Bitcoin surges, surpasses 31,000 USD

At 6 a.m. this morning, May 16 (Vietnam time), Bitcoin price on the CoinDesk exchange traded at 31,027 USD, up 3.2% compared to yesterday, helping each virtual currency add 978 USD.

Statistical data for the past 24 hours shows that the world’s most popular and valuable virtual currency traded as low as $29,454 and highest at $31,390.

According to CoinMarketCap, Bitcoin trading volume during this period was around $27.5 billion. Market capitalization at $592 billion, an increase of $20 billion.

On Vicuta, an exchange that is interested by many Vietnamese, the buying price of Bitcoin fell to VND 732.5 million, while the selling price was also pushed to VND 770.3 million.

Bitcoin recovery helps a series of large-cap virtual currencies increase sharply. Specifically, Ethereum is up 4.2%, Binance Coin is up 5.8%, Cardano is up 11.8%, Ripple is up 4.4%, Solana is up 12.3%, Dogecoin is up 2.95, polkadot is up 2%, Avalanche up 6.5%…

Total market capitalization increased by 4.13% to $1,340 billion.

Bitcoin in particular and the virtual currency market in general have just experienced a series of catastrophic price drops. The reason is that inflation will cause central banks to tighten monetary policy, reducing the desire to hold assets considered high risk.

Second, the fact that TerraUSD – a stablecoin (stable coin) whose value is pegged to one USD, suddenly lost this market value and dropped to less than one USD, created a ripple effect on technical assets. number.

Besides, according to analysts, virtual currencies are increasingly closely related to stock as professional investors entered this market during the past two years. When stocks wobble, cryptocurrencies also plunge.

Finally, 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.