a lot of things. Buzzy, beguiling, baffling, even bogus. But never boring. Yet, of late, it’s been eerily subdued.
Bitcoin’s average 30-day volatility — a measure of how its price varies over a set period of time — has slumped to 2.7% from over 4% in early July, according to data firm Coinglass. Bitcoin has seen periods of reduced volatility in the past, often during periods of depressed or falling prices, with its price swings often coming back as trading activity picks up.“This has been a relatively long period of decreased volatility; it’s now beyond anything we’ve seen in even 2019 where these levels lasted around a quarter to a quarter-and-a-half,” said Stéphane Ouellette, CEO at crypto derivatives provider FRNT Financial.
Yet it is soaking up a lot of the crypto buzz at the moment as it stands on the verge of its “Merge”, expected to finally happen later this month, when it undergoes a radical shift to a system where the creation of new ether tokens becomes far less energy intensive.
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