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.
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.
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 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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