Bitcoin Wakes Up and Rolls Out Of Bed
Matt Simpson | Sep 19, 2019 10:37
Volatility on Bitcoin had been uncharacteristically tame these past few sessions. Yet, anyone sleeping behind the wheel would have been caught off-guard midway through Asia as prices spiked lower.
The retrospective driver is yet to surface, although the Japanese yen had strengthened while yields fell around the same time, in turn causing the US10-JP10 year differential narrow and drag USD/JPY down with it accordingly. This would be an interesting development if the two are related, as it suggests traders are cashing out of upon the signs of risk-off, which again brings into question Bitcoins safe-haven status.
Still, the sell-off was not limited to Bitcoin as all major coins are down for the session. Yet, despite the sell-off, Ethereum is the least effected for the session, trading down just -3.1% compared with Amun Ripple's (SIX:AXRP) -7.3% at the time of writing. Still, as we highlighted yesterday, altcoins were approaching key levels of resistance so we’re not too surprised to see traders booking profits. Yet in the case of Bitcoin, it’s nearing levels which could make or break it.
h2 Bitcoin Wakes Up and Rolls Out Of Bed/h2
Get The App
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.