The massive market sell-off on June 8 sent the Bitcoin price in a free fall. The price plunged to more than $32,000 from an intraday high of $36,700.
According to Coin Desk data on June 8 (Vietnam time), the price of Bitcoin fell to $ 32,449 / dong and then rose slightly to $ 32,989 / dong, down 9.56% from a day earlier. The drop caused Bitcoin’s market capitalization to shrink to $617 billion.
In addition to Bitcoin, other cryptocurrencies also dropped in price. Ether price plunged 10.14% to $2,516/dong. XRP and Cardano also saw price drops of 11.97% and 11.67% respectively. Meanwhile, the price of Dogecoin dropped to 13.15%.
Experts say that regulatory risks from the Chinese authorities continue to weigh on the price of Bitcoin. Weibo – China’s most popular social network – has blocked a number of accounts with crypto influence for violating unspecified laws and community rules on its platform.
The cryptocurrency market is also affected by the possibility that the US Federal Reserve (FED) may stop its monetary easing policies due to the risk of inflation.
Bitcoin and other cryptocurrencies began to decline after Tesla CEO Elon Musk announced the electric car company would stop accepting Bitcoin payments due to environmental issues. The May bottom of Bitcoin price is more than 31,000 USD/dong, set on May 23.
Recently, billionaire Musk continued to shake the cryptocurrency market after tweeting with the hashtag #Bitcoin and a broken heart emoji. Along with that is an image referring to the lyrics of the song In the End by the rock band Linkin Park.
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According to Zingnews
Compiled by ToiYeuBitcoin