Bitcoin plummets.

At 7 AM this morning, January 10th, the price of Bitcoin on the Bitstamp exchange was $7.829, down 1,9%, equivalent to a loss of $150 per coin. According to CoinMarketCap, in the last 24 hours, the trading volume of Bitcoin reached $23,8 billion, with a market capitalization of $1. market It was pulled down to $142 billion.

Bitcoin reached its year-high of $8.450 in the middle of the week, but the upward momentum failed to consolidate, and the leading cryptocurrency by market capitalization quickly declined to its current level.

Market developments show that Bitcoin began to rise last week following the crisis in Iran. Many analysts believe that global geopolitical events have made investors more cautious, seeking safe-haven assets like gold or Bitcoin.

However, market analysts offer differing predictions about Bitcoin's future. Professional Bitcoin analyst and trader Tone Vays believes Bitcoin will struggle above $8.000. Based on comparisons to the price surge at the end of November last year, Tone Vays believes that the unexpected increase last week is not enough to indicate a long-term bullish trend. This analyst suggests there is a 60% chance Bitcoin will fall below $7.000. Currently, Bitcoin has already fallen below $8.000.

Meanwhile, Bloomberg Intelligence strategist Mike McGlone predicts that this cryptocurrency will continue to increase in value this year, due to its fixed supply and growing acceptance. “Volatility will decrease. The support level in 2020 will be $6.000 and the resistance level will be $10.000,” Mike McGlone stated.

Former Goldman Sachs analyst Murad Mahmudov says Bitcoin is in the early stages of a long-term bull market. Mahmudov believes Bitcoin will soon regain its momentum and experience strong growth in 2020.

Similarly, BitPay's chief commercial officer, Sonny Singh, stated that Bitcoin will reach $20.000 this year thanks to "macroeconomic factors and unexpected events."

While Bitcoin declined, other leading cryptocurrencies also plummeted, creating a sea of ​​red on the CoinMarketCap trading screen. Specifically, Ethereum lost 1,33% to $138, with a market capitalization of $15,1 billion.

Ripple fell 1,7% to $0,204, with a market capitalization of $8,8 billion.

Bitcoin Cash fell 0,08%, Litecoin fell 0,4%, EOS fell 0,5%...

The top cryptocurrencies plummeted, causing the total market capitalization to temporarily stand at $209 billion this morning, with a 24-hour trading volume of $76 billion.

In Vietnam, the current Bitcoin trading price is 179 million VND, down 2,7%. Notably, trading activity is not as vibrant as during the cryptocurrency boom of late 2017. The main reason is that investors have not yet regained confidence after the heavy losses suffered in late 2017 and early 2018.