Bitcoin (BTC) was used as a store of wealth in the past when its price remained relatively predictable. For years, BTC had periods of long-term stability. Following the wide swings of the first half of 2018, it seems that now, BTC prices have been locked within a very tight range. The effects of this condition are manifold - from increasing the incentive to use BTC as a form of alternative savings account, to abandoning the markets altogether.
In any case, the recent stagnation may be caused by several factors working in unison to protect BTC prices at their current levels.
Tether (USDT) leaving the markets: When USDT tokens left the markets, the volatility of USDT decreased markedly. USDT speculation was one of the sources which caused BTC prices to move more actively. Now that the Treasury wallet has taken back more than 1 billion coins, and burned 500 million of them, USDT speculation on Bitfinex has slowed down, spreading across the markets.
Altcoins taking over speculation: Volatility may have been removed from Bitcoin, but for the sake of speculation, altcoins are always available. With stabilized BTC prices, the potential to trade altco...
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