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Bitcoin surpasses 31,000 USD, the market is in turmoil

6 am this morning 7/6 (Vietnam time), Bitcoin price on CoinDesk trading at $31,379, up 4.59%, equivalent to an additional $1,377 per coin.

Bitcoin price today 7/6: Bitcoin surpasses 31,000 USD, the market fluctuates - 1

Bitcoin has exploded in the past 24 hours.

Statistical data for the past 24 hours shows that the world’s most popular and valuable virtual currency traded as low as $29,874 and highest at $31,730.

According to CoinMarketCap, Bitcoin trading volume during this period is around $31.9 billion, with market capitalization at $598 billion.

On the Vicuta floor, an exchange that is interested by many Vietnamese people, the buying and selling price of Bitcoin is at VND 730 – 767 million.

According to crypto expert Michael van de Poppe, Bitcoin has been holding the $30,000 level for a long time. A rise above this level will be the impetus for the leading cryptocurrency to head higher.

Many experts also believe in a bullish outlook for Bitcoin. Senior commodity strategist at Bloomberg Intelligence, Mike McGlone, believes that cryptocurrencies could outperform all other asset classes once the bear market cools down.

Bitcoin’s strong rise helps a series of large-cap virtual currencies “catch up”. Specifically, Ethereum is up 2.3%, Tether is up 0.01%, Cardano is up 6.7%, Ripple is up 1.2%, Solana is up 8.6%, Avalanche is up 5.1%…

This strong increase helped the total market capitalization increase to $ 1,280 billion, or 3%. Despite the sharp increase, compared to the all-time high recorded in November last year, the market capitalization has lost about $1.6 trillion.

Bitcoin in particular, the virtual currency market in general, has recently increased and decreased erratically. The world’s most valuable virtual currency hit a record high of $67,000 in November 2021. But by 2022, especially since the end of March, the value of Bitcoin has continuously declined and is often traded around the $29,000 mark. Even, on May 12, Bitcoin at one point corrected to $ 26,700 – the lowest level since December 2020.

According to data from Glassnode, Bitcoin price is now down nearly 56% from its peak in November 2021. In the past, many virtual currency advocates have suggested that Bitcoin will become a kind of “digital gold”, serving as a safe investment channel like metal gold whenever the global financial market fluctuates sharply.

According to Minerd, chief investment officer of Guggenheim, the reason for the decline came from the US Federal Reserve (FED) raising interest rates and tightening monetary policies. Mr. Scott Minerd predicts that the Bitcoin price can drop 70% from current levels, even down to $8,000 in the near future. If Minerd’s claim turns out to be true, this will cause serious harm to the crypto market.

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