Vietnam’s crypto market grows fast in 2026 as users focus on choosing the right exchange for their needs.

Vietnam remains one of Southeast Asia’s fastest-growing cryptocurrency markets. High mobile banking penetration, a tech-savvy retail user base, and sustained interest in digital assets have shaped how Vietnamese users interact with crypto platforms. By 2026, the core question for most users is no longer whether crypto can be accessed with Vietnamese dong (VND), but how to choose the right exchange for their specific needs.

Unlike mature markets where users often rely on a single platform, crypto adoption in Vietnam is more fragmented. Exchange selection is typically driven by access method, experience level, and intended use, rather than brand size alone.

Access comes before platform

For VND users, the most critical factor is how local currency is converted into crypto. In practice, most users follow one of three common paths:

• Using fiat on-ramps or third-party payment providers
• Buying crypto through peer-to-peer (P2P) marketplaces
• Starting with region-oriented platforms designed to simplify onboarding

This explains why the concept of a single “best exchange” can be misleading. Different platforms often serve different roles across the user journey.

Global exchanges: Liquidity and market depth

Large global exchanges such as Binance and OKX are widely used in Vietnam, particularly after users have already converted VND into crypto. These platforms are valued for their liquidity, broad asset coverage, and advanced trading infrastructure.

However, access to these exchanges frequently relies on P2P markets or external payment channels. While this setup works well for experienced users, it can introduce additional complexity for beginners who are still learning how crypto transactions function.

Platforms for experienced traders

Some users prioritize execution speed, derivatives access, and advanced trading tools. Platforms like Bybit are often chosen by traders who already understand order types, risk management, and custody considerations.

For these users, fiat onboarding is treated as a functional step rather than a core experience. This model is effective for seasoned participants but may be less suitable for first-time buyers.

Region-oriented exchanges and the beginner entry point

A growing segment of Vietnamese users focuses on minimizing complexity during the early stages of crypto adoption. These users often prefer platforms that emphasize clear onboarding, localized payment flows, and spot trading, rather than feature-heavy environments.

One example of this category is HIBT, a region-oriented exchange serving Southeast Asian users. Instead of competing on advanced trading features, HIBT focuses on simplifying the path from registration to the first trade, making it more accessible for users without professional trading backgrounds. This positioning reflects a broader trend in emerging markets, where ease of use and transparency increasingly influence platform choice.

More information about HIBT’s platform approach and user positioning can be found in this Best Crypto Exchange for Beginners (2026 Guide), which outlines how beginner-oriented exchanges structure onboarding and early trading experiences.

Regulation and risk awareness in Vietnam

As of 2026, cryptocurrency in Vietnam operates within a regulatory grey area. While digital assets are not recognized as legal tender, individuals are generally allowed to hold and trade crypto at their own risk. This environment places greater responsibility on users to understand platform mechanics, fees, and security practices.

As a result, many Vietnamese users prioritize exchanges that provide visible pricing, straightforward interfaces, and clear risk exposure, especially when buying crypto with VND.

How Vietnamese users typically buy Bitcoin

In practice, buying Bitcoin in Vietnam usually involves a process rather than a single platform:

1. Converting VND into crypto through fiat on-ramps or P2P markets
2. Executing spot trades on an exchange aligned with the user’s experience level
3. Managing custody by keeping assets on-platform or transferring to self-custody wallets

Tools that provide transparent market data and decision frameworks also play an important role in helping users make informed choices. For many beginners, understanding how to choose a crypto exchange based on usability rather than hype is often more important than comparing feature lists.

Why a multi-platform strategy is common

Market behavior suggests that many Vietnamese users adopt a multi-platform approach:

• One platform for fiat access
• Another for liquidity and broader markets
• Additional tools for research and market monitoring

This structure reflects a broader trend across emerging markets, where exchanges are viewed as infrastructure rather than all-in-one solutions.

Conclusion

In 2026, choosing a crypto exchange in Vietnam depends less on rankings and more on context. Global exchanges offer liquidity, advanced platforms cater to experienced traders, and region-oriented services help simplify entry for new users.

