Bitcoin Volatility Now in Line with S&P 500’s After Volume Dropped 50% in June

While tech stocks are soaring this year, banks’ shares have sunk. Bitcoin meanwhile remains stable though it could see a massive breakout above $10,500.

The traditional markets were insane yesterday, the likes of Apple and Amazon climbed to their all-time high and reached $1.5 trillion valuations. Tesla stocks also went straight up. And in the crypto market, Chainlink made a new ATH.

This year while technology stocks have been soaring, banks’ have sunk. Also, the world’s largest pension fund, Japan's Government Pension Investment Fund (GPIF), reported a record quarterly loss of 17.71 trillion yen ($164.74 billion) in January-March.

The digital payment company, Square also rallied 13% on Monday after an analyst suggested it could win as much as 20% of US direct deposit accounts.

Square, that enables users to buy and sell bitcoin, saw their market valuation doubling since May at $55 billion and is now worth more than Trust Financial Corp. While the company is still dwarfed by the big banks JPMorgan and Bank of America, it is less than $20 billion away from Goldman Sachs’ market valuation.

The world’s leading cryptocurrency, which has a market cap of $170 billion, also moved up but only about 3.3% to $9,375. And today, we are back under $9,250.

This sideways trading in bitcoin is, however, surely turning out to be a bullish factor for altcoins, especially DeFi tokens.

Crashing Volume & Volatility

Bitcoin volatility has also fallen to a recent low, following a spike in its volatility in mid-March during the height of the global uncertainty amidst the COVID-19 crisis.

With BTC price hovering around $9,000, its volatility has fallen in line with that of the S&P 500. But the subdued volatility means the sparks could soon follow.

The ‘real’ trading volume was currently at $1.3 billion, a bit higher than the past few weeks when it dropped under a billion-dollar.

Last month, the volume dropped drastically and recorded only half of the daily volume seen in the previous month, as per a CryptoCompare report. Binance and OKEx remained the top players by volume.

Even BTC trading into USDT decreased by 56% in June as did USD (44%), JPY (38%), EUR (45%), and KRW (50%).

It wasn’t just spot volume; futures volume of CME dropped by 23% in June from May, while crypto derivatives had their lowest monthly volume in 2020. But while crypto derivatives volume fell 35.7%, spot volume crashed a whopping 49.3%.

However, CME's total options reached its peak of 8,444 contracts that traded up 41% since May when 5,986 options contracts.

Alt season, Bull Market

The Bitcoin network meanwhile remains healthy, and on-chain indicators point to an optimistic state. Even bitcoin whales have taken to HODLing with their population seeing its largest period of “largest period of sustained growth since 2016.”

Price-wise, trader Crypto Gainz points out “BTC at resistance and legacy markets possibly pulling back a bit,” as such he has taken to continue trading defensively until “bullish continuation validation” comes.

Meanwhile, trader Crypto Michael believes the ongoing scenario in the altcoin market to continue throughout July to the beginning of September. As for Bitcoin, he sees a massive breakout above $10,500, which could take the digital asset to $14,000-$16,000 only to go through a correction period on Q4 2020.

“January 2021 -> next altseason. Bull market,” he said.

Bitcoin (BTC) Live Price

1 BTC/USD =$11,769.9178 change ~ 0.92%

Coin Market Cap

$217.21 Billion

24 Hour Volume

$5.38 Billion

24 Hour VWAP

$11.61 K

24 Hour Change


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AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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