August 5, 2021

Bitcoin lagged behind the stock market in terms of growth amid low …

Bitcoin Lost Stock Market Growth Amid Low Volatility In August

If the current trends continue, Bitcoin will close August, which turned out to be calm, with an increase of 2%, according to the data of the analytical portal Skew.

Bitcoin climbed to a 13-month high of around $ 12,400 on August 17, but has since hovered in a narrow range between $ 11,100 and $ 11,800.

Bitcoin lagged behind the stock market in terms of growth amid low volatility in August While maintaining ...

Bitcoin lagged behind the stock market in terms of growth amid low volatility in August While maintaining ...

With a gain, Bitcoin ends August for the first time in three years. In August 2017, the rise was 66%. At the time of publication, the first cryptocurrency is trading at about $ 11,700, having added 1% per day.

Bitcoin lagged behind the stock market in terms of growth amid low volatility in August While maintaining ...

At the same time, the stock index S&The P 500, which includes 505 US-traded public companies in its basket, is up 7.25% since the start of the month.

Bitcoin’s rally from July lows of around $ 9,000 has stalled along with weakening institutional investors and macro traders. This, in particular, is indicated by a 30% decline in open interest of the Chicago Mercantile Exchange (CME) in bitcoin futures. On Friday, August 28, the figure was $ 653 million, while on August 17 it was at record highs of about $ 950 million. The rise of bitcoin from $ 9,000 to $ 12,400 was accompanied by an increase in open interest by 150%.

Bitcoin lagged behind the stock market in terms of growth amid low volatility in August While maintaining ...

Bitcoin remains 40% below its all-time highs, and US stocks continue to break records, suggesting continued upside potential for the former. At the same time, according to LMAX Digital strategist Joel Kruger, a possible correction of the stock market carries risks for the cryptocurrency. “Bitcoin is still an emerging asset class and is therefore subject to some degree of risk-free periods,” he said..

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