Bitcoin is in green by 0.24% with a low daily trading volume of $3.2 billion as volatility takes a hit. A swing in volatility can be attributed to the CME bitcoin futures expiring. Meanwhile, other two top cryptos Ethereum (ETH) and XRP are also registering the greens.
Poised for a short-term rise?
Bitcoin today is seeing an of green of about 0.24 percent after days of no activity as the volatility collapsed in the crypto market. With this looks like the price hibernation is finally coming to an end. At the time of writing, Bitcoin has been trading at $6,486 while the daily trading volume is still maintaining lows at $3.2 billion.
The low trading volume and activity doesn’t present an outlook of higher breakout, at least in the short term.
Crypto market as a whole is feeling the effect, as cryptocurrencies see a positive movement in the prices. The market is registering the maximum gains of 18% while the top three cryptocurrencies are gaining the momentum as shown in the below chart:
A swing in the volatility could also be attributed to the fact that the CME Bitcoin futures for the October month are expiring as Tweeted by the popular crypto trader, Crypto squeeze who also mentioned a movement of “I’m thinking $120,”
The green seems to be back with enthusiasm as the global stock market is falling in the bear territory. As we reported yesterday, the US stock market from S&P 500, FTSE, to Nasdaq along with Asian stock market is falling. The tech stocks are bearing the brunt of the losses while the dollar strengthens.
A positive news came from China as after banning the Bitcoin and cryptos in the country, now the Chinese court rules BItcoin is protected by law as property due to the fact that the laws and regulations of the country do not prohibit the ownership and transferring of Bitcoin.
Meanwhile, Visa CEO Al Kelly, recently shared that whenever the need arises they will integrate crypto,
“If we actually think that crypto starts moving from being more of a commodity to actually really being a payment instrument…If it goes in that direction, we will move in that direction. We want to be in the middle, Jim, of every payment flow in the world regardless of how it happens or what the currency is behind it. So if we have to go there, we will go there. But right now, it’s more of a commodity than a payment vehicle.”