Bitcoin price fell sharply again

 Over the past 24 hours, the Bitcoin price fluctuated wildly. After suddenly climbing to $42,500/1BTC last morning (March 10), by this morning (March 11), Bitcoin price turned back to plummet, falling to the $38,000 mark.

Specifically, according to updated data from CoinDesk at 8:10 am today (March 11), Bitcoin price was trading at $ 38,951.03, down 6.95% compared to yesterday. In the last 24 hours, the highest price of Bitcoin reached 41,948.5 USD, the lowest at 38,604.15 USD.

According to CoinGecko data, Bitcoin trading volume over the past 24 hours is over $27 billion. The market capitalization of Bitcoin as of this afternoon reached more than 741 billion USD.

The sharp decline of Bitcoin caused many other cryptocurrencies to also plunge without stopping, the digital currency market was in the red.

In the past 24 hours, Ethereum is down 5.22%, to a price of $2,571; XRP down 4.72%, price down to $0.731; Solana is down 6.81%, at $81.90; Cardano fell 5.66%, to a price of $0.797; Stellar is down 7.93%, priced at $0.175; Polkadot fell 5.67%, down to $16.85; Dogecoin fell 4.27%, to a price of 0.115 USD; Polygon down 5.61%, price is 1.42 USD; Bitcoin Cash drops 7%, price reaches $285.49...

The sharp devaluation of Bitcoin and many other important cryptocurrencies has caused the total capitalization of the cryptocurrency market to plummet. The total capitalization of the cryptocurrency market this morning stood at just over $1.815 billion, down 5.3% from yesterday.

Experts say that the price of Bitcoin and many other cryptocurrencies increased sharply yesterday due to the news that US President Joe Biden is about to sign an executive order with the content "supporting responsible innovation" related to cryptocurrency sector. In addition, the US Treasury Department will also investigate potential risks to the financial system, illegal funding and consumer protection.

However, according to Vijay Ayyar, Vice President of Luno Cryptocurrency Exchange, the market reacted positively to this news, but the momentum was not strong enough to push Bitcoin price above resistance.

Meanwhile, according to some analysts, Bitcoin is once again proving to be a risk asset, after rallying 10% within the past day and then turning sharply lower.

Recently, the cryptocurrency market has also been negatively affected by fluctuations surrounding the war between Russia and Ukraine.

Recent developments in the cryptocurrency market have led many to no longer believe that Bitcoin is "digital gold". Many investors are turning their attention from cryptocurrencies to the commodity markets.

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