Markets Weekly is a weekly column analyzing price movements in the global digital currency markets, and the technology’s use case as an asset class. Despite periods of volatility, the global bitcoin market remained calm this week, gaining 1% while fluctuating between $410 and $450. The digital currency was trading at $423.52 at 00:00 (UTC) on 26th February, up from $421.16 at 00:00 (UTC) on 19th February, according to the CoinDesk USD Bitcoin Price Index (BPI).
What may be most notable, however, is the lack of a price increase given potential macro-economic instability in the eurozone.
One geopolitical development that coincided with bitcoin’s price volatility was the possibility of a Brexit , which would see the UK leaving the 28-nation European Union (EU). The event is of interest to traders given bitcoin’s historical response to similar events, rising substantially on the rumored ‘ Grexit ‘ in 2015 and emerging as an asset class in 2013 given its strong climb in response to economic uncertainties in Cyprus.
Still, there were periods of turbulence in the latest trading cycle. The currency rose sharply on 20th February, appreciating to $443.02 by 18:00 (UTC), up from $421.33 at 00:00 (UTC) for a more than 5% gain. Bitcoin also climbed the following day, rising from $436.13 at 00:00 (UTC) to $446.74 at 07:00 (UTC). However, by 14:00 (UTC), the digital currency had fallen to $429.99.
This price turbulence continued later in the week, as bitcoin dropped from $423.34 at 00:00 (UTC) on 24th February to $411.77 at 05:00 (UTC). The digital currency quickly recovered from this dip, rising to $424.45 by 15:00 (UTC).
This compared to the seven-day period between 12th February and 19th February, when the digital currency rose from $377.82 to $421.69. Brexit fails to stir market
While UK citizens have long been skeptical of the EU, the […]
