Continuing to plunge, the virtual currency market panics

At 5:30 am this morning 11/5 (Vietnam time), Bitcoin price on CoinDesk exchange traded at 30,402 USD, down another 2.35% compared to yesterday, causing each virtual currency to lose more than 732 USD.

Bitcoin price today 11/5: Continuing to plunge, the virtual money market panics - 1

Bitcoin continues to plunge, the market is on fire

Statistical data for the past 24 hours shows that the world’s most popular and valuable virtual currency traded as low as $29,763 and highest at $32,621.

According to CoinMarketCap, Bitcoin trading volume during this period was around $59.4 billion, while the market cap plummeted to $582 billion.

On Vicuta, an exchange that is of interest to many Vietnamese, the buying price of Bitcoin fell to VND 721 million, while the selling price was also pushed to VND 754 million.

Bitcoin declines, causing the red color to cover the virtual currency market. In the last 24 hours, Ethereum is down 0.23%, Ripple is down 1.3%, Solana is down 3%, Cardano is down 3.2%, Dogecoin is down 2%, Terra USD is down 19%, Avalanche is down 3.2%, Polkadot drops 2.7%…

The fact that most large-cap virtual currencies fell deeply, causing the total market capitalization to “evaporate” 1.74% to $1.4 trillion.

According to analysts, Bitcoin price is increasingly compatible with US stock market because many investors view this virtual currency as a technology stock. Meanwhile, in recent trading sessions, US stock indexes are plummeting.

Besides, the tightening monetary policy of countries to curb inflation causes liquidity to tighten and investors to leave speculative assets like Bitcoin.

The virtual currency market is also being negatively affected by the tension between the EU and Russia and the unpredictable developments of the COVID-19 pandemic.

The continuous decrease in Bitcoin price causes the positive outlook for Bitcoin to decrease. Even many professional investors think that this virtual currency will fall even deeper.

Billionaire crypto investor Michael Novogratz warns things will get worse. “Cryptocurrencies generally do the same as Nasdaq until a new equilibrium is reached. I feel trading will remain thin, more volatile for at least the next couple of quarters, and then we’ll hit the equilibrium. “, Mr. Michael Novogratz said.

Previously, Yuya Hasegawa, a cryptocurrency market analyst at Bitcoin exchange Bitbank (Japan), said that the Bitcoin price needs to hold above the psychological $33,000 mark in order not to fall further.

Josh Lim, director of derivatives at brokerage Genesis Global Trading, thinks the price drop is partly due to longtime holders selling off.

However, the majority of opinions believe that the long-term outlook for Bitcoin is still good, there is no virtual currency to 0 dong.

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