{"id":66252,"date":"2023-09-28T02:01:53","date_gmt":"2023-09-28T06:01:53","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/bitcoin-prices-are-steady-why-the-calm-may-not-last\/"},"modified":"2023-09-28T02:01:56","modified_gmt":"2023-09-28T06:01:56","slug":"bitcoin-prices-are-steady-why-the-calm-may-not-last","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=66252","title":{"rendered":"Bitcoin Prices Are Steady. Why the Calm May Not Last."},"content":{"rendered":"
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\n Bitcoin
\n and other cryptocurrencies were unchanged or mildly higher on Wednesday despite turbulence in wider markets, with a selloff Tuesday on Wall Street. It could be another sign that Bitcoin is boring\u2014or signal pain headed for cryptos.<\/p>\n

The price of Bitcoin has risen less than 0.5% over the past 24 hours to around $26,350. The largest digital asset remains comfortably in a zone around $26,000 that has dominated for more than a month, disturbed only rarely by short-term spikes or slumps that have quickly been reversed.<\/p>\n

\n

\u201cDespite the storm in the equity markets, the crypto market remains subdued,\u201d said Alex Kuptsikevich, an analyst at broker FxPro.<\/p>\n

Indeed, while the
\n Dow Jones Industrial Average
\n tumbled 1.1% on Tuesday and the
\n S&P 500
\n retreated 1.5%\u2014both indexes were set to pare losses on Wednesday\u2014digital assets have shown little such excitement. It may be a sign that Bitcoin remains firmly in its historic slump, with volatility and trading volumes seeing multi-year or even record lows, depending on metrics, in recent months amid a lack of investor interest.<\/p>\n

\u201cBitcoin is in the period with the lowest volatility in the history of the asset. The crypto market is clearly in a quagmire,\u201d said Kuptsikevich.<\/p>\n

On the other hand, the weakness in stocks could be an ill omen for Bitcoin. \u201cThe crypto market did not suddenly become a safe haven,\u201d said Kuptsikevich.<\/p>\n

The stock selloff Tuesday came amid macroeconomic pressures that should be relevant to digital assets. Investors are worried that interest rates will stay higher for longer than once thought, a trend that would add more pressure to stocks and cryptos, which have seen significant declines since last year as the Federal Reserve ramped up borrowing costs. Higher rates are a headwind because when risk-free cash or U.S. Treasuries have attractive returns there are fewer incentives to pile into riskier bets like Bitcoin.<\/p>\n

There are signs, too, that crypto traders are growing more fearful. The Crypto Fear and Greed Index fell to 44 on Wednesday, deeper into \u201cfear\u201d territory below 50 and down from 46 on Tuesday and 47 last week.<\/p>\n

Beyond Bitcoin,
\n Ether
\n \u2014the second-largest crypto\u2014was up less than 1% at $1,600. Smaller tokens or altcoins were weaker, with
\n Cardano
\n down 1% and
\n Polygon
\n slipping 2%. Memecoins were more muted, with
\n Dogecoin
\n gaining less than 1% and
\n Shiba Inu
\n shedding less than 1%.<\/p>\n

Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin and other cryptocurrencies were unchanged or mildly higher on Wednesday despite turbulence in wider markets, with a selloff Tuesday on Wall Street. It could be another sign that Bitcoin is boring\u2014or signal pain headed for cryptos. The price of Bitcoin has risen less than 0.5% over the past 24 hours to around $26,350. The […]<\/p>\n","protected":false},"author":1,"featured_media":59460,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-66252","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nBitcoin Prices Are Steady. 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