Bitcoin’s performance against high volatility rates isn’t unknown to anyone. This is why investors are always on edge because the dynamics keep changing each second. Recently this year, BTC faced a 50% daily loss after hitting lows of $30K after the China crackdown. However, now it seems like Bitcoin is becoming less jittery against volatility.
Market analyst Holger Zschaepitz said that Bitcoin is gradually coming of age. He also added that gyrations are diminishing after BTC hit its all-time high of almost $67K.
Another on-chain analyst Willy Woo said that Bitcoin experiences a constant daily sell pressure regardless of investors selling. According to him, the year 2017 was simple, but 2021 is more complex. Now, when business operations earn revenue in Bitcoin, they have to sell BTC to pay their operational costs. This results in constant sell pressure on the network. It will be a good thing for the investors if BTC isn’t affected by volatility.
As of now, BTC miners are demonstrating a behavioural change as they have become holders and buyers of the coins since last year. This trend change is a result of different unprecedented factors like China’s ban on Bitcoin mining activities. Did you know more than 90% of crypto mining capacity was diminished due to BTC mining sites shutting down in Sichuan in June?
At the time of writing, Bitcoin is trading at $61,528 and has observed an increase of 1.30%, according to CoinMarketCap. However, in the past 7 days, the coin has plummeted 1.69%.
