According to CoinDesk data, updated at 1:30 a.m. on November 19 (Vietnam time), Bitcoin price traded at 36,645.32 USD/BTC, corresponding to a capitalization of 716.2 billion USD.
Bitcoin price has increased more than 40% since the beginning of October but has not been able to surpass the $38,000 mark during the trading week from November 12 to November 18.
Barron's quoted Rachel Lin - CEO of trading platform SynFutures, as saying that the $38,000 mark has become short-term resistance for Bitcoin.
However, according to this expert, the flow of money into the cryptocurrency market is still remaining strong.
The movement of Bitcoin price, in part, comes from the market's expectation that US officials will soon allow the establishment of spot exchange-traded funds (ETFs) to invest directly in Bitcoin. This activity could greatly increase demand for the world's largest cryptocurrency.
Besides, the cryptocurrency market also benefits when investors believe that the US Federal Reserve (Fed) has completed the interest rate hike cycle starting in March 2023.
If the Fed stops raising interest rates and soon moves to cut interest rates, liquidity levels in financial markets will improve, creating conditions for assets to increase in price.
However, there are still 'headwinds' in the cryptocurrency market.
The Securities and Exchange Commission (SEC) demonstrates efforts to delay the decision to approve a spot Bitcoin ETF. This organization has just postponed the deadline for making a decision on Hashdex's registration application to January 1, 2024./.
Comment on the trading session on November 20: The falling inertia is still quite large
The morning trading session on November 17 continued to be gloomy with liquidity remaining at a low level. Large stocks were under strong profit-taking pressure with the majority of stocks falling, causing the market to lack leadership and not be able to maintain the upward momentum from the previous session. Cash flow tends to shift to stocks with small and medium capitalization, helping many stocks increase strongly such as ITA, HQC, TNT, DLG, QCG, KPF, EVG, JVC, TTF, HAR, TCH, FIT... VN Index slightly decreased at the end of the morning session.
Selling pressure suddenly increased sharply on a large scale in the afternoon session, causing the VN Index to lose nearly 30 points at one point. However, good demand also appeared around the 1,100 point area, helping the index recover slightly and close the session with a decrease of 24.34 points. The VN 30 group lost nearly 30 points with 30/30 codes falling, creating great pressure on the market.
Many bluechips dropped sharply such as MSN, VIC, VHM, VRE, VNM, FPT, SSI, HPG, JVC, VCB, CTG, BID, SAB, MWG... The pillar stocks include banks, securities, steel, oil and gas... also Sinking in the red, the trading session became quite negative. The group of stocks with small and medium capitalization did not remain positive in the morning session but still maintained a light green color with HQC, ITA, NBB, FIT, HNG, PDR, DSX, SCR, ITA...
Most industry groups dropped, causing red to dominate the electronic board. HOSE had 221 green/102 red, HNX had 106 decreasing/51 increasing codes. Trading liquidity soared with a value of over 1 billion USD.
The trading session on November 17 was evaluated quite negatively in terms of both score and market breadth. A positive point noted is that demand around the 1,100 point area is still quite good, helping session liquidity improve significantly and helping the market maintain this important psychological milestone.
The market ended the session forming a long red candle with increased selling towards the end of the session, showing that the pressure to take profits after the recovery is quite large and the downward inertia of the VN Index has not stopped. We hope the area of 1,070 - 1,080 points will help the index bounce back. Investors should calmly observe market developments in the coming trading sessions and avoid selling off during fluctuations.
According to Coindesk data, updated at 12:35 on November 18 (Vietnam time), Bitcoin price traded at 36,360.77 USD/BTC, a slight increase of 0.23% in the past 24 hours. The liquidity of the cryptocurrency with the largest market capitalization is at 33.20 billion USD, down 30.87% compared to November 17. Bitcoin's capitalization reached 710.89 billion USD, accounting for 50.91% of the total capitalization of the cryptocurrency market.
The entire market capitalization recorded at 12:38 was 1,435.34 billion USD, down about 10 billion USD compared to 24 hours ago. Accordingly, the 24-hour trading volume on the market decreased by 19.01% compared to November 17, reaching 48.9 billion USD.
Meanwhile, some other cryptocurrencies have tended to decrease in the past 24 hours. Accordingly, ETH decreased by 2.18% to trade at 1,935.77 USD/ETH. Ripple (XRP) and Solana (SOL) - other popular cryptocurrencies - are also trending down.
Accordingly, at 12:36, among the 10 cryptocurrencies with the largest capitalization, up to 8 coins tended to decrease compared to the previous 24 hours. Meanwhile, Dogecoin (DOGE) has the largest upward trend at 1.96%.
El Salvador achieves high profit rates when investing in buying Bitcoin
According to RT television channel, within 12 months since El Salvador announced the above ambitious plan to add the world's most popular cryptocurrency to the national treasury, the price of Bitcoin has more than doubled.
The price of the world's largest cryptocurrency has increased by 29.2% in the past 30 days and recorded an impressive growth of 121.6% for the entire year. On November 16, 2022, 1 Bitcoin was trading around 16,000 USD. Currently this cryptocurrency is trading above 36,000 USD.
According to Bitcoin historian Pete Rizzo, if the Central American country had stuck with its plan, by now it would have accumulated a total of 365 Bitcoins, worth about $13 million, at a profit. about 3 million USD compared to the previous purchase capital.
Investing in Bitcoin is not the only cryptocurrency initiative promoted by President Bukele. In September 2021, El Salvador accepted Bitcoin as legal tender. Later that year, the head of state announced plans to build a “Bitcoin city” funded by Bitcoin bonds.
The Bitcoin buying efforts, along with a strong push for the cryptocurrency, have boosted tourism to the Central American country but also drawn additional scrutiny from increasingly skeptical international regulators. lack of transparency in Bitcoin purchasing.