Bitcoin Volatility Reaches Highest Level in 5 Months
The capitalization of cryptocurrency decreased to $520.418 billion last night, as the Bitcoin rate fell by an additional 1.8% to about $26,800, according to a report from Glassnode.
The weekly volatility of BTC dropped to 3.4%, which is the lowest index of price changes since early January.
This decline in crypto turbulence is linked to the bankruptcy filing of FTX, which led to investors choosing to store their coins off the trading floors.
As a result, Bitcoin price fluctuations are expected to stay within the range of $26,500 to $27,400 over the coming weeks if the volatility index stays at its current level.
Additionally, the amount of transactions with Bitcoin fell to $2.73 billion per day, which is 79% lower than when the bull market held such a strong grip on the cryptosphere back in the first half of 2021, when the daily spend on transactions amounted to $13 billion.
