Cryptocurrency market today, September 28: Billions of dollars were "blown away" when Bitcoin plummeted

(NLDO)- Last week, Bitcoin closed at $109,600, down more than 5% and becoming the third week with the strongest price loss since the beginning of the year.

On the evening of September 28, the cryptocurrency market recorded mixed developments. Data from the OKX exchange showed that Bitcoin increased slightly by 0.18% to 109,620 USD, but many Altcoins simultaneously decreased: Ethereum fell by 0.5% to 4,000 USD, XRP decreased by 0.08% to 2.78 USD, BNB lost 0.3% to 973 USD, while Solana fell sharply by 1.4% to 200 USD.

Bitcoin closed the week at $109,600, down more than 5% and posting its third-worst weekly decline of the year, according to CoinDesk. The digital currency plummeted from $111,000 to around $109,000 – its lowest level in more than three weeks – after the US Federal Reserve (FED) cut interest rates.

As a result, more than $1.18 billion of investors' money was "blown away" in just 24 hours, with 256,000 accounts being liquidated. Of this, $1.06 billion came from bets that prices would rise.

Overall, Bitcoin only increased by about 1% in the third quarter, while September was almost flat. Currently, the digital currency fluctuates in the range of 107,000 - 111,000 USD, which is considered an important support level. If this level is broken, the risk of falling to 100,000 USD is very high. On the contrary, to regain momentum, Bitcoin needs to surpass 115,000 USD to have a chance to move towards 120,000 USD.

Bitcoin is trading in the $109,620 region. Source: OKX

Also related to cryptocurrencies and crypto assets, a new report by Chainalysis shows that Vietnam continues to be in the top 5 countries with the highest cryptocurrency acceptance in the world , along with India, Pakistan, Brazil and the US.

Of these, India held the No. 1 position for three consecutive years, helping Asia- Pacific become the fastest growing region with transaction value increasing 69% compared to the previous year.

The US rose to second place thanks to spot Bitcoin ETF inflows and a clear legal framework, while Nigeria dropped to sixth place.

Vietnam continues to maintain its appeal to digital assets, reflecting the potential for the cryptocurrency market to grow in Southeast Asia.

According to Chinhphu.vn, last week, during a working trip to the United Arab Emirates (UAE), Permanent Deputy Prime Minister Nguyen Hoa Binh worked with two major exchanges, Bybit and Binance.

At the meeting, the General Director of Bybit, a platform with more than 2.5 million users in Vietnam, affirmed his willingness to accompany in building a legal framework, sharing experiences and training human resources. The Deputy Prime Minister highly appreciated this commitment, emphasizing that developing a legal corridor for digital assets is an urgent task to form an international financial center in Vietnam.

Working with Binance, the Deputy Prime Minister expressed his wish that the group would open a headquarters in Da Nang and cooperate with the Vietnam International Financial Center in deploying a crypto-asset trading floor. He also invited Richard Teng, CEO of Binance and former head of Abu Dhabi Global Market, to be a senior advisor for the development of the center.

Source: https://nld.com.vn/thi-truong-tien-so-hom-nay-28-9-hang-ti-usd-da-bi-thoi-bay-khi-bitcoin-lao-doc-196250928182621204.htm