RATE Group | Element Analysts Believe Bitcoin Market Has “Ran Out of Juice”
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Element Analysts Believe Bitcoin Market Has “Ran Out of Juice”

06 Oct Element Analysts Believe Bitcoin Market Has “Ran Out of Juice”

Posted at 02:09h in Cryptocurrency News by

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bitcoin price out juice

Element Group, a cryptocurrency economics and digital assets solutions analyst, published a report explaining that the SEC’s delay in approving bitcoin ETF proposals is the primary reason why the market has become so boring in recent weeks.

Crypto Market Has Become Boring

bitcoin price chart
BTC/USD | Bitfinex

“One can argue that the depressed volatility patterns we’re seeing with bitcoin is the market slowly adopting bitcoin as a [Store of Value] SoV,” wrote Element analysts, Thejas Nalval and Kevin Luon, in the report published last week. However, they added that it seemed like an interesting yet premature theory.

Another unconvincing theory cited by the report was that BTC’s price discovery mechanism was becoming “more efficient.”

Bitcoin’s volatility index remained at 8.04 percent earlier in January, however, in the last 60 days, the figure dropped down to 2.71 percent. Hence, Nalval and Luon agreed that bitcoin “ran out of juice” heading into the fourth quarter.

The…

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