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Bitcoin breaks the $30,000 mark

Recorded at about 10 am this morning (Vietnam time), Bitcoin traded at 31,342 USD. This price equates to a drop of more than $2,100 in just the last 24 hours.

Notably, at one point Bitcoin broke the $30,000 mark ($29,829). Last time Bitcoin falling below the $30,000 mark from 7/2021. As such, Bitcoin has lost about 20% of its value in the past week, as well as losing more than 50,000 values ​​from its record of nearly $69,000 in November 2021.

Bitcoin broke the $30,000 mark - Photo 1.

Bitcoin breaks the $30,000 mark

Not only Bitcoin, other cryptocurrencies like Ethereum, Binance, Solana, and Cardano are all down about 15% in the past week, while Elon Musk’s beloved dogecoin has dropped 10%.

Explaining the sharp drop, Michael Kamerman, CEO of trading platform Skilling, said that the correction trend of digital currencies is increasingly trending in the same direction as technology stocks as investors. treat these as two risky assets. Investors often look for safe havens when the market is volatile, leading to a sell-off.

Michael Kamerman remains confident in his optimism for the future of Bitcoin in the long term as more and more hedge funds and large institutions invest in the digital currency, as well as a central bank accepting the currency. .

Sharing the same view as Michael Kamerman, Oanda analyst Edward Moya believes that the recent slide in the price of digital currencies is entirely due to the sell-off of shares of leading technology companies. Edward Moya thinks that the price of Bitcoin will stabilize again when the “bloodbath” on Wall Street is over.

Bitcoin broke the $30,000 mark - Photo 2.

Bitcoin is forecast to reach $20,000 by the end of this year

Not as optimistic as the two analysts above, Jay Hatfield, at the InfraCap Equity Income ETF thinks that the Fed’s significant liquidity reversal … will collapse the era bubble for digital currencies, the technology companies and “meme” stocks. Jay Hatfield predicts Bitcoin could reach $20,000 by the end of the year.

According to CNBC statistics, after 3 recent trading sessions, the world’s largest technology companies have lost more than 1 trillion USD in value. Apple, the world’s most valuable public company, lost more than $220 billion in value after the close of trading on Wednesday, when Fed Chairman Jerome Powell announced a base rate hike. version by 0.5 percentage points, in response to the high inflation rate. After Apple, Microsoft lost about $189 billion in value. Tesla’s decline was recorded at $199 billion, months after seeing the value of the entire corporation fall below $1 trillion.

Also according to calculations, Amazon’s market capitalization has dropped by $173 billion while Alphabet, Google’s parent company, is worth $123 billion less than last week…

In the first session of the week (US time), US stocks fell sharply as investors continued to sell off, causing the S&P 500 index to fall through the 4,000 mark for the first time in more than a year. Since Wednesday’s session, when the Fed announced the rate hike, the S&P 500 has dropped 7% while the Invesco Nasdaq 100 ETF has also dropped 10%.

After closing yesterday’s session, the Dow Jones index lost 653.67 points, or 1.99%, to 32,245.7 points. The S&P 500 index slipped 3.2% to 3,991.24 points. The Nasdaq index fell 4.29% to 11,623.25 points.

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