Bitcoin price fell Monday, June 29, 2020, after this weekend recorded a movement somewhat in relation to the price of bitcoin outside the narrow trading range, but this move was on the negative side.
It seems that the steady and alarming rise in the number of coronavirus cases – COVID 19 in the United States of America and some countries around the world, has caused little disturbance to the market this week. Whereas, the return of countries to the temporary re-opening gives the hesitant confidence in the recovery of consumption in the markets again.
In terms of trading after falling to about 8,816 dollars on Sunday, the bitcoin price rebounded and reached a high of $ 9,160 on Binance. Since then, buyers have calmed down, and the price is still fighting for control of the $ 9000 level. At the time of this writing, bitcoin is trading at around $ 9,100.
Reports based on market data showed that bitcoin markets have become less volatile than stock markets. This appears to have nothing to do with the market crash that occurred earlier this year. But it may be due to the following reasons:
Current bitcoin volatility is below its 2019 average. While that is not the case for stock markets.
The “VIX” index, which measures the expected volatility of the S&P 500 index using options rates, is currently almost three times higher than it was at the beginning of the year.
During May, bitcoin volatility continued to decline, while volatility stabilized. S&P. This could mean that the Standard & Poor’s 500 “Volatility” index is higher than before, while Bitcoin volatility is lower. This could be a short-term anomaly.
This shift is supported by the trendy activity of traditional hedging instruments on the market. Earlier this month, the Wall Street Journal reported trading more than $ 1 trillion in derivatives linked to an index this year, more than four times the figure from ten years ago
