Bitcoin price exceeds USD 50,000 / VND

The strong momentum of the past few days has pushed the Bitcoin price above the $ 50,000 mark, marking its highest level in almost a month.

Bitcoin price rose sharply on October 5th (Vietnam time) according to data from CoinMarketCap. Price jumps from intraday lows $ 47,000/ dong surpasses important level $ 50,000/Copper.

The world’s largest cryptocurrency will be traded from 5:30 p.m. $ 50,200/ dong, 5.61% more than in the last 24 hours. Increasing dynamism brings market capitalization to the threshold 945 Billion USD. Bitcoin’s share of the total cryptocurrency market reached 43.14%.

Thus, the Bitcoin price has risen by almost 20% in the last 7 days. This is the first time Bitcoin has made a return at a major price point $ 50,000/ dong after almost 1 month.

On October 5th (Vietnam time) the Bitcoin price again reached the important milestone of 50,000 USD / dong. Photo: CoinMarketCap.

Roll form $ 50,000/Copper

Meanwhile, ether recorded an increase of more than 3% $ 3,439/Copper. Compared to the last 7 days, the price of Ether has increased by 18.44%. The market capitalization of the second largest cryptocurrency exceeds the mark 400 Billion USD.

The price of Binance Coin – the third largest cryptocurrency – rose 5.05% 440 USD/Copper. Compared to a week earlier, the coin has increased in price by more than 30%.

Other cryptocurrencies also rose in price. The total crypto market capitalization rose 3.77% 2,200 Billion USD.

“Bitcoin price rose last weekend and passed the key threshold 45,000 USD/ Copper and powered quickly, “financial expert Craig Erlam (based in London) told Zing.

Mr. Erlam assessed the threshold $ 50,000/ dong is Bitcoin’s great test. According to him, after crossing this mark, a new wave of optimism will flood the cryptocurrency market.

Bitcoin price has risen sharply in the past 7 days. Photo: CoinMarketCap.

According to financial expert Jeffrey Halley (based in Singapore), the price of Bitcoin – the asset known as “digital gold” – rose sharply when USD weaknesses. According to him, economic uncertainty has weighed on the greenback.

On October 5, the USD index fell 0.08 points from the previous day to 93.88 points. Investors are waiting for US employment data to be released at the end of the week, according to expert Halley. This report can help predict the next steps the US Federal Reserve (FED) will take.

When USD Investors tend to put money into hedges against the risk of currency devaluation and stores of value like gold and bitcoin.

In addition, according to financial expert Edward Moya of consulting firm Oanda (based in the US), cryptocurrency prices rebounded as risk appetite returned. As regulatory concerns abate, investors are optimistic that the U.S. is moving closer to a Bitcoin Exchange Traded Fund (ETF).

Strong momentum

Indeed, Bitcoin’s upward momentum has resumed following comments from Mr. Gary Gensler – Chairman of the US Securities and Exchange Commission and Mr. Jerome Powell – Chairman of the Fed.

Specifically, at the North American Asset Management Futures Conference, Mr. Gary Gensler – Chairman of the US Securities and Exchange Commission.SEK) – indicates possible futures-based Bitcoin ETFs. Mr. Gensler emphasized that this is his personal opinion and does not represent SEK.

The agency is also interested in new technologies and their practical application in the financial system.

Mr Gensler first spoke out in favor of bitcoin futures ETFs in August and said he would open bitcoin funds to the market under certain conditions.

So far, there have been more than 20 Bitcoin ETF proposals from many companies including big names like Vanark, Morgan Stanley … and are waiting for a review.

When asked about the steps taken by Chinese authorities to ban cryptocurrency trading, Jerome Powell said Washington would not take such negative steps.

Instead, he said the US government would regulate the market through regulations. According to experts, the application of new regulations could help Bitcoin and other cryptocurrencies move closer to common financial assets.

“The Fed chairman drew attention by saying the Federal Reserve has no plans to ban cryptocurrencies,” Oanda’s Moya said.

“But just as importantly, the US Bureau of Industry and Security (BIS) believes that central bank digital currency cannot replace cryptocurrencies,” he added.

According to the Oanda expert, the SEK The green light for Bitcoin ETFs and regulations for the crypto market will help Bitcoin and others move closer to mainstream financial assets. This could attract even more institutional and retail investors.

Thao Phuong

ZING