This diversity explains why multiple platforms — including global exchanges and beginner-focused options like HIBT — continue to coexist within Vietnam’s evolving crypto ecosystem.

Bitcoin (CRYPTO: BTC) came under renewed selling pressure on Thursday as the price slipped below $69,000—the lowest level since November 6, 2024. The move underscored a backdrop of extreme market fear and frantic margin risk, with analysts contending that a potential bottom could be taking shape as short-term holders capitulate and on-chain activity points to exhausted selling. While the technical backdrop remains fragile, a cluster of indicators suggests that the recent wave of panic may be approaching a climax, though traders are wary of any renewed macro catalysts or liquidity shocks.

Key takeaways

• Short-term holders moved roughly 60,000 BTC to exchanges in the last 24 hours, signaling acute selling pressure and a large inflow that has contributed to the downside momentum.
• The Crypto Fear & Greed Index registered “extreme fear,” a level that has historically preceded a bottom and a subsequent bounce in prior cycles.
• Bitcoin’s RSI has reached multi-timeframe oversold levels, indicating seller exhaustion in several horizons and the potential for a near-term rebound if demand returns.
• Glassnode data show the seven-day moving average of realized losses climbing above $1.26 billion per day, a sign of rising fear in on-chain behavior and a potential capitulation event.
• Bitcoin’s capitulation metric posted its second-largest spike in two years, a pattern that historically aligns with rapid de-risking and heightened volatility as traders reset positions.

Tickers mentioned: $BTC

Sentiment: Bearish

Price impact: Negative. The renewed selling pressure and significant exchange inflows pushed BTC below key support, intensifying near-term downside risk as market participants reassess risk exposure.

Trading idea (Not Financial Advice): Hold. The combination of extreme fear, oversold RSI, and on-chain capitulation signals could precede a relief rally, but risk management remains essential while the market tests support levels.

Market context: The price action unfolds amid fragile liquidity conditions and a broader risk-off environment that has weighed on crypto assets. As traders parse on-chain signals against macro headlines, episodic capitulation events have tended to precede volatile but recoverable periods, with price action often drifting between fear-driven capitulation and later upside momentum once conviction returns.

Why it matters

The current wave of selling—centered on short-term holders—highlights a critical phase in the Bitcoin cycle. When a large bloc of supply shifts to exchanges at a loss in a short window, it can create a temporary liquidity squeeze that tests the resilience of bids at nearby levels. In the latest data, roughly 60,000 BTC moved from short-term holders to wallets on centralized venues in just one day, a move valued at about $4.2 billion at prevailing prices. This inflow exacerbates selling pressure, particularly in a market that has already faced a string of sharper-than-expected corrections. The dynamic underscores the risk that fresh headlines or macro surprises could reintroduce volatility before buyers re-emerge.”

Another powerful signal comes from the Fear & Greed Index, which sits in the realm of “extreme fear.” The gauge has historically punctured lower during capitulations, yet it also marks a potential turning point when fear peaks. The latest reading aligns with other cycles where a bottoming process has followed intense pessimism, before sentiment gradually shifts as risk appetites reappear among value-focused or long-term participants.

On-chain psychology also appears to be stabilizing, even as prices test psychological thresholds. Glassnode notes that the seven-day realized-loss metric has climbed past $1.26 billion per day, reflecting a surge in realized losses across the market. In their view, spikes in realized losses often coincide with moments of acute seller exhaustion, where marginal selling pressure begins to fade as market participants mark down losses and reassess risk. The capitulation metric, meanwhile, recorded its second-largest spike in two years, signaling a period of aggressive de-risking that typically precedes a more orderly reallocation of exposure once price discovery resumes.

