Bitcoin continues to plunge, the market wobbles

At 6 am today 8/5 (Vietnam time), Bitcoin price on the CoinDesk exchange traded at 35,382 USD, down 1.8% compared to 24 hours ago, causing each virtual currency to decrease by more than 688 USD.

Statistical data for this period shows that the world’s most popular and valuable virtual currency traded as low as 34,808 USD and highest at 36,114 USD.

According to CoinMarketCap, Bitcoin trading volume during this period is around $22.6 billion, with market capitalization at $667.4 billion.

On the Vicuta floor, an exchange that is interested by many Vietnamese, the buying price of Bitcoin fell to VND 827 million, while the selling price was also pushed to VND 866 million.

According to analysts, Bitcoin price was negatively affected by the massive sell-off of US technology stocks, in the context that the US Federal Reserve (Fed) just raised interest rates by 0.5 percentage points and began to reduce the size of its balance sheet from June 2022. The Fed is expected to aggressively raise interest rates further. Rising interest rates could drive money away from riskier assets like tech stocks and cryptocurrencies.

In fact, the trend of selling off risky assets is spreading, causing the cryptocurrency market to suffer a great deal. Data from information platform Coinglass shows that more than $407 million was liquidated in just 24 hours as Bitcoin fell to a 4-month low.

In addition, the impact of the COVID-19 epidemic and the tension from the Russia-Ukraine war also negatively impacted the global cryptocurrency market.

However, the market also received some good news such as Fidelity Financial Group supporting customers to invest in Bitcoin through corporate retirement funds.

Returning to market movements, the decline of Bitcoin led to the decline of a series of other virtual currencies. In the last 24 hours, Ethereum lost another 2.69%, Binance Coin lost 3.8%, Ripple lost 3.89%, Cardano lost 3.15%, Terra lost 12%…

The deep decline of the leading virtual currency group caused the total market capitalization to “fly” more than 3.4% to $ 1.6 trillion – the lowest level since the beginning of the year.