Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Bitcoin News & Updates => Topic started by: Fawpac2 on July 03, 2021, 11:51:01 PM
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The world’s largest cryptocurrency Bitcoin (BTC) has been showing strong volatility over the last few weeks and will continue this behavior in July as well. All eyes are on the unlocking of the January Grayscale Bitcoin Fund (GBTC), scheduled ahead this month on July 18.
As per data on Bybt, on July 18, GBTC stocks worth 41852.26 BTC shall be unlocked. This will be the largest single-day unlocking of the GBTC shares so far in history.
Analysts expect that this unlocking will lead to higher Bitcoin price volatility ahead of this month. Over the last few weeks, the BTC price has been oscillating in the price range of $30,000-$35,000. Earlier this week, BTC made a short attempt to move past $35,000 levels, however, failed to sustain them.Source (https://cryptonews.net/949685/?utm_source=CryptoNews&utm_medium=app&utm_campaign=shared)
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The high price volatility of bitcoin has been, is and will continue, and I still see no reason to decrease it. Many say that over time, as the cryptocurrency spreads widely around the world, Bitcoin will be less volatile in price. We'll see, but I'm not sure about that. In the meantime, we see that the higher the price of bitcoin rises, the greater the amplitude of its price fluctuations becomes. Now the volatility is high because while there is great uncertainty, people do not know what to do, because there is a likelihood of both a fall and an increase in the cryptocurrency market. In this regard, they act chaotically and the price jumps up and down.
It is unlikely that something significant will happen if about 42,000 bitcoins are unlocked. Perhaps the bitcoin price will drop for a short time and no more.