Bitcoin Volatility Drops To Lowest Since May

Getty

Bitcoin has been trading within a reasonably tight range, its volatility reaching the lowest point in more than four months today.

The digital currency’s 30-day volatility hit a reading of 47% today, the least since May 10, according to research from asset manager Blockforce Capital.

In addition, its 60-day volatility also declined to a reading of 54%, the lowest since May 10, additional figures from Blockforce Capital show.

The chart below helps show these developments:

Blockforce Capital and Digital Asset Data

Bitcoin’s ‘Slump’

For more than a month, bitcoin has been fluctuating mostly between $10,000 and $11,000, CoinDesk data reveals.

Several analysts weighed in on this situation, emphasizing that the digital currency is experiencing lackluster sentiment.

“Hype has absolutely died down around Bitcoin,” said Erik Finman, a cryptocurrency entrepreneur who attained millionaire status at a young age by investing in the world’s most prominent digital asset. 

The cryptocurrency is in a “slump,” he stated.

“Volatility is some of the lowest we’ve seen in a long time,” emphasized Tim Enneking, managing director of Digital Capital Management.

“Clearly, BTC is consolidating,” he added.

“Interestingly, it has been consolidating recently in the upper half of the ever-narrowing pennant it’s been stuck in since the early June 2019 peak. This is the first time that’s happened in over three months.”

[Ed. note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.] 

‘Wait-And-See’ Mode

Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital,…

Source Link