Bitcoin price plummets, cryptocurrency investors panic

(Dan Tri) - According to data from CoinMarketCap, Bitcoin price has decreased by 3.1% in the past 24 hours and decreased by 8.8% in the past 7 days.

As of the afternoon of November 4, the world's largest cryptocurrency was trading around $103,900, down nearly $4,000 from yesterday.

Bitcoin price plummets, sending the entire cryptocurrency market plummeting (Photo: CNBC).

Bitcoin's decline has also caused the entire cryptocurrency market to plummet. The total cryptocurrency market capitalization is now around $3,460 billion. Compared to the same period last month, the market capitalization is still fluctuating around $4,300 billion.

A series of other cryptocurrencies also adjusted sharply down. In the past 24 hours, Ethereum decreased by 6.4%, Solana decreased by 11.1%, BNB decreased by 8.15%, Hyperliquid decreased by 9%,...

According to Alternative ’s cryptocurrency sentiment tracker, the Fear and Greed Index fell to 21 on November 4. The previous day, the index was still at 42.

This is also the lowest index recorded by this tool in the past half year. That reflects the psychology of Bitcoin and cryptocurrency investors is becoming more confused and fearful than ever.

Last week, the US Federal Reserve (Fed) continued to lower interest rates by 0.25%, to 3.75-4%. This decision coincided with market forecasts and was the second time the agency adjusted monetary policy this year.

However, Fed Chairman Jerome Powell hinted that investors should not expect a rate cut in December. This has negatively affected risk markets such as cryptocurrencies.

In a recent post, Vineet Budki, CEO of venture capital firm Sigma Capital, said that Bitcoin prices will continue to experience cyclical fluctuations, meaning Bitcoin (BTC) could fall 70% in value during the next market downturn.

The Fear and Greed Index has dropped to its lowest level in the past six months (Photo: CNN).

According to Budki, Bitcoin will not lose its usefulness even if the price drops to $70,000. However, the problem is that people do not know its usefulness.

"In the next two years, Bitcoin prices could fall by 65-70% due to traders not understanding the assets they hold. When people buy assets they don't know and don't understand, they sell them first. This creates selling pressure," Budki shared.

Contrary to the above opinion, Arthur Hayes, market analyst and co-founder of cryptocurrency exchange BitMEX, said that Bitcoin's four-year cycle is over.

“Bitcoin prices are more influenced by macroeconomic factors, such as interest rates and money supply growth, and less influenced by cyclical patterns,” Hayes said.

Source: https://dantri.com.vn/cong-nghe/gia-bitcoin-lao-doc-nha-dau-tu-tien-dien-tu-hoang-loan-20251104152439701.htm