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.
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.