There has been a lull in the wild swings for Bitcoin- which certain traders have taken as a signal that all was well with the cryptocurrency. The largest cryptocurrency in the world changed little from its USDT ratio of $36,425 on Tuesday, after two consecutive sessions of gain.
Bitcoin’s Slump Seems To Be Over
The price swings- which is measured as the spread between the high and the low on a daily basis- has plummeted to its lowest for the year, even though there have been multiple reports claiming that the Financial authorities of the country were about to take a more proactive role in the crypto business. As far as the cryptocurrency goes, the volatility fell to around 106% from its May 24 high of 162%.
Tom Lee, the co-founder of Fundstrat Global Advisors LLC, stated that Bitcoin had actually climbed to around $2,000 despite receiving a host of negative headlines. He further claimed that he couldn’t view it as any different from the reinforcement that BTC had bottomed– which was definitely bad news for the investors.
Lee believes that the cryptocurrency might actually rise to an all-time high of $125,000- but first, he is looking out for BTC to climb above $40,000 as a guarantee that the bad days were behind it.
Most of the cryptocurrencies have been experiencing slumps over the last few months- including Bitcoin. In fact, at one stage Bitcoin was just about more than halving its high of Mid-April amidst concerns of its regulation from countries like China and the USA.
There were also severe questions about its energy requirements and its impact on the environment- led by digital currency advocate Elon Musk. In a surprising twist from his usual ideologies, one of the biggest supporters of cryptocurrency had actually stopped his company from accepting payment in the form of Bitcoin.