The RSI, a widely watched momentum indicator, also reinforced the notion of an oversold regime across multiple timeframes. Coinglass’ heatmap shows BTC’s RSI flashing oversold conditions on five of six studied horizons. Specifically, the 12-hour RSI sits around 18, the daily around 20, and the four-hour near 23, with weekly and hourly readings also signaling distress. Some analysts have pointed to the weekly RSI near 29 as the most oversold level since the 2022 bear market, a milestone that has historically preceded relief rallies rather than fresh lows. In a market known for abrupt shifts, such readings are often interpreted as evidence of seller exhaustion rather than a guarantee of near-term direction.

Market observers have not avoided drawing parallels to prior capitulation episodes. A prominent sentiment analyst argued that this is “the most oversold” condition since the FTX crash, hinting that panic-driven selling could be approaching a climax even as price action remains fragile. Others urged patience, suggesting that risk/reward can improve when major players either accumulate at discounted levels or when the small-trader crowd exhibits a degree of disbelief that helps shore up a bottoming process. The broader narrative remains clear: extreme fear plus concentrated selling could lay the groundwork for a counter-move, but confirmation will come only with sustained price action and a shift in on-chain behavior.

Analysts cautioned that while the current conditions are telling, they do not guarantee a bottom that will immediately resume a longer-term uptrend. The price regime remains vulnerable to sudden shifts in macro liquidity, regulatory developments, or shifts in major exchange flows. Yet, the logic of capitulation—defined by a broad-based exit from risk and the erosion of conditionally profitable positions—has historically been followed by a re-pricing of risk as buyers step back in and price discovery restarts. In this context, several voices have framed this phase as a potentially fertile point for accumulation, provided that risk controls are in place and the market finds a credible catalyst to re-anchor value expectations.

What to watch next

• Price stabilization near current support levels and any intraday rebound following the extreme fear readings.
• Further on-chain data from CryptoQuant and Glassnode showing whether short-term holder outflows ease and whether realized losses begin to retreat.
• The evolution of RSI across multiple timeframes and any divergence that could hint at renewed buying interest.
• Liquidity conditions and macro developments that could reintroduce coordinated bid support for BTC and risk assets more broadly.

Sources & verification

• CryptoQuant data on 60,000 BTC moving to exchanges by short-term holders over 24 hours.
• Glassnode commentary on seven-day realized losses averaging above $1.26 billion per day and the capitulation metric spike.
• Crypto Fear & Greed Index reading at extreme fear (12) and historical context for similar levels.
• Coinglass RSI heatmap showing oversold conditions across multiple timeframes for BTC, including weekly RSI near 29.
• Santiment and other analyst commentary referencing sentiment shifts and potential near-term relief rallies.

Market reaction and key details

Bitcoin (CRYPTO: BTC) traded with renewed weakness on Thursday as the price slipped below $69,000, a level not seen since November 2024. The move came amid a confluence of on-chain signals and sentiment metrics that suggest investors are bracing for further volatility while some traders anticipate a bottom could be forming. The latest data show a substantial transfer of BTC from short-term holders—investors with a holding period under 155 days—to exchanges, with roughly 60,000 BTC moved in a single 24-hour period. At current prices this corresponds to about $4.2 billion in value, highlighting the scale of the near-term selling pressure and its potential to prolong downside risk if bids remain thin.

Observers on X noted that “the correction is so severe that no BTC in profit is being moved by LTHs,” underscoring a perceived capitulation among longer-term investors who might otherwise absorb losses and help stabilize prices. The sentiment is echoed in the weekly RSI readings, which place Bitcoin in a deeply oversold territory not seen in years. The heatmap from Coinglass confirms that the RSI is oversold on five of six timeframes, with readings such as 18 on the 12-hour and 20 on the daily frame, among others, signaling that selling pressure could be drying up even as prices test critical support. While some analysts describe the situation as an opportunity for buyers, others warn that risk remains high until a durable bid is reestablished and macro catalysts align with improved liquidity conditions.

