Bitcoin experiences its most volatile trading day since the collapse of FTX!
Aug 07, 2024 pm 06:26 PM
The crypto market recently experienced a particularly tumultuous trading day. This day was notably marked by unprecedented volatility
Bitcoin (BTC) experienced its most volatile trading day since the collapse of the FTX exchange platform in 2022. This day was marked by unprecedented market volatility, with Bitcoin’s intraday volatility reaching record levels.
According to analysts, Bitcoin’s price fluctuated by 19% in a single day. At one point, BTC plummeted by over 16% on August 5, 2024, before stabilizing around $54,333. This sharp drop was accompanied by a significant increase in trading volume, reaching $28 billion—the highest since the collapse of FTX.
Moreover, this volatility impacted global markets, with the VIX index, also known as the fear index, soaring above 60.
Multiple factors contributed to this extreme volatility. On the one hand, increased risk aversion in global financial markets pushed investors to withdraw from riskier assets, such as cryptos.
However, on the other hand, the decline in leveraged bets on Bitcoin was not as severe as during the FTX collapse, which contributed to some resilience in the market.
Despite this tumultuous day, some analysts expressed optimism about Bitcoin’s future. They highlighted Bitcoin’s ability to rebound after such declines, indicating a certain maturity in the market and continued confidence among crypto investors.
However, this volatility also serves as a reminder of the inherent risks involved in investing in cryptocurrencies, where price fluctuations can be rapid and unpredictable.
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