A Rare Week Of Stability For Cryptocurrencies
Shain Vernier • 2 min read
The last week’s trade of cryptocurrencies may be summed up in one word: stable. Prices for the big four coins have been exceptionally consistent. Volatility is exceedingly low, not typical of these markets. For the last seven days, a prolonged tug-of-war between crypto market participants has produced a relative stalemate in asset pricing.
An Atypical Seven Days In Cryptocurrencies
Volatility is the calling card of all crypto assets, from the newest ICO to industry standard Bitcoin. The last seven days have brought anything but:
Coin Percentage Gain/Loss Key Number
Bitcoin (BTC) +.70% $6500
Bitcoin Cash (BCH) -1.4% $500
Litecoin (LTC) -4.0% $55
Ethereum (ETH) +2.5% $225
All in all, it was a tight week of trade. Ranges were not particularly wide, indicative of modest participation and price action. One reason for the lack of turbulence has been the quiet news cycle. Crypto values are greatly dependent upon news and rumor ― the last seven days have brought neither.
Ethereum set the pace posting a modest 2.5% weekly gain, attempting to recover from a brutal August/September. A peripheral piece of news related to ETH hit the wires yesterday in regards to an upcoming “hard fork.” The planned systems upgrade known as “Constantinople” has been delayed until October 14. Trading cryptos around hard forks can be a challenge as we saw with the launch of Bitcoin Cash. This situation is worth monitoring if you are active in ETH.
The dominant issue still facing the cryptosphere is the pending approval of a formal BTC ETF by the U.S. Securities and Exchange Commission (SEC). The SEC issued a statement yesterday designating October 26 as the deadline for statements in support or rejection of proposed BTC ETFs.
As of now, there are a series of these products up for review. In the event that one or more gain approval for public trade, BTC and cryptos may be in a position to break out. The situation is fluid, so be sure to stay tuned for updates as the process unfolds.