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. The price of bitcoin experienced relative price stability and consistent volume during the seven days through 1st April, maintaining its recent status quo as market participants await resolutions to lingering uncertainties.
The digital currency’s price has seen modest volatility since the start of March, but some experts have warned that this situation could soon change. While some cited technical indicators in predicting that bitcoin may become more volatile, one expert asserted the current situation is merely the "calm before the storm".
Arthur Hayes, co-founder and CEO of BitMEX, shed some light on how geopolitical developments could potentially increase demand for alternative means of savings, which he suggested could mean digital currencies.
"I think the negative interest rate theme is becoming more and more relevant to people around the world," he stated, adding: "Greek banks are now charging to change large into small denomination bills. This is only going to accelerate the trend of people to search out alternative means of savings." Tempering this opinion, however, is that macro-economic volatilities seem to have less impact on the bitcoin trading ecosystem of late.
For example, the ongoing drama over whether the UK will leave the European Union, dubbed the ‘ Brexit ‘, does not seem to have captured the interest of traders, at least not at the levels of last year’s ‘ Grexit ’, which helped to push the digital currency’s value to yearly highs. Modest fluctuations
Larger developments aside, bitcoin’s price fluctuated largely within a modest range between $410 and $425 during the week ending 12:00 UTC on 1st April, according to CoinDesk’s Bitcoin Price Index (BPI).
It reached a high of $426.85 at 18:00 UTC on 27th March and a […]
