Fundstrat Analyst Argues for ‘Silver Lining’ in Bitcoin’s Falling Volatility
Cryptocurrency prices have been experiencing a run of reduced volatility as major coins have been trading “largely unchanged.” The week’s bitcoin price has been between $6,403 and $6,498, a very tight range.
MarketWatch points out how some see the subdued trading volatility as a sign prices might jump higher in the future. Rob Sluymer of Fundstrat Global Advisors is a bit more reserved in his speculation.
A Silver Lining Is Developing
Sluymer wrote how a break of the highs in September is still necessary to confirm the possibility of a trend reversal, which would see the cryptocurrency start rising again.
However, he noted the highlighting of an “incremental ‘Silver Lining developing within the crypto universe” even if he thinks a “major upside trend reversal” is not really occurring yet.
Sluymer argues the volatility’s decline coupled with lower volumes and positive divergences between many altcoins and “larger caps” are a good sign from a technical development standpoint.
Bitcoin Making Headlines
Despite bitcoin’s relatively stagnant price, the well-known cryptocurrency has been in the news due to activity in a couple of Asian nations. Recent CryptoGlobe reporting focuses on work by the Insikt Group cybersecurity firm in uncovering details about North Korea’s internet activity.
A blog post from the firm reveals a few “key judgements” about the nation’s digital work, including its mining of bitcoin and monero “at a very small scale.”
Just a couple of days earlier, India’s Supreme Court asked the government to give an opinion on bitcoin and other cryptocurrencies within two weeks. As reported, the Court was hearing a few petitions from exchanges in the country challenging a mandate put out by the Reserve Bank of India (RBI), India’s central bank.
The RBI’s restrictions, while not outright banning cryptocurrencies, do stop banks from dealing with cryptocurrency-related businesses, damaging their operations. The rules have been a major thorn in the side for exchanges and many are fighting to stay afloat.