Bitcoin’s price activity could be hit by a series of impending market events, claims Skew Markets
The virtual asset industry hardly ever remains quiet for a long period of time. However, the price of the world’s largest cryptocurrency was pretty timid, at press time.
Bitcoin’s price went up on the back of a tremendous run which started in April, with the valuation climbing by over 180% percent. Since the middle of July however, the momentum has run out. There has been a drop of around 11 percent since 26th June to date, which hardly indicates massive volatility or price activity.
During this year’s bull run, it was observed that Bitcoin’s price was drastically impacted by Libra’s Congressional and Senate hearings, with the price also being influenced by the comments of US President Donald Trump and Fed Reserve Chairman Jerome Powell.
Skew markets recently highlighted a list of events which could have a similar impact on the price of Bitcoin in the coming months. Bakkt’s Bitcoin Futures trading was approved recently, which even though did not have a considerable effect on BTC’s price at the time of the announcement, is expected to contribute to some price activity once it is launched on 23rd September.
Other events which were speculated to make an impact included SEC’s verdict on Bitwise and VanEck’s Bitcoin ETF proposals and the impending Bitcoin halving.
Skew also reported that liquidity had improved in the market, whereas volatility for Bitcoin had decreased. Earlier in June, Grayscale had also released a report which suggested that Bitcoin could be used as a potential hedge against the global liquidity crisis.
The report highlighted Bitcoin’s transparent and global liquidity index made it a viable “strategic option” in the market for investors looking to balance their long-term investment portfolios.