say that, in the short term, if inflation does not go away, the war in Ukraine is not over and the Fed still raises interest rates, the virtual currency will have a difficult year.

In the long-term, many experts believe that Bitcoin can still reach 100,000 USD/BTC. Antoni Trenchev, CEO of Nexo, predicts Bitcoin could hit the $100,000 mark next year.

Similarly, expert Mark Stephany, founder of Theprogressivebitcoiner, believes that the world’s most valuable cryptocurrency will soon regain its growth momentum thanks to the rapidly growing Bitcoin community with a diversity of crypto enthusiasts. throughout the world.

Bitcoin Could Fall to $24,000 Bitcoin Could Fall to $24,000 – Last week, Bitcoin price plummeted along with the stock market. Given the current price volatility, some analysts predict Bitcoin to bottom out at $24,000 this year.

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