The fear-driven mood is reinforced by the Crypto Fear & Greed Index, which sat deeply in the “extreme fear” zone. Historical patterns suggest that such levels often precede a turning point, though there is no guarantee of a swift recovery. Analysts have pointed to past episodes where heavy selling pressure and a retreat from risk assets gave way to a slower, more deliberate re-pricing of risk and a gradual incursion of buyers who see value at muted prices. Yet, the path forward remains contingent on a confluence of supportive signals, including on-chain activity that signals accumulation and renewed bid depth in the order book.

Several observers note that while the immediate narrative remains bearish, the prevailing combination of oversold momentum, high realized losses, and isolated capitulation spikes can set the stage for a temporary relief rally if buying interest returns and risk sentiment improves. The debate among market participants continues to hinge on whether the current episode is a definitive bottoming process or merely a dread-filled pause before fresh downside. As always, investors should watch liquidity, regulatory developments, and macro cues for decisive clues about the next leg of the cycle.

Merkle Trade, the largest decentralized perpetual futures exchange on Aptos by trading volume, said in an X post on Feb. 3 that it will begin winding down operations over the coming weeks.

The team said the decision followed “careful consideration” and comes after the platform processed nearly $30 billion in cumulative trading volume since launch. Without specifying a reason for the winddown, the statement concludes: “But we are proud of what we built, and grateful to everyone who was part of it.”

According to the announcement, new positions will be disabled on Feb. 6, with all remaining positions forcibly closed on Feb. 10. Merkle Trade’s native MKL token will become redeemable without fees or withdrawal delays, while a final revenue distribution is scheduled for Feb. 12, after which staked MKL can also be redeemed, the announcement said.

The price of MKL spiked 11.5% in the past 24 hours, though the token is down 90% from its all-time high in December 2024.

Launched in late 2023, Merkle Trade offered non-custodial derivatives trading alongside features such as trading missions and loot boxes, leaning heavily into game-like mechanics.

That approach helped Merkle raise $2.1 million in a seed round in April 2024 led by Hashed and Arrington Capital, with participation from Aptos Labs, Morningstar Ventures, Amber Group and others.

By May 2024, total value locked (TVL) on the platform peaked at more than $7.4 million, according to DefiLlama data. Since then, TVL has fallen by more than half to about $3.47 million, making Merkle Trade the 17th-largest protocol by TVL on Aptos at press time.

Among the four Aptos-based perp DEXs listed on DefiLlama, however, Merkle is the leader by far, accounting for $12.4 million of the total $13.68 million in perp volume on the chain in the past 24 hours.

Aptos Struggles

Merkle’s slide in TVL since 2024 reflects weakness across the broader Aptos ecosystem, where total value locked is currently around $332.6 million, making it the 16th-largest chain by DeFi TVL.

Current TVL across the ecosystem is down more than 70% from December 2024 where it was over $1.2 billion, and back to levels last seen in the summer of 2024.

App revenue on the network, however, increased in 2025, though it remains relatively low. Weekly revenue from decentralized applications (DApps) on Aptos is led by DEX PancakeSwap, with $44,396 followed by Merkle Trade with $29,575.

By comparison, the top-four chains by app revenue today — Solana, Hyperliquid L1, Ethereum and EdgeX — have all recorded over $1 million in the past 24 hours.

The broader perp DEX sector exploded in 2025, with 24-hour volumes now outpacing most centralized exchanges. Hyperliquid has led the sector by trading volume, with rivals Lighter and Aster sometimes taking the lead.

U.S. Treasury Secretary Scott Bessent fired warning shots at crypto insiders who are pushing back in the negotiations over a digital assets market structure bill in the Senate — briefly aligning with Democratic Senator Mark Warner in expressing frustration during a hearing on Thursday.

“There seems to be a nihilist group in the industry who prefers no regulation over this very good regulation,” Bessent said in testimony before the Senate Banking Committee. 

“Amen, brother,” said Virginia Senator Warner, one of the key Democratic negotiators on the bill. “So weigh in.”

“I do,” Bessent responded. “Early and often.”

A number of crypto industry participants, including Coinbase CEO Brian Armstrong, have been critical of provisions in the bill, pointing to concerns around how it addresses decentralized finance regulation, stablecoin yield rewards and the way it defines tokens as securities. Armstrong’s withdrawal of support for a version of the legislation moving through the Senate Banking Committee last month had been consequential.

