|Oct 25, 2018 02:24 PM||By: John Patrick Mullin | 1897 Views|
Bitcoin has a knack for being extremely volatile. This was case in point in January 2018 when Bitcoin rallied to $20,000 before dropping over the course of several months down to $6,000.
However, in recent weeks the volatility of cryptocurrencies, especially Bitcoin appear to be more steady than the stock market.
This week the stock market saw huge drops with stocks falling for 13 of the past 15 trading days. According to The Guardian, the FTSE 100 has slumped to a new seven-month low with market sell-off picking up as fears build. Asia Pacific shares also dropped as the Dow tumbled 600 points.
Europe saw red as well with the DAX falling 08% to its lowest level since December 2016. France's CAC also hit a new low since March 2017, down 0.4% in early trading.
While the stock market looks extremely bearish, everyones favourite coin to hate remains solid as a rock, holding just below $6,500 for what has been an uneventful week in terms of movement.
NFLX saw a 9.40% decline in stock price with FB stock down 5.41% on the day. Bitcoin was down a mere 0.41%.
It appears Bitcoin has found a solid level of support to mantain at the moment. Current market trends look like the big cap projects are finding their price range.
With the increased pressure to sell stocks this week, there is a good chance money could potentially flow into cryptocurrencies, which were once considered too volatile.