“Bitcoin is Boring” Narrative Picks Up as Volatility vs Speculation Debate Dwindles
Bitcoin Revolution Or what’s Left of It?
The era of the Bitcoin ‘revolution’ as we know it, might have become a tad washed out if recent trends in the market presents anything to take seriously. In the past few weeks, Bitcoin has traded for relatively less figures than usual.
In early September, Bitcoin traded in a $732 range and has swung no more than 12 percent from peak to trough since that time. This figure is far off the 200 percent range enjoyed by the cryptocurrency during the close of 2017. Hence, the fears that Bitcoin may be losing its magic rush in the public eye.
Stephen Innes, the head of Asia Pacific trading at Oanda Corp believes that the currency is not exciting anymore, and investors have been selling off their investments as a result.
“It’s not that exciting anymore’” Innes said.
At least some of the speculative cash that was in cryptocurrencies has probably moved into other trendy bets like marijuana stocks, Innes said
Innes stated that,
“It’s been flat for so long now” and “that doesn’t really entice investors.”
Will Bitcoin fall off further into oblivion? Or will there be some renewed interest in this cryptocurrency that took the world by storm barely a year ago? We would expect that the coming events will offer clarity.