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According to CCN's October 9 report, Bloomberg analyst Mike McGlone said that when it comes to the decline in cryptocurrency trading, this is a mature market, so volatility should continue to decline. A new market will be very unstable in the early stages of development. It will not mature until more participants, more derivatives, more hedging, arbitrage and trading methods emerge. Follow Me:
(Source: ccn.com)
As of now, Bitcoin continues to maintain low volatility at the $6,500 mark. Experts say the cryptocurrency market is maturing as more capital flows come from traditional financial sectors.
The seller is weak or welcomes the Mavericks
According to Bloomberg analyst Mike McGlone, the decline in volatility in the mainstream cryptocurrency is one of the signs that the cryptocurrency market is maturing. He said that the cryptocurrency market is beginning to gain a foothold and find a comfort zone at a lower price range.
- Mike McGlone said:
This is a mature market, so volatility should continue to decline. A new market will be very unstable in the early stages of development. It will not mature until more participants, more derivatives, more hedging, arbitrage and trading methods emerge.
(Source: ccn.com)
In view of the price stability, price analyst Rampage said that the bitcoin price has clearly bottomed out. Even if the transaction volume of the cryptocurrency market now falls below $10 billion, it is difficult to see Bitcoin fall below current levels.
Similar to the opinion of billionaire investor Mike Novogratz, Rampage stressed that the seller's fatigue has begun to show up and the bears are no longer willing to sell at a low price of $6,000.
Volume is the biggest problem
In the past seven days, the low transaction volume of Bitcoin has had a serious impact on other currencies. Although the token has experienced a sharp increase since October 8, but due to lack of motivation, Bitcoin has not yet made a major breakthrough. At the beginning of this month, the support level of Bitcoin of $6,500 continued to decline, and market transactions continued to be sluggish.
Encrypted currency analyst Edward Morra released a report this week that Bitcoin hit the lowest volume in 2018. The unexpected drop in Bitcoin trading volume means that two situations arise. Due to market uncertainty, either the market exhibits seller fatigue or the trader does not trade at all in the cryptocurrency trading market. These two factors may jointly affect Bitcoin's short-term price movements, maintaining a record-breaking stability at the $6550 mark.
In the past month, there has been a positive factor in the bitcoin price trend, that is, this number one cryptocurrency has experienced five consecutive low prices, which usually indicates a positive change in short-term price movements.
(Source: ccn.com)