With bitcoin unusually quiet at just above $19,000, investors are pondering the implications for the historically high-volatility cryptocurrency.
Blockchain analytics firm IntoTheBlock’s data showed that bitcoin’s 30-day price volatility was at 31%, the lowest in almost two years.
At press time bitcoin (BTC), the largest cryptocurrency by market capitalization, was trading around $19,000, little changed over the previous 24 hours. The CoinDesk Market Index rose 0.07%. Ether (ETH) followed a similar trajectory to BTC, down 0.8% to $1,280 as of press time.
The listlessness offered a contrast with U.S. stocks, which rallied after better-than-expected third-quarter corporate earnings reports. A drop in weekly jobless claims suggested a continued strong labor market.
“The crypto market has become less responsive to macroeconomic problems,” said Serhii Zhdanov, CEO of crypto exchange EXMO.
Bitcoin’s price has come under stiff pressure this year from Federal Reserve interest rate increases, which have buffeted prices for risky assets, including stocks and cryptocurrencies.
Investors across the board remain cautious, with Fed’s next monetary-policy meeting less than two weeks away.
“The bottom line here is that markets still do not have a solid handle on when the current rate cycle will end,” Nicholas Colas, co-founder of DataTrek Research, wrote in a Thursday note. “As long as that is the case, it is hard to see U.S./global equities staging a convincing rally.”