Bitcoin accelerates, breaks the threshold of 30,000 USD

At 5:30 a.m. this morning, May 20 (Vietnam time), Bitcoin price on the CoinDesk exchange traded at 30,192 USD, up 3.98% compared to yesterday, helping each virtual currency add 1,156 USD.

Statistical data for the past 24 hours shows that the world’s most popular and valuable virtual currency traded as low as $28,615 and highest at $30,500.

According to CoinMarketCap, Bitcoin trading volume during this period was around $33.7 billion. The market capitalization is at $574.4 billion.

On Vicuta, an exchange that is interested by many Vietnamese, the buying price of Bitcoin increased to 707.5 million dong, while the selling price was also pushed to 744 million dong.

According to professional traders, this is more likely to be a short-term rally as the market is still recording a sell-off. In the coming days, selling pressure may subside, Bitcoin will have a clearer recovery. To do this, however, Bitcoin must continue to hold a price above $30,000.

Before that, Bitcoin and virtual currencies plunged without stopping because the US Federal Reserve (Fed) raised interest rates to half a percentage point, thereby reducing investors’ interest in risky assets. . In addition, the fact that TerraUSD – a stablecoin (stable coin) with a value 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. 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.

But some argue that the current price drops are also positive, helping to “purify the market and restructure the blockchain industry”.

In the market, many smaller cap cryptocurrencies bounced strongly with Bitcoin. Specifically, Ethereum is up 2.86%, Binance Coin is up 4.1%, Ripple is up 1.03%, Cardano is up 0.8%, Solana is up 0.7%, Dogecoin is up 1.4%, Wrapped Bitcoin is up 4 %…

Total market capitalization recorded at USD 1,270 billion, up 2.49%.