As of 10:30 a.m. on June 25 (Vietnam time), Bitcoin (BTC) continued to decrease by nearly 5%, falling close to the 60,000 USD/BTC mark (equivalent to 1.5 billion VND) - the lowest price in the past 3 months.
Other large-cap cryptocurrencies also plummeted in the past 24 hours, such as Ethereum (-2.2%), BNB (-1.2%), Solana (-7.6%), XRP (-0.6%), Toncoin (-4.1%), Dogecoin (-4.4%), Cardano (-4.8%)... causing investors of this asset class to cry because of heavy losses.
Mr. Nguyen Ut, residing in Ho Chi Minh City, said that at the end of March 2024 - when the cryptocurrency market continuously reached new peaks, he convinced his wife to sell 2 taels of SJC gold that he had saved for 3 years, taking nearly 160 million VND to invest in Book of Meme (BOME). At that time, the price of BOME was at 0.018 USD.
"By this morning, the price of BOME had dropped 55% compared to when it was purchased and was down to 0.008 USD. I don't know when this currency will increase again," Mr. Ut worried.
Bitcoin Price Fluctuation in the Last 3 Months
Mr. Thanh Nhan - an IT employee in District 1, Ho Chi Minh City - also used his savings of 230 million VND to invest in cryptocurrency with the hope of making a quick profit but "fell into the pit".
"I bought Solana (SOL) when the price peaked at $202, now it's down to $124. The market is plummeting, I'm also shocked, many nights I can't sleep because of anxiety. I want to sell but I'm afraid it will increase again, but if I keep it, I'm afraid of losing more. I hope the market recovers so I can recover my capital" - Mr. Nhan sadly said.
According to Mastering Crypto, the recent drop in BTC prices was due to a number of factors, including the sale of 30,000 BTC by cryptocurrency exchange Mt. Gox since the beginning of the month.
Bitcoin prices are likely to fall further, possibly even to a low not seen since February 2024. If they continue to fall, Bitcoin could lose another 15% to 20% of its value.
"Once the price reaches the lower support zone, a recovery to $66,000 - $67,000 is expected. Thereafter, a further drop to $52,000 - $53,000 is possible," Mastering Crypto predicted.
According to Bloomberg news agency, the cryptocurrency market is on a downward trend amid expectations that the US Federal Reserve (FED) will soon cut interest rates from their highest level in two decades.
David Lawant, Head of Research at FalconX, said that the cryptocurrency market lacks the momentum to rally strongly due to weak trading volume and imbalanced supply and demand.
Notably, the decline of Altcoins, notably Ether and Solana, comes as US companies prepare to launch exchange-traded funds (ETFs) that invest directly in these two currencies.
Caroline Mauron, co-founder of digital asset derivatives liquidity provider Orbit Markets, said the bearish sentiment in cryptocurrencies is becoming more evident. The market is having trouble processing any large sell orders.
Source: https://nld.com.vn/ban-vang-de-dau-tu-tien-so-nhieu-nguoi-mat-ngu-vi-thua-lo-nang-196240625110212035.htm
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