March 6, 2021

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Bitcoin: a week of high volatility

2 min read

This week coming to a close has certainly been characterized by low volatility for equity markets, but not for Bitcoin.

This is highlighted by eToro in a recent analysis

The blog of the well-known trading platform says:

“Indices have consolidated last week’s gains but price ranges have contracted considerably”.

February is often the weakest month for most stock indices, but so far it is recording positive but still stable data. In fact, yesterday, February 11th, the stock markets of the various European countries did not experience any major movements. 

Only Credit Agricole saw significant rises, climbing almost 5% thanks to the release of a positive fourth-quarter results report.

Bitcoin’s volatility

When it comes to Bitcoin, however, price volatility remains high.

During the first 12 days of February, the price has risen about 25%, hitting a new all-time high and almost reaching $49,000 a few hours ago.

The volatility, in fact, can be both upward and downward and it is worth noting that in the last 7 days alone, BTC had also reached a price of $37,000, a difference of over $10,000 in a week.

As Federico Izzi will elaborate this afternoon on the DeFi Today newsletter created in collaboration with our magazine, the daily volatility on a monthly basis is 5.5% and, excluding March 2020, these are the highest values since August 2019. Notably, this week had the highest volatility on a percentage basis among the top three even since 2016.

Meanwhile, Mastercard climbed 2.59% after announcing it would support cryptocurrency payments, as did Bank of New York Mellon. eToro claims that it was this series of news, along with Tesla buying Bitcoin for $1.5 billion, that pushed up the price of BTC.

The post Bitcoin: a week of high volatility appeared first on The Cryptonomist.





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