Bitcoin’s recent price hike has helped its other parameters as well, with reports coming in that the world’s largest cryptocurrency’s 1-month ATM Volatility was back to its level before the September 24th sell-off mark.
The chart from Skew showed that the September sell-off was a significant shift in the pattern after the continuous drop in Bitcoin ATM Volatility since August of this year. Just two months back, the rate was holding near the 118 percent market while right now, it is somewhere in the range of 68 percent.
BTC 1mth ATM Volatility back to its pre Sep 24th sell-off level, when spot dropped ~12%. There's still some room for a drift lower if markets remain calm as it's currently realizing ~60%. pic.twitter.com/nbtxOm3RBt
— skew (@skewdotcom) October 17, 2019
The drop in the BTC’s 1-month ATM V comes at a time when Bitcoin stands at $8,103, with a total market cap of $145.84 billion. The cryptocurrency boasts a 24-hour market volume of $14.46 billion after a continuous sideways movement.
Bitcoin price staying stagnate surprises many
The surprising thing about the lack of price increase is that it has not happened despite new support from the institutional front. Just recently, United States Congressman Warren Davidson of Ohio’s 8th congressional district urged Facebook to adopt Bitcoin and drop its Libra project. Davidson had asked:
“ If that central authority [Facebook] is able to manipulate the value of [Libra], how do you not treat it as a security? What really goes on in the back end there sometimes is governments are taking their time to validate everything, make sure they know it’s you, [and asking]: Why is this money moving? Who’s moving it? Are we okay with this? Should we process this request, or should we follow it? Should we report it? All kinds of things.”
He was honest in stating that Facebook would accomplish a lot more if they adopted Bitcoin because a lot of other organizations that worked with Bitcoin did not encounter as many problems. While speaking on a popular podcast channel, the Congressman questions whether users need filtered speech or free speech, referring to Bitcoin as free speech.
Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.