Bitcoin shed some of the gains made earlier in the day, erasing $40 from its daily high at $6,500. The BTC/USD pair trades at $6,460…
“We think the market has quite simply just run out of juice for now. It’s almost become boring. Seems like everyone is waiting on the sidelines for someone else to make the first move in what could be an extremely long game of chicken.”They argued that the decreased volatility may be due to the adoption of Bitcoin as a store of value. Although still premature, the theory may turn out to be true. Bitcoin has a market cap of $111 billion, which is about a third of what it achieved on December 17, 2018. Another theory presented by the analysts from Element is that “Bitcoin price discovery is becoming more efficient due to more natural demand and natural supply.”
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