Українська
Русский
English
Bitcoin Rebounds Above $115,000 Alongside the Stock Market
After dipping to the lower end of the $112,000 range on Monday, bitcoin's price has recovered above the $115,000 mark. A comparable decline was observed in the stock markets, but they too have since rebounded.
On the evening of August 4, the S&P 500, Nasdaq, and Dow Jones indexes rose by 1.30%, 1.75%, and 1.12%, respectively. Data from CoinMarketCap shows that the crypto market grew by 1.88%.
Bloomberg analyst Eric Balchunas attributes bitcoin's declining volatility to the influx of institutional capital.
The approval and launch of the first spot bitcoin ETFs in January 2024 injected billions of dollars into the cryptocurrency ecosystem. This was followed by the emergence of companies managing and holding large sums of BTC on their balance sheets. If Balchunas is correct, it could signal that the era of extreme bitcoin price swings is over.
Since the launch of the ETFs, bitcoin volatility has significantly decreased. The 90-day moving volatility has dropped below 40 for the first time, whereas at the time of the ETF launch it was above 60.
According to CoinMarketCap, on Monday evening bitcoin hovered around $115,000 with slight positive movement. However, over the past week, the digital asset has declined by 2.2%.
Daily trading volume remained steady at $53.43 billion, down 2.21% from the previous day. Market capitalization slightly increased by 0.89% to $2.28 trillion. Bitcoin's market dominance fell by 0.91% over 24 hours to 61.56%.
See also: "Litecoin Rises 10% in Bullish Rally"
