Bitcoin trading in tight range, anticipating new catalysts, correlated to other cryptocurrencies

From Investing.com
October 8, 2024 01:20:51 AM:

Bitcoin has been trading in a tight range between $56,000 and $63,000 in the second half of the year, a contrast to its 45% jump in the first half due to the launch of U.S. ETFs. Market players are anticipating new catalysts, such as BlackRock’s spot bitcoin ETF options, that could attract more retail money.

The total size of the cryptocurrency market has grown to $2.2 trillion as of Oct. 1 from $8.3 billion at the start of 2023, with increased institutional on-boarding and trading activity. Bitcoin’s 90-day volatility has decreased to 42% this year, but it remains correlated to other cryptocurrencies and is sensitive to market uncertainty.

India and Nigeria lead in Chainalysis’ Global Adoption index for crypto use, with strong adoption in lower-income countries with less developed financial systems. The value proposition for bitcoin and stablecoins in regions like Latin America remains strong due to high inflation and currency depreciation, with increased DeFi and stablecoin activity noted in Sub-Saharan Africa, Latin America, and Eastern Europe.

The U.S. is the fourth in overall adoption ranking, with the highest crypto transaction volumes globally. Countries like South Korea and China also feature in the adoption ranking, showcasing the global reach of crypto usage. Market watchers note that crypto adoption is highest in regions with unstable currencies and limited access to traditional financial services.

Read more at Investing.com: Bored bitcoin seeks direction after big bang By Reuters