Bitcoin’s 180-day volatility fell to its lowest figure since November 2018, reaching a 23-month low of .028 on Sunday as the market remained more or less unfazed by the unsettling developments late last week.
Bitcoin’s historical volatility has hit a yearly low.
The crypto is nearing a major decisive moment, possibly due by the 7th of October
Negative news doesn’t seem to have affected price-action to the anticipated degree.
Bitcoin futures funding rates have turned negative across the board.
Bitcoin took a tumble on Thursday and Friday after the US Commodities and Futures Trading Commission and Department of Justice indicted BitMEX’s founders and President Donald Trump tested positive for covid.
However, the news hardly resulted in a major sell off, with bitcoin correcting less than 5% as it continued a period of stablecoin-like calm in a frequently volatile market.
Per data from Coin Metrics, bitcoin volatility has dropped 43% in the past 30 days.
By and large, traders have remained quite bearish throughout the weekend, as indicated by perpetual futures funding rates which remain in the negative by-and-large.
In fact, funding rates on three major exchanges turned decidedly negative Friday as traders piled in on short positions, according to data from Coinalyze, with negative rates continuing through the weekend.
As the market digests the news, it appears that buyers have started to reverse prior declines, pushing bitcoin above the $10,700 level at the time of writing. Per the newsletter, bitcoin is approaching an apex, possibly due on the 7th of October, which is sure to bring macro volatility back to the market.
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