Warner said in the hearing that a further meeting is expected on the regulatory effort within the next few days, and he suggested Bessent was set to be invited. In those ongoing talks, Warner has been an outspoken voice on crypto’s illicit finance threats, leading much of that discussion in the legislative negotiations.

“I feel like I’m in crypto hell,” Warner said, eliciting some laughs in the hearing room. “We are working our tail off.”

He said other technical points in the bill can be resolved, but he suggested addressing “some of the gaps” related to national security and decentralized finance (DeFi) remains his focus.

“We’ll deal with yields and rewards; we’ll deal with a host of other issues; but these national security issues around DeFi are real, and we need to not create a set of rules that leaves huge exemptions and, candidly, takes away some of the prosecutorial powers that exist today,” Warner said.

Bessent, who didn’t call out any resistant crypto industry representatives by name, went on to underline the importance of passing the Digital Asset Market Clarity Act in the Senate. The bill has struggled to maintain momentum as lobbyists from crypto and banking have clashed with each other over the question of stablecoin yield and lawmakers from the parties can’t find agreement on certain other provisions. The Treasury secretary argued the industry can’t advance in the U.S. unless the bill passes.

“It’s impossible to proceed without it,” he said. “We have to get this Clarity Act across the finish line. And any market participants who don’t want it should move to El Salvador.”

Bessent said that he thinks the earlier GENIUS Act to regulate U.S. stablecoin issuers struck a good balance that can eventually be repeated in the Clarity Act.

“There seem to be people who want to live in the US, but not have rules for this important industry, and we’ve got to bring safe, sound and smart practices and the oversight of the U.S. government, but also allow for the freedom that is crypto,” Bessent said, adding that as both parties continue to work on the Clarity Act, it can get “across the line this year.”

Read More: Crypto’s U.S. Policy Aims May Pivot on Resistance from Democratic Senator Warner

“Every hour a payment is delayed is capital that cannot be reinvested, scaled, or compounded.” Cross-border payments remain one of the most complex challenges in global finance. Despite advances in digital banking and fintech infrastructure, many international transactions still take days to settle. Multiple intermediaries, fragmented regulations, and inefficient reconciliation systems continue to slow down money movement.

For fintech founders, payment service providers, and institutional investors, these delays translate into higher costs, liquidity constraints, and lost customer trust. A TRON-enabled stablecoin payment platform offers a modern alternative. Businesses can enable near-instant, low-cost, and transparent international payments by combining blockchain settlement with fiat-pegged digital assets.

This guide explains how such platforms work, why TRON plays a critical role, and how organizations can implement scalable systems to eliminate cross-border payment delays.

Understanding the Real Problem Behind Cross-Border Payment Delays

Cross-border payment delays are not caused by a single technical limitation. They are the result of structural inefficiencies embedded in traditional banking systems. Even with digital interfaces, most international transactions still depend on fragmented infrastructure, multiple intermediaries, and manual verification processes.

For scaling fintech companies and global payment operators, these frictions directly impact liquidity management, customer satisfaction, and operational margins. Without a modern stablecoin payment platform, businesses remain dependent on slow settlement rails that limit their ability to compete in real-time financial markets.

Key Friction Points in Traditional Cross-Border Payments

What does this mean for payment leaders?

• Speed Remains Unreliable
• Availability Is Limited
• Compliance Slows Execution
• Intermediaries Inflate Costs

The root issue is continued dependence on legacy rails and intermediary-heavy models. Incremental upgrades rarely solve these problems without comprehensive stablecoin payment platform development. Sustainable improvement requires rebuilding settlement workflows at the infrastructure level.

Why TRON Is a Preferred Network for Stablecoin Payment Platform Development 

When evaluating blockchain networks for stablecoin payment platform development, real-world usage and performance matter most. TRON offers a blend of high throughput, low fees, and strong adoption, making it a practical choice for payment infrastructure.

