Bitcoin turns boring as speculative frenzy fades into apathy – Tech News

The words Bitcoin and boring have rarely been uttered in the same breath. But after a dizzying rally, a gut-wrenching crash and near-constant ups and downs over the past two years, the cryptocurrency did something strange in recent weeks: it stayed relatively still. 

Bitcoin has traded in a US$732 (RM3,040) range since Sept 7, swinging no more than 12% from peak to trough, according to Bitstamp prices compiled by Bloomberg. That’s the narrowest trading band for any rolling 28-day period since December 2016, and well short of the 200% range during the height of crypto-mania in late 2017.

Bulls see the calm as evidence of a maturing market. But for Stephen Innes, head of Asia Pacific trading at Oanda Corp, it suggests investors may be losing interest in cryptocurrencies after a more than US$600bil (RM2.4bil) selloff since the start of 2018.

While the slump has been interspersed with several market rallies, they’ve gotten smaller and smaller as the year has progressed. “It’s…