Saturday, Oct. 6: crypto markets keep remain fairly stable on the day, despite this week’s major news in the industry, including institutional investments and an update from the SEC on their highly-anticipated Bitcoin ETF decisions.
CNBC’s CryptoTrader host Ran Neuner commented on Twitter today that all of this week’s “good news” – such as retail brokerage firm TD Ameritrade and Ivy League U.S. university Yale moving into crypto – are “related to investment & speculation.” Neuner suggested that perhaps such news was not moving the market because the market is now geared toward a narrative “of adoption and mass real world usage.”
Indeed, Bitcoin (BTC) has recently shown uncommon price stability over the past month, hovering comfortably between $6,300 and $6,600 starting from September 6, according to Cointelegraph’s Bitcoin Price Index.
All top coins, with the exception of Ripple (XRP) are also showing little change, namely over the past 24 hours, as data from Coin360 shows.
Market visualization from Coin360
Bitcoin has been trading around $6,600 threshold for the majority of the day, with an intraday high of $6,643 and low of $6,566. The major cryptocurrency is trading at $6,597 at press time, seeing almost no price fluctuation over the past 24 hours, with growth of around 0.2 percent.
As shown on the one-year price index of Bitcoin, Bitcoin has been actually hovering around the same levels starting from mid-June this year roughly, when the cryptocurrency was trading at $6,500. However, Bitcoin has also seen some spikes during the period, with its price breaking the $7,000 point three times,