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Monday, September 11, 2023

Bitcoin Price Hits 1-week Low

Investors hoping for crypto to become a respectable asset class may benefit from the price of bitcoin’s stagnation, as the ride will be less volatile.

After staying around $19,000 for nearly a month, bitcoin’s volatility has decreased to the point that it is now lower than the Nasdaq and S&P 500, according to Kaiko.

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On Friday, a research firm announced that BTC’s 20-day rolling volatility had dropped below those of major stock indices for the first time since 2020. It had dropped on Monday to the point where its volatility was on par with the Nasdaq. Many veteran crypto investors will be relieved to hear this, as they are hoping that a reduction in the volatility of cryptocurrency prices will encourage more people to become involved.

Bitcoin 1-week Lowest Prices

Kaiko added that despite BTC’s increased sensitivity to macroeconomic data releases, the gap between BTC’s and stocks’ 30-day and 90-day volatilities has been diminishing since the middle of September. (Even though bitcoin’s correlation with stocks has decreased, it is still rather high, and BTC’s price is still driven by macro themes.) Following a brief uptick in the dollar index and a rise in the 10-year U.S. Treasury yield to a 14-year high, bitcoin dropped briefly below the $19,000 level on Friday. Although it first fell, it has since recovered.

Based on data provided by Coin Metrics, the current price of a bitcoin is $19,189, an increase of 0.7% from the previous price. It hit a low of $18,677.50 earlier in the day. After finding a low of $1,254.80, ether is now trading at $1,302.40, a gain of 1.4%. For the first time since 2008, the yield on the 10-year U.S. Treasury note reached 4.308% on Friday before retreating on a report that some Federal Reserve members are worried about overtightening with rate rises. After briefly reaching a session high of 113.906, the dollar index quickly began to retreat.

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