Boring $10k Bitcoin holds the line
About 17 days ago, we were wondering whether Bitcoin at $10k was a buying opportunity. Ever since then, the limits of Bitcoin’s selloff has been tested multiple times. It sounded like the world came to an end in global stock markets, like a second coronawave had entered Europe and like tech stocks were posed for a steep sell off. But lo and behold, $10k Bitcoin still holds strong and refuses to budge. At the time of writing, it is trading at $10,427.
Although many altcoins have given up their defenses and faced a serious correction (we’ve noted the steep falls of Chainlink, YFI and UNI to name but a few) and even Ethereum is still closer to $300 than it is to $500, Bitcoin refuses to budge.
Trading within a tight range of $10k to $11k for a few weeks now, it looks like the days of volatility within Bitcoin are starting to become a thing of the past. One therefore has to wonder whether the entrance of major Wall Street investors like Paul Tudor Jones, Fidelity and Grayscale make for a Boring Bitcoin.
For anyone longing for the good old days of wild swings and steep falls, of course March madness and a 50% drop in 1 day is only six months behind us.