Bitcoin showed stable trend over last seven days

The one thing, perhaps no one likes about cryptocurrency market is its volatility over years. Many coins came and vanished in the dust of time. There is hardly any indicator to predict the trend for crypto market. Over the years, Bitcoin has emerged as the number one crypto currency and so far it has successfully maintained its reputation. Over the past 12 months, Bitcoin has moved from $5000 to an unbelievable $20,000 and fall back under $7,000.

Last month, U.S Security and Exchange commission (SEC) rejected application to legalize for Bitcoin traded Fund. Later on, application was accepted for review. SEC’s major concern is Bitcoin’s unpredictable price swings and manipulation. This review application has potentially gave a fresh hope to crypto market and investors came in front to save the crypto coins.

SFOX has suggested that there has been a drop-off in price variations on crypto assets for this year. According to the report, difference in Bitcoin and cryptocurrency is not more than one tenth of 1%, according to SFOX.

“Before institutional firms were actively trading crypto or heavily involved (before 2018) bitcoin price differences between exchanges varied as high as 4.5%,” Danny Kim, head of growth at SFOX, told Business Insider.

Wall Street Giants such as Goldman Sachs and ICE, the parent company of the New York Stock Exchange, have shown interest to begin cryptocurrency trading to clients, while money managers and endowments have also joined the market. However, investors are betting that Bitcoin price will fall more. Traders are also giving up that it will reach to its highest limit any time sooner. Despite what investors think, Danny Kim is quite positive about the future of cryptocurrency and hope for its long-term stability.

He said, as this trend continues, the stabilizing effects of institutional investment will extend beyond price spreads, and on to price fluctuations. Eventually, it could even come to the point where bitcoin could come to resemble the stable coins people are looking to for payments and is used for Satoshi Nakamoto’s original vision: a “Peer-to-Peer Electronic Cash System.

Add your comment

Your email address will not be published.