TRON’s technical characteristics support reliable payment orchestration:

• High transaction speed helps reduce settlement time compared to traditional rails.
• Low network costs make stablecoin transfers more economical, improving margins.
• Mature ecosystem adoption means wider developer support and integration options.
• Stablecoin compatibility ensures seamless settlement workflows for USDT and other assets.

These traits have contributed to TRON’s growth and positioned it as a strong foundation for building a Stablecoin Payment Platform that meets enterprise performance and scalability needs.

How a TRON-Enabled Stablecoin Payment Platform Works

• Payment initiation: Customers trigger transactions through wallets or integrated apps. The system validates identity and balance before processing.
• Merchant and gateway processing: Merchant systems connect via APIs. The payment gateway applies routing rules, fees, and compliance checks.
• Transaction orchestration: The platform prepares, signs, and routes transactions while managing fallback and risk controls.
• TRON settlement layer: Stablecoin transfers are executed on the TRON network, enabling near-real-time settlement and transparent records.
• Liquidity and on/off ramps: Integrated exchanges and custodians convert between fiat and stablecoins for local payouts and treasury management.
• Security and custody management: Multi-signature wallets, cold storage, and access controls protect digital assets.
• Compliance and monitoring: Automated KYC, AML, and transaction screening ensure regulatory alignment.
• Reconciliation and reporting: On-chain data and system logs enable automated accounting and settlement reporting.
• Integration and scalability: APIs connect with banking systems, ERPs, and marketplaces, supporting long-term growth.

When these components operate together, they form a unified, secure, and high-performance Stablecoin payment system, making professional stablecoin payment platform development essential for building scalable, compliant, and future-ready global settlement systems.

Business Benefits of Adopting Stablecoin Payment Infrastructure

For fintech operators, payment platforms, and global enterprises, implementing a TRON-enabled solution delivers measurable and long-term business value. Beyond technical efficiency, it directly improves financial performance, operational resilience, and market competitiveness.

• Faster Settlement Cycles: TRON-based settlement enables funds to move within minutes instead of days. This accelerates cash flow, reduces working capital pressure, and improves treasury visibility. For high-volume platforms, faster settlements supported by a modern stablecoin payment platform translate into better liquidity planning and reduced dependency on credit lines.
• Lower Operating Costs: Traditional cross-border payments involve multiple intermediaries, each charging processing and reconciliation fees. A blockchain-based settlement layer removes many of these cost centers. Combined with automated workflows, this significantly lowers per-transaction expenses and improves margin sustainability.
• Improved Customer Experience: End users increasingly expect instant and transparent payments. Delayed settlements and unclear fee structures lead to churn and reputational risk. A reliable stablecoin payment system enables faster transfers, real-time status updates, and predictable pricing, strengthening user trust and platform retention.
• Global Market Expansion: TRON-enabled platforms allow businesses to operate in regions with limited banking infrastructure. This enables payment providers to serve underbanked populations and emerging markets without establishing local correspondent relationships. 
• Better Risk Control and Compliance: On-chain transaction records provide immutable audit trails, while integrated compliance tools support automated monitoring and reporting. This improves governance, reduces fraud exposure, and simplifies regulatory engagement. For institutional clients, these features are essential for long-term adoption.
• Stronger Investor and Partner Confidence: Transparent settlement logic, predictable costs, and scalable infrastructure make payment platforms more attractive to investors and strategic partners. Platforms built through structured payment system development demonstrate operational maturity and long-term viability, which support fundraising and partnership negotiations.

For founders, executives, and investors, TRON-based stablecoin infrastructure is not merely a technology upgrade. It is a strategic lever for improving profitability, reducing operational risk, and accelerating market entry.

Key Considerations Before Implementation

While the technology is mature, successful deployment requires careful planning.

1. Regulatory Compliance

A production-ready platform must support:

• Know Your Customer procedures.
• Anti-Money Laundering screening
• Transaction monitoring
• Regulatory reporting