Bitcoin's price continues to plummet, making many investors worried - Photo: CONG TRUNG
Headache as cryptocurrency plummets, stocks also fall
Sitting in a small coffee shop on D2 Street, Binh Thanh Ward, Ho Chi Minh City, in front of him is a laptop with a price chart open and next to him is a phone constantly sending market warning messages, Mr. An can hardly take his eyes off the two screens.
He has been investing in stocks and cryptocurrencies for a while now. He said both channels have dropped sharply in recent days, making him feel as tense as a bowstring.
"I'm used to seeing cryptocurrencies drop 7-15% in a day. But this time it was too severe. The fall was too fast, my account suffered heavy losses," Mr. An sighed.
He cited that in early October, Bitcoin had reached 126,000 USD/BTC, leading altcoins such as LINK, ADA, DOT, Dogecoin... to increase sharply thanks to the buying power of international organizations. However, after just over a month, this increase was wiped out.
"My account is currently negative nearly ten thousand USD, I still don't know what to do. Should I continue to add money to buy or close the app? The more I look, the more stressed I am, not knowing how to handle the capital rotation between cryptocurrency and stocks to reduce losses" - Mr. An said.
Meanwhile, Mr. An's stock portfolio with codes such as Vinamilk (VNM), Tasco (HUT) or BID also decreased by 1.2-2% in the morning session of November 21, causing his accumulated loss to widen to 5-7%.
According to CoinMarketCap, in the past 30 days, Bitcoin has decreased by 23.8%, as of 11:30 on November 21, trading at 85,700 USD/BTC, Ethereum has decreased by more than 30%, to about 2,800 USD/ETH; Link is at 12.8 USD, down nearly 30%.
Since its peak, Bitcoin has lost more than 31% of its value, equivalent to nearly $800 billion in "evaporated" capitalization. The entire cryptocurrency market has also "evaporated" more than $1,300 billion. The "greed - fear" index remains at an extreme level, reflecting the unstable psychology that pervades the market.
Many experts say Bitcoin’s plunge began on October 10, when US President Donald Trump reignited trade tensions with China. Pessimistic sentiment drove both buyers and sellers out of the market, leaving prices vulnerable to sharp fluctuations.
The liquidation of tens of billions of dollars in futures contracts on October 10 triggered a wave of "margin calls" (additional collateral), forcing investors to sell off, causing a chain reaction on exchanges.
Mr. An's portfolio of stocks he is investing in and monitoring prices is "red" in the morning session of November 21 - Photo: CONG TRUNG
The amount of new money flowing into the market has decreased sharply, while many investors are looking for ways to "escape".
Cryptocurrency investment observers say this is the sharpest decline of the current bull cycle. "Investor sentiment is leaning towards the possibility of further price declines," said one analyst.
During the first half of the year, large corporations and institutional investors continuously bought Bitcoin, contributing to pushing the price above $100,000/BTC by December 2024. However, the amount of buying has recently decreased significantly.
Many organizations such as Strategy and Metaplanet, which are famous for their large Bitcoin purchases, have slowed down. Although Strategy just announced the purchase of 487 more BTC last week, worth about $49.9 million at an average price of $102,557 per coin.
However, this number is still very small compared to previous strong purchases. The cooling of institutional money flows weakens one of Bitcoin's important supports.
Invite each other to catch the bottom, be careful of more losses
In the cryptocurrency community, a series of posts complaining about "heavy losses" and "burned accounts" due to using Futures leverage continuously appeared. Many people admitted that their accounts evaporated 50-70% overnight when Bitcoin and altcoins fell sharply.
But in that atmosphere of fear, there were some other invitations, encouraging each other to "buy at the bottom" and seeing this as a rare opportunity.
"The market is panicking, now is the time to be greedy. Bitcoin is at $80,000, if you don't buy, when will it be?" - Mr. Tuan - a member of a digital currency investment group with 25,000 members, shared his opinion. He said that many international organizations have taken the opportunity to buy, so small investors should not be too worried. This person also suggested "dividing the money into many times, at this price, it is starting to be collected".
However, many other investors warn that "buying the bottom together" while the market is unstable is like "catching a falling knife".
"It's going down and it's going down even more, just keep jumping in and crying," Ms. Lien argued in the group, saying that we need to be careful with Bitcoin's next support levels of 85,000 and 80,000 USD/BTC. If it continues to break these levels, the decline could be stronger.
Vietnamese people's demand for cryptocurrency investment is increasing sharply
According to Chainalysis data, on-chain cryptocurrency transaction value in Asia- Pacific has increased from 81 billion USD/month in mid-2022 to 244 billion USD/month by the end of 2024, making this region the fastest growing market in the world.
Vietnam currently ranks third in the region with more than 220 billion USD in capital flows participating in the crypto asset market.
However, most transactions of Vietnamese investors take place on international exchanges, causing loss of tax revenue and increasing risks in the prevention of money laundering, terrorist financing and high-tech crime.
On that basis, the Government has decided to allow five organizations to pilot the operation of crypto-asset and digital currency exchanges for a period of five years, paving the way for shaping the domestic market in a more controlled and sustainable direction.
Source: https://tuoitre.vn/bitcoin-rot-gia-manh-chung-khoan-do-ruc-ke-thao-chay-nguoi-lieu-bat-day-20251121120743246.htm
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