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⭐ Features
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Bitcoin Can Boast Incredible Stability, But Interest Also Hits a Low

  • Darryn Pollock
    ⭐ Features

    There are big claims about Bitcoin being more stable than NASDAQ, DOW and S&P 500, but its Google searches are also way down — are they linked?

Bitcoin Can Boast Incredible Stability, But Interest Also Hits a Low
Cover image via u.today
Contents

Those who have been in the cryptocurrency space for some time now would not flinch if the price of Bitcoin dropped by 40 percent — or even rose by that — in a day since they are accustomed to its wild volatility. However, that volatility has almost totally abated with the price of the major cryptocurrency barley shifting more than a $100.

Some are seeing this as a cause to celebrate since it shows that the once criticized asset on volatility has actually been more stable than NASDAQ, DOW and S&P 500 in the last month. However, a drop in interest has also come with this low volatility.

Google searches for Bitcoin have hit a low last seen in May 2017 which could be a cause for concern as it potentially points to a loss of interest in the cryptocurrency. There has also been evidence — in what has been labeled Satoshi Cycle — that as interest grows, so does the price of cryptocurrencies.

Is there a change that the two are actually related? The low Google searches indicating low interest can also be interpreted as a low desire to trade and have an active and energetic market.

Remarkably low volatility

Looking around at the usual steady and secure stock market, there has been some volatile movements which next to Bitcoin even look wild. The Dow plunged into negative territory for 2018 following Wednesday’s 600-point drop, and the Nasdaq Composite Index posted a 4.4 percent slide, the largest single-day loss since August 2011. Meanwhile, Bitcoin has posted a $40-spread within the past 24 hours.

Over the past month, Bitcoin has traded in the range between $6,686 and $6,248.

A lot of this concern of the traditional markets has to do with fears over an impending financial crisis, which is a good news for Bitcoin in any respect and even more so in the light of seeing it so steady and trusting currently.

Getting bored

However, at the same time, the general interest in Bitcoin via its Google searches is at a massive low that stretched back to May 2017. So, while there is a worry about traditional stocks, there is no real correlation to investors looking towards now steady Bitcoin as an alternative.

Moreover, the loss of interest would also suggest that there is no real price rise on the horizon as almost every price spike has been accompanied by a spike in Google searches.

Is there a link?

Low volatility, while mostly being seen as a positive, may not be that good if it is linked to a loss of interest from traders and investors who are needed to keep the market thriving. At first, it was the high volatility swings that added to the interest in the market and saw a rush of money into cryptocurrency.

However, if the next wave of adoption won’t be like the first one, then perhaps this is one way for institutionalized investors to see the cryptocurrency as an alternative should a financial crisis come. And, if that is the case, then the link between the two could well play in the cryptocurrencies greater favor.

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About the author

Darryn Pollock is an award winning  journalist from Durban, South Africa. He picked up Vodacom’s Regional Sports Journalist Award in 2017 while expanding his Blockchain and cryptocurrency reach.  He is a contributor to Forbes, Cointelegraph, Binary District, and of course, U.Today. Darryn’s belief is that Blockchain technology will be the driving force of the next technological wave and it is the obligation of journalists and writers to tell its emerging story with integrity and pride.

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📰 News
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Telegram to Ask Court Not to Classify Gram Tokens as Securities During February Hearing: Details

  • Alex Dovbnya
    📰 News

    The February court hearing is expected to put an end to the legal battle between Telegram and the SEC by determining whether Grams are securities

Telegram to Ask Court Not to Classify Gram Tokens as Securities During February Hearing: Details
Cover image via www.123rf.com

Telegram will ask the court rule against classifying their Gram tokens as securities during the upcoming February hearing, according to a letter to TON investors that was obtained by U.Today. 

As reported by U.Today, Telegram was slated to voice its arguments against the US Securities and Exchange Commission (SEC) on Oct. 24. However, a new court filing shows that the hearing has been postponed to Feb. 18-19, 2020.

IT IS ORDERED that Defendants shall not offer, sell, deliver, or distribute “Grams” toany person or entity, until the conclusion of the hearing scheduled by the Court for February 18and 19, 2020 (“Hearing”), except upon further order of the Court or agreement of the parties.

The Telegram team states that the hearing that is scheduled to take place in February is fundamentally different from the one that was supposed to happen in October. Telegram expected the court to put an end to the ongoing dispute by ruling on the "core arguments" that their Gram token is not a security. 

The October 24 hearing, in contrast, was only to consider whether a delay should have been mandated, without conclusively resolving the core argument. 

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On Oct. 17, Telegram filed a response to the SEC where it states that its native token "will merely be a currency or a commodity." One day later, the regulatory watchdog asked the court not to reject its request for a preliminary injunction against the Pavel Durov-helmed company, adding that its argument about Grams not being securities wasn't convincing.

Telegram will make sure that its position is presented "as strongly as possible" during the forthcoming hearing. 

The Telegram Open Network (TON) was scheduled to go live by Oct. 31 (otherwise, Telegram would have to return money to its investors). However, the SEC sued the messaging giant for allegedly running an unregistered ICO, which forced the company to delay the launch of its network to Apr. 30, 2020 while trying to cut a deal with its investors. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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