Odd Price Action: Bitcoin (BTC) Drops Then Surges $300 in Under an Hour

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Volatility has quickly returned to Bitcoin (BTC) after odd price action saw BTC drop to $6,170 before immediately surging to nearly $6,500 before settling around $6,430.

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The last time we saw similar price action was back in late August when Bitcoin surged more than $300 after the leveraged cryptocurrency trading platform, BitMEX, entered into a scheduled maintenance period.

Despite the isolated spikes in volatility, Bitcoin has not reacted significantly to fundamental events in either direction for some time. In fact, the price of Bitcoin is rapidly approaching the lowest period of volatility in nearly 16 months.

While it’s difficult to determine the exact cause of this stability, it may be that many investors are awaiting the outcome of the September 30 SEC decision¬†to allow or deny the listing of the¬†Cboe VanEck/SolidX ETF backed by Bitcoin.

More: Here’s Why Bitcoin (BTC) Will Probably Trade Sideways Through September

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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