Bitcoin (BTC) Drops Below $29K; Surge Expected After Volatility

Bitcoin (BTC) Drops Below $29K; Surge Expected After Volatility

Bitcoin (BTC) price drops below $29K level as soon as the eighth month of 2023 knocks on the door. For more than a month prior, the price of the biggest cryptocurrency managed to stay above the crucial level. 

A recent report from a prominent crypto analytics firm formerly known as Arcane Research, K33, Bitcoin trading volume dropped to the recent lowest. In July, the trade volume dropped to the lows during November 2020. It further noted that the 30-day volatility of Bitcoin fell to its lowest in five years. 

Despite the odds, the research firm added a silver lining moment. According to its report, when the volatility of the cryptocurrency is less intense, a high volatility phase has been seen to follow. 

If the volatile situation in Bitcoin price at present is similar, then it is likely to end soon. And the up move in price is likely to take place down the road as there are favorable instances ahead. Many prominent ETFs are in line for approval and the biggest event, Bitcoin halving, is going to push the price up in the coming year. 

As soon as the price dropped below, stock prices of major crypto and blockchain-related companies followed.

Reuters reported the leading US crypto exchange Coinbase (NASDAQ: COIN) stock price witnessed a decline of 6.6% in initial trading. While share prices for Bitfarms, a known blockchain-farm operator, dropped 7% in a similar timeframe. 

The crypto mining sector experienced a similar trend where the share prices of Riot Platforms, Marathon Digital, and Hut 8 Mining fell between 3.5% to 5.5%. 

At the press time, Bitcoin is trading at $28,970 losing 0.70% of its value in the last 24 hours. The second biggest cryptocurrency Ethereum (ETH) is trading at $1,839 following a drop of 1.1% during the same time. 

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