Bitcoin's price has nearly halved since reaching a peak of $126,000 in October 2025, severely impacting Vietnamese crypto asset holders and local companies. Approximately 55% of individual crypto investors in Vietnam reported losses last year, with numerous startups facing bankruptcy, layoffs, or downsizing. Local crypto projects, ranging from NFTs to blockchain lending and trading services, have been significantly affected. Blockchain company Ninety Eight has reduced its workforce by nearly one-third since last year, according to co-founder Nguyen The Vinh.