Main navigation

Bitcoin Now Steadier than Gold

Tue, 08/01/2023 - 18:55
article image
Alex Dovbnya
Bitcoin demonstrated remarkable stability in July, with its trading volume hit the lowest point since November 2020
Bitcoin Now Steadier than Gold
Cover image via
Read U.TODAY on
Google News

Bitcoin's trading volume in July dropped to its lowest since November 2020 due to waning volatility and minimal price swings, according to K33's Bendik Schei and Vetle Lunde, Bloomberg reports

The flagship digital currency's 30-day volatility is near a five-year low, an unusual state of stability that historically precedes a resurgence of volatility.

Notably, Bitcoin is now less volatile than the S&P 500, technology stocks, and even gold, which has barely happened before. 

Bitcoin is typically characterized as one of the most volatile assets, known for its dramatic price swings within short periods. However, of late, it has shown an unusual degree of stability, seemingly in stark contrast to its inherent volatile nature. This level of steadiness has kept Bitcoin's value under the $30,000 mark, where it seems to be stuck currently.

This unexpected calmness in Bitcoin's behavior is a deviation from its standard behavior and has grabbed the attention of investors and market analysts.

Shibarium Hits New Milestone as Builder Unification Shares Update

As reported by U.Today, prominent trader Jake Wujastyk recently highlighted the significance of Bitcoin's all-time high volume-weighted average price (VWAP) zone, labeling it as a "crucial resistance level".

However, Bitcoin could become more volatile soon. Katie Stockton of Fairlead Strategies recently warned of a potential drop, to the $26,700 level. 

Grayscale's potential victory in a lawsuit against the SEC and the approval of a spot Bitcoin ETF could be significant bullish catalysts for Bitcoin's price.

These developments could potentially spur new interest and investment in the cryptocurrency market, thus driving Bitcoin's value upwards. 

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with 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, can be contacted at