Bitcoin plummets, the cryptocurrency market is in the red.

VTV.vn - Bitcoin prices fell sharply in Asian trading on January 19, erasing the gains recorded last week.

Bitcoin cryptocurrency. (Photo: Getty Images)

As of early afternoon Vietnam time, the price of Bitcoin had fallen 2.8% to $92,519.6 per Bitcoin. The world's largest cryptocurrency had risen by about 5% last week, but is now trading below its peak of over $97,800 that week.

The altcoin market also saw declines as investors rushed to take profits and exit risky assets. Ether, the second-largest cryptocurrency, fell 3.5% to $3,199.06. XRP dropped 4.7% to below $2. Other cryptocurrencies like Solana, Cardano, and BNB declined by 6.6%, 7.8%, and 2.3%, respectively.

Data from analytics firm Coinglass shows that the cryptocurrency market has seen a total of $869.5 million worth of trading orders liquidated in the past 24 hours. The majority of these were long positions, with approximately $229.5 million worth of bets on bitcoin being wiped out.

The main reason for the sell-off is believed to be escalating geopolitical tensions. US President Donald Trump announced he would impose import tariffs of 10%, and possibly even 25%, on several major European countries such as Denmark, France, and the UK if no agreement is reached regarding Greenland. This move has met with opposition from European leaders, increasing concerns about the risk of escalating trade conflicts.

Although tariffs and geopolitical tensions don't directly impact the technical foundations of cryptocurrencies, they weaken the flow of investment into risky assets. Amidst heightened caution, investors tend to shift towards safe-haven assets like gold. Additionally, the market is under pressure from the delay of a bill establishing a regulatory framework for the cryptocurrency industry in the US, due to opposition from many industry members.

Source: https://vtv.vn/bitcoin-lao-doc-thi-truong-tien-so-do-lua-100260119165958003.htm