The past week has been relatively quite for crypto, as bitcoin continues to trade sideways in the range of $28,500 and $30,000, while U.S. stocks refreshed their yearly highs and later tumbled.
Why does bitcoin’s price, which used to be known for its high volatility, seem to be stuck at around $30,000? I talked to a few industry participants to find out possible reasons.‘Unprecedented’ low volatility Luuk Strijers, chief commercial officer at crypto derivatives exchange Deribit, said the exchange’s volatility indexes for bitcoin and ether are trading at “unprecedentedly low levels”.
However, as several major crypto companies, such as FTX, Alameda Research, BlockFi, Celsius, Voyager and Genesis collapsed in 2022 and early 2023, many highly leveraged players were washed out of the industry. Bitcoin halving refers to a process where the block reward given to the crypto miners is cut in half after every 210,000 blocks mined, or about every four years. The crypto has historically seen price appreciation months before and after halvings.
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